The document summarizes key aspects of the Tax Amnesty Law (RA 11213) including:
1) It provides tax amnesty for estate taxes of those who died before 2018 and delinquent taxes for 2017, allowing payment of a percentage of taxes owed;
2) The estate tax amnesty allows payment of a 6% tax on the total net estate, while the delinquency amnesty ranges from 40-100% of taxes owed depending on the case status;
3) Taxpayers must file amnesty returns and make payments within 1-2 years to receive immunity from related civil, criminal and administrative cases.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
TransPrice Times - Special Edition - Decoding the Black Money ActAkshay KENKRE
Dear Readers,
To check the black money menace, the Government of India recently introduced ‘The Black Money Act’, the provisions of which are applicable from 1 July 2015.
The Act provides for a short window till 30 September 2015 for voluntary disclosures, post which draconian penalties would be applicable on non-disclosures of assets held in foreign land.
We are pleased to present TransPrice Special Edition titled ‘Decoding the Black Money Act’ which gives you a quick snapshot of the various provisions of the Act. This edition will enable you to understand various compliances and penalties for varied situations in which the assets were acquired outside India.
In case you need any clarifications, please feel free to get in touch.
Trust you will find it useful.
Happy reading !
Samuel Jibao, Centre for Economic Research and Capacity Building Vanessa van den Boogaard, PhD student, University of Toronto Wilson Prichard, ICTD and University of Toronto
This is tax payable by resident persons (individual or company) on rental income earned for the use or occupation of a residential property where the rent income is between Kshs. 144,000 (Kshs. 12,000 per month) and Kshs. 10 million per annum.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
TransPrice Times - Special Edition - Decoding the Black Money ActAkshay KENKRE
Dear Readers,
To check the black money menace, the Government of India recently introduced ‘The Black Money Act’, the provisions of which are applicable from 1 July 2015.
The Act provides for a short window till 30 September 2015 for voluntary disclosures, post which draconian penalties would be applicable on non-disclosures of assets held in foreign land.
We are pleased to present TransPrice Special Edition titled ‘Decoding the Black Money Act’ which gives you a quick snapshot of the various provisions of the Act. This edition will enable you to understand various compliances and penalties for varied situations in which the assets were acquired outside India.
In case you need any clarifications, please feel free to get in touch.
Trust you will find it useful.
Happy reading !
Samuel Jibao, Centre for Economic Research and Capacity Building Vanessa van den Boogaard, PhD student, University of Toronto Wilson Prichard, ICTD and University of Toronto
This is tax payable by resident persons (individual or company) on rental income earned for the use or occupation of a residential property where the rent income is between Kshs. 144,000 (Kshs. 12,000 per month) and Kshs. 10 million per annum.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for
dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
Vivaad Se vishwas scheme has been introduced by Government of India to provide one time opportunity for settlement of pending litigation by paying the basic tax amount and complete waiver of interest and penalty.
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Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
2. Introduction
• Republic Act (RA) No. 11213 was enacted by the Congress in July
23, 2018
• Amnesty Law has 3 main parts:
a) Estate Tax Amnesty
b) General Tax Amnesty
c) Tax Amnesty on Delinquences
General Tax Amnesty Portion has been vetoed by President Duterte
The last tax amnesty law was Republic Act (RA) No. 9480 and was
enacted by Congress in February 2007.
3. Estate Tax Amnesty
COVERAGE
• Taxes covered: Estate of Decedents who died
on or before December 31, 2017 with or without
assessments whose estate taxes have remained
unpaid or have accrued as of December 31,
2017
4. • Exclusions: Estate Tax Cases which have become final
and executory and those with pending cases:
- falling under the jurisdiction of the PCGG
- Involving unexplained or unlawfully acquired wealth
under Anti-Graft Law
- Involving violations of Anti Money Laundering Law
- Involving Tax Evasion and other Tax Violations
- Involving Frauds and Malversation of Public Funds
5. ENTITLEMENT:
Estate Amnesty Tax of 6% based on decedent’s total net
estate at the time of death.
