Connect with us

Hi, what are you looking for?

Economy

House panel approves bills simplifying tax filing process

THE House Committee on Ways and Means approved measures that will make tax filing easier, to encourage taxpayers to pay their dues.

In a virtual committee hearing Monday, the panel approved House Bill (HB) 7881 and House Bill 7415. HB 7881, or the proposed “Ease of Paying Taxes Act” seeks to relax the rules on filing returns and paying taxes. It will also ease compliance requirements and penalties for violators. The bill proposes to amend sections of the National Internal Revenue Code of 1997.

HB 7415, also a proposed tax code amendment, seeks to simplify registration for taxes and the filing of returns and payment of income and percentage taxes. It will also provide tax relief for micro enterprises.

“After a lengthy discussion… may I now make a motion since this is…very commendable. I move for the approval of House Bills 7881 and 7415 subject to style and amendments,” Nueva Ecija 2nd District Representative Estrelita B. Suansing proposed before the measures were approved.

Albay 2nd District Rep. Jose María Clemente S. Salceda said at the hearing that the National Internal Revenue Code does not contain provisions that “empower” taxpayers and underline their rights. The law takes a “one size fits all” approach even if each tax paid has a different compliance requirement.

He cited the need to boost “tax morale,” as a means of driving growth. He estimated that low enthusiasm for paying taxes shaves off between 0.68 and 1.02 percentage points from gross domestic product each year.

“When citizens perform their patriotic duty to pay correct taxes and ensure the flow of the lifeblood of the government, the least the state can do is ease the process of doing so,” he said at the hearing.

Aside from reduced requirements and removal of tax registration fees, the proposed law also creates a “Taxpayers’ Bill of Rights” and establishes a Taxpayer’s Advocate Office.

The proposed measures also intend to cut red tape further and minimize occasions for corruption in the tax collection effort. — Gillian M. Cortez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Investing

New research has revealed that only one in four civil servants believe their department is following the Government’s National Data Strategy, with skills and...

Economy

Australian mining and logistics firms are interested in doing business in the Philippines according to Australian ambassador Steven J. Robinson, who cited policy reforms...

Investing

As Sunday Times Rich List shows record number of UK billionaires, their gains should be taxed the same as income from work Huge increases...

Investing

A battle is shaping up between major retailers over whether the UK should introduce an online sales tax, with Sainsbury’s demanding it to help...

Investing

The system of executive pay is “broken”, the Church of England’s pension board has said, as it challenged more companies to ease the pain...

Investing

A country pub has received a framed apology from a fashion publishing giant after being threatened with legal action unless the landlords changed its...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.