Galvez, Glennizze M.

BSAT – 4th yr

The Tax Amnesty Act or Republic Act No. 11213 was signed into law, but its most crucial part is

missing . Its purpose was to encourage people to pay the right taxes by giving them a one-time offer of

significantly reduced rates for previous delinquencies. By such provision granting relief to people who

failed to pay correct taxes in 2017 and earlier. the measure's proposals pushed through, taxpayers with

unpaid taxes in or before 2017 would have only paid an amnesty tax by the following rates provided

that the 2% based on the taxpayer's total assets as of December 31, 2017, as declared in the statement

of total assets and a 5% or P75,000, whichever is higher, of an individual, trust, or estate's net worth as

of December 31, 2017. As of Bill defines total assets as the amount of the aggregate assets, whether

within or outside the Philippines, real or personal, tangible or intangible, ordinary or capital; net worth,

on the other hand, is the difference between the taxpayer’s total assets and total liabilities. The

taxpayer availing of the amnesty must admit all assets they have and all liabilities they owe as of Dec.

31, 2017 in the STA or SALN

As for my understanding as a student regarding on the general tax payment the reason why

president Duterte vetoes the General Tax Amnesty; is to avoid cause of tax evasion and as for its

relaxation the bank secrecy it will make sure that committing tax evasion and corrupting the people’s

money while us suffering from doing our obligation as a taxpayer. Those alligator officials can’t be able

to hide their wealth from government. As for president Duterte’s decision regarding on commanding

the Bureau of Internal Revenue (BIR) having the ability to scrutinize bank documents to ensure that tax

amnesties will not be abused of some well-known officials or even a regular citizen. Could be

encourage people to pay their taxes to the BIR and the possibility of reduced committing such crimes

guided by the law. Even though Tax amnesty has its effectivity on March 6, 2019 the rules and its

implementation are not yet proclaimed as for the Secretary and Finance Responsibility until its 90 days

duration it should be also passed to BIR, as of now some tax payers may experience some confliction to

BIR regarding on their tax that they must to comply with them. Yes, tax amnesty could be beneficial to
every taxpayer because from the day they were born until 2017 their debt would be turn to zero. But it

has a negative effect on the government, because tax is one of their finance that use for public

expenditure.

What does the OFW can also benefit from new Tax amnesty, do they benefit from it or not?

How about those who are in agriculture like farmers do they benefit the most from it regarding on the

Estate tax under Amnesty Tax. And lastly How come it will not cause more problematic in the mere

future for every Filipino ?.

A Corporation code of the Philippines was approved and became effective on May 1, 1980, is the law

that governs the rules and regulations in the establishment and operation of stock and non-stock

corporations in the Philippines. It is created by the operation of law in which it has authorization to

overcome the right of succession, powers and attributes as for its existence there is stock and non-stock

.on stock there’s an authorization to distribute such shares dividends to its co-owners that governed by

the special law and become applicable by this code provisions that whoever compose it like older and

members would it be an incorporation that will be assigned into what corporate would it be possibly

belong.

As for the Philippines become more attractive in investment destination president Rodrigo

Duterte signed Republic a revised Corporation Code of Act 11232, which introduces the “one-person

corporation” concept that allows a single person to form a corporation. On this new code it also

strengthens corporate governance standards and provide protection to minority stockholders by

requiring corporations vested with the public interest to have independent directors.

Though such corporation even have such existence that provided its members the right,

succession and powers that its needed through having such stock would it be more beneficial for the

reason of becoming a stockholder of the corporation. And become a member of a non-stock. Which

much more important is that how does this corporations even help our economy become sustainable

with competing to the other well-known corporations. And become the way of providing such help for

the people in need. And pursued what plan to be operate. If it does really functionally well in terms of

abiding its provisions and so the country’s regulations in terms of corporations.

And it will become a great opportunity for that one person who will build their local business as

for the reason of easier registration of their businesses with the Securities and Exchange Commission.

In my opinion would this business can be able to compete with some big corporations that highly

known throughout different country. Yes, it could be easy to be qualified with those requirements, but

as a business minder we should think first if we can be able to survive in the industry of us in the mere
future. The possibility of the corporation you owned will be known yet through some circumstances we

must be ready for it and become globally environmental competitive as a one-person owner of a

corporation in our industry.