The last day to avail of tax amnesty is 5 May 2008. Now, before you get excited because you may happen to have failed to file your income tax return by 15 April 2008, this tax amnesty refers to all national internal revenue taxes for the taxable year 2005 and prior years that have remained unpaid as of 31 December 2005.
The Tax Amnesty Law of 2007 provides that the last day for availing of the benefits of the amnesty shall be six months from the effectivity of its implementing rules and regulations (IRR). The IRR, which is DOF Department Order No. 29-07, was filed with the UP Law Center, Office of the National Administrative Register (UPLC-ONAR) only on 23 October 2007.
In other words, it became effective 15 days from October 23, or on 7 November 2007, based on the clarification issued by the Department of Finance (DOF) through Department Order No. 11-08. In other words, the 6-month period within which to avail of tax amnesty shall be until 5 May 2008.
So, even if you’re thinking that it’s not worth paying taxes to a government that wastes tax money, the incentives under the law are still good reason to avail of tax amnesty.