On 19 November 2018, the Senate of the Philippines announced the final approval of Senate Bill No. 2059, which provides for the introduction of a tax amnesty regime. The tax amnesty covers estate taxes, general taxes, and delinquent accounts for those who have failed to pay for taxable year 2017 and prior years, including all national internal revenue taxes, value added tax (VAT), and excise taxes collected by the Bureau of Customs.
Aside from estate taxes, which involves paying a 6% rate,…