Fg approves tax amnesty permanent waiver of criminal prosecution for offshore asset owners

It seems like you're referring to a recent development in the Philippines. Here's a breakdown of what you've mentioned:

FG approves tax amnesty: The Filipino government (FG) has approved a tax amnesty program, which is a one-time opportunity for taxpayers to settle their tax liabilities without facing criminal prosecution or penalties.

Permanent waiver of criminal prosecution: As part of the tax amnesty program, the FG has agreed to permanently waive criminal prosecution for offshore asset owners who take advantage of the program. This means that individuals who have undeclared offshore assets and income will not face criminal charges if they participate in the tax amnesty program and pay the required taxes and penalties.

Offshore asset owners: The tax amnesty program is aimed at encouraging offshore asset owners to come forward and declare their assets and income, which are currently not being reported to the Philippine government. This includes individuals who have bank accounts, investments, or other assets in foreign countries that are not being properly reported to the Philippine tax authorities.

The tax amnesty program is designed to increase tax revenue for the Philippine government and to reduce tax evasion. By offering a permanent waiver of criminal prosecution, the government is trying to encourage offshore asset owners to participate in the program and to come clean about their undeclared assets and income.

It's worth noting that the tax amnesty program may have certain conditions and requirements that offshore asset owners must meet in order to participate. These may include paying a certain percentage of their undeclared taxes, providing detailed information about their assets and income, and agreeing to ongoing tax compliance.