Senate offers tax amnesty compromise.

(From BusinessWorld (Philippines))

Byline: Karen L. Lema

Delinquent taxpayers will be required to pay only 2% of their networth as of end-2003 as amnesty for all taxes owed that year and prior years, if Congress will approve the Senate ways and means committee's version of the tax amnesty bill.

The committee's amnesty rate is lower than the 3% being pushed by the Department of Finance (DoF), but higher than the 1% being lobbied by business groups. DoF earlier estimated that a 3% amnesty rate could earn the government around P16.9 billion in additional revenues.

Under the Senate bill, individuals - whether resident or nonresident citizens and …