Rep. Wilbert T. Lee of AGRI party-list group called for support from lawmakers, especially senators, on the enactment of a bill that expands the coverage and extends the period of availment of the estate tax amnesty for two years.
Lee was referring to House Bill 7909 which was passed at the Lower House last Tuesday.
The bill, once enacted, shall provide taxpayers enough period to settle their tax obligations as the amnesty period is about to lapse on June 14, 2023, under Republic Act (RA) 11569, which amended RA 11213 or the “Tax Amnesty Act.”
According to Lee, the extension will also aid our farmers by providing them with additional time in settling their outstanding estate tax liabilities.
“By giving them a fresh start, we put them in a favorable position where there will be no penalties and interest due to non-payment,” Lee, one of the authors of the measure said.
He said he is optimistic that the measure will soon get enacted, and that legislators from both the House and the Senate will fast-track its approval.
Under this measure, the new deadline for filing for those who wish to avail of the Estate Tax Amnesty will be on June 14, 2025.
Another key feature of the bill is amending Sec. 4 of RA 11213—which originally grants amnesty to those who died on or before Dec. 31, 2017—to those who died on or before Dec. 31, 2021, with or without assessments duly issued, whose estate taxes have remained unpaid as of the end of 2021.
According to the assessment of the National Tax Research Center (NTRC), “the grant of estate amnesty will unlock assets still registered under unsettled estates so that these may be used for commercial or economic activities that would create investment, jobs, and taxable transactions.”
“We thank the House leadership for the swift passage of this crucial measure to ease the plight of our countrymen, improve our tax collection, and provide an additional source of income for the government,” Lee stressed.
