SNITS incremental revenues should go to Treasury – DOF

The Department of Finance (DOF) wants the incremental revenues from the Simplified Net Income Tax Scheme (SNITS) be entirely remitted to the general fund and recorded as revenues of the national government.

In a letter to the Senate Committee on Ways and Means, Finance Secretary Margarito Teves said the department wants at least half of the incremental revenues from SNITS would be retained by the national government for optimum use. The other half of the said revenues would then be subject to a sunset clause of not more than three years.