If the allowable deductions applicable at the time of death
of the decedent exceed the value of the gross estate, the
minimum tax amnesty tax payable shall be P5,000
6. When and Where to Avail?
• Availment shall be within 2 years from the
effectivity of the Implementing Rules and
Regulations of the Tax Amnesty Law
• Availment or filing shall be with the RDO which
has jurisdiction over the last residence of the
decedent.
• Using a Sworn Tax Amnesty Return in a form
prescribed by the IRR
• Payment shall be at the time Return is filed
7. • For NONRESIDENT DECEDENTS, the Estate Tax Amnesty Return
shall be filed and the corresponding amnesty tax be paid at RDO 39
or RDO indicated in the IRR.
• If the Estate involved has properties which are still in the name of
another decedent, the present holder, heirs, executors or
administrators thereof shall only file 1 Estate Tax Amnesty Return
and pay the estate amnesty tax at the time of death of the last
decedent arising from the transfer of such estate from all prior
decedents or donors through which the property or properties
comprising the estate shall pass.
8. • The RDO shall issue and endorse an acceptance payment form as
proof of settlement of estate.
• The availment of the Estate Tax Amnesty and the issuance of the
corresponding Acceptance Payment Form do not imply any
admission of criminal, civil or administrative liability.
• Immunity from the payment of all estate taxes as well as any
increments and additions thereto, arising from the failure to pay any
and all estate taxes for taxable year 2017 and prior years and from
all appurtenant civil, criminal, and administrative cases.
9. TAX AMNESTY ON DELINQUENCIES
• Covers all NIRC such as income tax, withholding tax,
CGT, donor’s tax, VAT other percentage taxes, excise
taxes and DST collected by the BIR and VAT and excise
taxes collected by the Bureau of Customs for taxable
year 2017 under the following instances:
– Delinquences and assessments which have become final and
executory where the application for compromise based on
doubtful validity of assessment or financial incapacity of the
taxpayer was denied.
10. • Pending criminal cases with DOJ for tax evasion with or
without assessments
• Tax cases subject of final and executory judgment by the
courts
• Withholding tax agents who withheld taxes but failed to
remit the same to the BIR
11. Entitlement to Tax Amnesty on Delinquencies
a) Delinquencies and assessments which have become final and
executory – 40% of the basic tax assessed.
a) Tax cases subject of final and executory judgment by the courts –
50% of the basic tax assessed
b) Pending criminal cases with criminal information filed with the DOJ
for tax evasion – 60% of the basic tax assessed
a) Withholding agents who withheld but failed to remit – 100% of the
basic tax assessed
12. When and Where to file?
- Availment shall be within 1 year from the effectivity of
the IRR
- file with RDO which has jurisdiction over the residence
of principal residence or place of business of the tax
payer, a sworn Tax Amnesty Form and a Certification of
Delinquency.
- Payment of Tax shall be at the time of filing
13. -The RDO shall issue and endorse an Acceptance
Payment Form
- The availment of the Tax Amnesty on Delinquences
and the issuance of the corresponding Acceptance
Payment Form do not imply any admission of criminal,
civil or administrative liability on the part of the availing
taxpayer.
14. Immunities and Privileges:
- Criminal Cases and its corresponding civil or
administrative case shall be dismissed
- Taxpayer immune from all suits or actions
including the payment of said delinquency or
assessment, and from all appurtenant civil, criminal,
and administrative cases
15. CONFIDENTIALITY
- Any information or data contained in, derived from or provided by
a taxpayer in the Tax Amnesty Return, Statement of Total Assets
Liabilities and Networth, and appurtenant documents shall be
confidential in nature and shall not be used in any investigation or
prosecution before any judicial, quasi-judicial, and administrative
bodies.