Higher Tax Awaits SALN Filers With Dollar Deposits
Government officials and employees declaring the peso equivalent of their foreign currency bank deposits in their Statements of Assets, Liabilities and Net Worth (SALN) are liable to pay higher income tax, a tax expert said yesterday.
Under Section 24 of the Tax Code, any increase in net worth is taxable.
Former Revenue Regional Director Estrella Martinez, who has more than 32 years experience as a tax collector, said this tax principle will have a chilling effect on government personnel with skyrocketing net worth following the inclusion of their dollar or euro bank deposits in their SALN.
