The Senate has approved on third and final reading the measure seeking to extend the estate tax amnesty for another two years.
With 23 affirmative votes, the Senate approved Senate Bill No. 2208 which seeks to amend Republic Act No. 11213 or the Tax Amnesty Act, which is set to expire on June 15, 2021, by extending the application period until to June 14, 2023.
Once signed into law, taxpayers would be given a one-time opportunity to settle their unpaid estate taxes since December 31, 2017.
Sen. Pia Cayetano, who chairs the Senate Committee on Ways and Means and sponsor of the measure, noted that applications for estate tax amnesty fell due to the lockdown restrictions brought about by the coronavirus (COVID-19) pandemic.
That is why the committee, she said, deems it appropriate to extend the period of availment of the estate tax amnesty for another two years to allow Filipinos who have not been able to settle their outstanding tax liabilities during the period to do so.
The House of Representatives passed its version of the bill last year. Congress may now send the bill to President Duterte’s signature.