Senate OKs bill extending estate tax amnesty till 2025
BILL COVERS THE ESTATE OF DESCENDANTS WHO DIED ON OR BEFORE MAY 31, 2022
Sen. Sherwin Gatchalian, chair of the Committee on Basic Education, Arts and Culture. Senate PRIB file photo / Albert Calvelo
MANILA, Philippines — The Senate approved on Monday, May 29, 2023, a bill pushing back the deadline to avail of estate tax amnesty by another two years.
All 24 senators voted in favor of Senate Bill 2219, or the proposal to prolong the already-extended period for estate tax amnesty.
The deadline was first deferred under the Duterte administration from June 14, 2021, to June 14, 2023.
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.
He made the statement when he sponsored the bill in plenary last week.
READ: Senate in a rush, bill extending estate tax amnesty makes it to plenary
On May 15, 2023, House of Representatives passed its version of the measure.
Some lawmakers from the chamber had urged Senate to pass its version before Congress adjourns sine die on June 2, 2023
READ: House approves bill extending estate tax amnesty deadline to June 2025
Congress can pick between two versions or form a bicameral conference committee to reconcile Senate and House proposals.
The finalized measure will be delivered to President Ferdinand “Bongbong” Marcos Jr. for his review and signature.
READ: Senators demand ‘compelling reason’ to extend estate tax amnesty
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