Philippines Hunt for Billions Through Tax Amnesty Won't Be Easy
- Easing bank secrecy law seen as key for plan to succeed
- Amnesty planned for taxes on property, estate, income
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Weeks after Indonesia reported netting more than $10 billion from a tax amnesty, the Philippine government said it’s mulling a similar move. Implementing it may not be that easy.
In Indonesia, the amnesty gave individuals a reprieve from prosecution if they came clean on unreported income or hidden assets abroad. The Philippines is considering a more targeted approach -- focused on those avoiding paying taxes on property, estates and income -- and only plan to adopt it once authorities beef up tax compliance.