1Pacman Party-list Representative Michael Romero has filed House Bill No. 3655, which pushes for the grant of tax amnesty to individuals and corporations. The tax amnesty covers tax dues in 2015 and previous years.

Here are three important things to know about the proposed measure:

1. House Bill No. 3655 aims to increase revenues, among other justifications.

The proposed bill will result to a boost in revenues as it will increase the taxes that will be collected, The Philippine Daily Inquirer reported Rep. Romero as saying. He also said in granting the tax amnesty, the foundation for an effective implementation of the tax reforms will be provided.

2. Under Romero’s proposed measure, any person or corporation who intends to avail of the tax amnesty must file a notice and a Tax Amnesty Return with the Bureau of Internal Revenue (BIR).​

This will be accompanied by a Statement of Assets, Liabilities, and Net worth (SALN) as of December 31, 2015. According to Manila Bulletin, a flat rate of five percent or P50,000, whichever is higher will be imposed as penalty. On the other hand, corporations will be imposed with a five percent or from P25,000 to P500,000 tax penalties. Other entities will also be made to pay five percent tax penalty or P50,000.

3. Immunity from the payment of taxes and civil, criminal, or administrative penalties arising from their failure to pay taxes for 2015 and earlier shall be granted to those who will avail of the tax amnesty program.

Aside from this, their books of accounts and other records within the years covered shall not be examined. However, Romero clarified the tax amnesty cannot be availed of by withholding agents and those with pending cases before the Presidential Commission on Good Government (PCGG). Also excluded are those under investigation for graft, money laundering, tax evasion and other criminal cases.

What do you think of Rep. Romero’s proposed tax amnesty program? Let us know in the comments section below.