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.

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Proposed SALN Meets Various Oppositions

Administration and opposition lawmakers are seeking to overhaul the proposed Statement of Assets, Liabilities, and Net Worth (SALN) form, which they described as unconstitutional for requiring the declaration of tax payment and personal expenses, gross income, and income taxes paid.

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'Crash Course' On SALN

Government workers and officials need a “crash course” on how to truthfully and correctly fill up the Statement of Assets, Liabilities, and Net Worth (SALN), Sen. Ralph G. Recto suggested Friday.

Recto made the suggestion as the SALN continued to take center stage at the impeachment trial of Chief Justice Renato C. Corona in the Senate.

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New SALN requirement

Starting this year, all government officials and employees are required to include personal and family expenses incurred the previous year when they file their statements of assets, liabilities, and net worth (SALN) on or before April 30.

This was announced Wednesday by lawyer Sally Ranches Pitaca of the legal affairs office of the Civil Service Commission (CSC) in an interview over “Magsumbong sa Ombudsman” program aired over the Radyo ng Bayan.

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