House OKs on 2nd reading bill extending estate tax amnesty by 2 more years
The House Bill, No.7068, will amend Republic Act No. 11213 (Tax Amnesty Act) extending the estate tax amnesty from two years to four years.
The Bureau of Internal Revenue defines estate tax as a “tax on the right of the deceased person to transmit his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made law as equivalent to testamentary disposition.”
On Feb. 14, 2019, President Rodrigo Duterte signed RA 11213 into law and it took effect on May 31 of 2019.
“The tax amnesty covers the estate of decedents who died on or before Dec. 31, 2017, with or without prior assessments.”
“Rep. Joey Salceda of Albay’s 2nd District and chairman of the House Ways and Means Committee, pointed out that only less than 24,000 taxpayers availed of the amnesty since the original deadline for the availment and payment has been extended four times, with the new deadline set on Dec. 31, 2020.”
Salceda also mentioned that the availment of amnesty only resulted in earnings of $1.362 billion out of the projected $6 billion plus.
Therefore, the two year extension is necessary in order for the Act to be effective.
See House OKs on 2nd reading bill extending estate tax amnesty by 2 more years, CNN Phillipines, September 9, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.