MANILA: Senator Sherwin Gatchalian on Friday expressed optimism that the implementation of revenue regulations enforcing the Ease of Paying Taxes (EOPT) Act will lead to smoother tax transactions and improved revenue collection to support economic growth.

“Taxpayers can now rejoice as the dream of simpler tax payments becomes a tangible reality. I firmly believe that by fully implementing this legislation, we will not only ensure easier tax payments but also strengthen our commitment to efficient revenue collection,’ Gatchalian said in a news release.

“Gusto natin na mas maging madali para sa lahat ng taxpayers ang pagbabayad ng kanilang obligasyon sa gobyerno (We want to make it easier for all taxpayers in paying their obligation to the government),” he added.

The new regulations under the EOPT Act introduce new taxpayer classifications, a simplified filing process, and lower rates for micro and small taxpayers.

One of the new regulations is RR No. 4-2024, which governs electronic and manual tax filing a
nd payments; removes penalties for filing at the wrong venue; and exempts overseas contract workers solely earning income abroad from filing income tax returns.

Further, RR No. 6-2024 reduces interest rates and penalties for micro and small taxpayers, while RR No. 8-2024 classifies taxpayers based on gross sales.

The EOPT Act is one of the priority legislations cited by President Ferdinand R. Marcos Jr. during his State of the Nation Address in 2022 and 2023.

Marcos signed the EOPT Act (Republic Act No. 11976) into law on Jan. 5, 2024.

Source: Philippines News Agency