Ease of Paying Taxes Act Seeks to Simplify Tax Compliance, Strengthen Taxpayers’ Rights
February 18, 2022
In September 2021, the House of Representatives approved on third reading House Bill (HB) 8942 – the Ease of Paying Taxes Act. The bill proposed to amend the National Internal Revenue Code as amended (the Tax Code) and introduce administrative reforms that will simplify tax compliance and strengthen taxpayers' rights.
Several of the amendments to the Tax Code in HB 8942 are set out below:
• The secretary of finance will be authorised to establish reasonable criteria for classifying taxpayers, considering factors such as:
- the taxpayer's capacity to comply with tax rules and regulations;
- gross sales or receipts; and
- other economic and financial factors.
These classifications will include large and medium taxpayers; further, more precise classifications may be necessary in order to improve tax services and administration. For ease of compliance with tax rules and regulations, simplified tax returns and processes will be implemented for taxpayers that are not classified as "medium" or "large".
Continue reading on the Lexology site.
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