TO accomodate more taxpayers, the House of Representatives on Tuesday endorsed for Senate approval a bill extending the period to avail of the estate tax amnesty.
This after lawmakers—voting 209 affirmative, zero negative with no abstention—approved House Bill 7068 on third and final reading. The measure amends Section 6 of Republic Act 11213 or the Tax Amnesty law.
The bill extends the period of availment of estate tax amnesty from two years to four years.
House Committee on Ways and Means Chairman Joey Sarte Salceda, sponsor of the measure, said the estate tax amnesty allows the transfer of long unsettled estates so these can be productive.
“The original deadline of availment and payment on April 23, 2020, has since been extended four times. However, only 23,911 persons have availed of the amnesty, earning only P1.362 billion out of the potential P6 billion,” he said.
“Estate tax amnesty extension, as far as it releases land for productive use and raises revenues for the government, should be considered a stimulus bill. The extension of the estate tax amnesty acknowledges the plain reality that it has become very difficult to process papers because of Covid-19,” he added.
According to Salceda, the approval of the estate tax amnesty extension is a “win-win” for all stakeholders.
The bill was authored by Majority Leader Martin Romualdez, Tingog Party-list Rep. Yedda Marie Romualdez, and Deputy Majority Leader Wilter Wee Palma II.
According to them, amending RA 11213 will enable those who want to take advantage of the program to have ample time to recoup their resources and get back on their feet so they can still apply and pay their estate tax dues.
They said this accounts for why everyone with outstanding estate tax liabilities as of December 31, 2017, “is encouraged to take advantage of this excellent and rare opportunity offered by the government.”
“It’s just unfortunate that the Philippines is not spared from the ill effects of the Covid-19 pandemic, wherein many people lost their jobs and folded up their businesses. Most economic activities were stalled. The people lost precious period of time and possible sources of income in order to avail of this tax amnesty program of the government,” they noted.
7 comments
We are hoping the estate tax amnesty will be extended. My siblings and l are dual citizens and be cause of Covid we cant possibly go back to the Philippines at this point until all restrictions are lifted. Please please understand our situation.
Please, extend more years of Estate tax Amnesty.. ours papers still in process . And the requirements are not easy to complete. We are all 13 bro and sisters that different countries.. there was no consulate assigned in our province, that to be legalize our papers for apostille and notarize is required. So.. pls understand our situation. Thanks,
i hope and pray to God Almighty that hear our voices.
I am also praying for an extension. Please, consider
sana po ma extend dahil wla pa kaming pangbayad, mga kapatid ko at pinsan ay nawalan ng trabaho dahil sa covid 19 sana maintindihan nyo kami maraming salamat po
Please put into effect the extension of the estate tax amnesty in order for us to settle our obligations after we comply the requirements needed before we can avail such amnesty. We can also have enough time to raise funds. Thank for the effort of our legistrators.
Nawa po naintindihan ng pamahalaan ang sitwasyon ngayon na mahirap ang mag comply sa mga requirements at walang trabaho ang marami. Nakikiusap po kami ulit na I extend po kahit isang taon pa para marami po ang maka avail ng tax amnesty, maraming salamat po.
Sana madaliin na ng Senado ang pagbigay ng version nila at ng mapirmahan na ng Pangulo para maging batas na ang 4 year extension ng Estate Tax Amnesty. Kulang na kulang angboras ko sa pagkuha ng mga requirements, lalo pa pinahirap dahil sa mga safety protocols sa mga gov’t agencies tuwing magkakaroon ng Covid positive cases sa mga opisina nila naglolockdown! 😭