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Wednesday, June 19, 2024

Taxpayers welcome estate tax amnesty until 2025

Maasin City, Southern Leyte – Owners, heirs, sellers and buyers of properties feel relieved that they are given more time to transact the transfer of properties, as the process of doing so is long and tedious.
The House of Representatives and the Senate approved the bill that extends the estate tax amnesty to June 14, 2025.
On the third and final reading of House Bill 7909, 259 House of Representatives lawmakers voted in favor of the estate tax amnesty extension.
If the bill is enacted, heirs of individuals whose estate taxes remain unpaid as of December 31, 2021, will have the chance to settle it until June 2025. However, if it is not signed into law, the amnesty will end on June 15, 2023.
The deadline was first deferred under the Duterte administration from June 14, 2021 to June 14, 2023.
HB No. 7909 is the consolidated version of bills seeking an estate tax amnesty, including HB No. 7409.
During the deliberations at the House committee on ways and means, panel chairperson and Albay 2nd District Rep. Joey Salceda said that the approval of the bill is important since a lot of families have failed to settle the estate of their deceased relatives due to several concerns, including the COVID-19 pandemic.
Meanwhile, all 24 senators voted in favor of Senate Bill 2219, or the proposal to prolong the already-extended period for estate tax amnesty.
And if the proposed extension is passed into law, applicants may file for estate tax amnesty electronically or manually on June 14, 2025.
The bill covers the estate of decedents who died on or before May 31, 2022.
The proposed measure also allows payment via installment within two years from the original payment date without civil penalty and interest.
It also listed the documents required by the Bureau of Internal Revenue required from applicants for the amnesty.
“This extension is vital in ensuring that those who have encountered challenges in meeting the requirements, particularly our low-income constituents, will finally have the opportunity to avail themselves of the estate tax amnesty they deserve,” said Senator Sherwin Gatchalian.
The finalized measure will be delivered to President Ferdinand “Bongbong” Marcos Jr. for his review and signature.

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