A measure extending the estate tax amnesty until June 2023 has been signed into law by President Duterte.
The President inked Republic Act No. 11569 allowing a two-year extension of the estate tax amnesty, amending RA 11213 or the Tax Amnesty Act.
The amnesty period for unpaid estate tax accounts lapsed last June 15.
“The executor or the administrator of the estate, or if there is no executor or administrator appointed, the legal heirs, transferees or beneficiaries, who wish to avail of the Estate Tax Amnesty shall, within June 15, 2021 until June 14, 2023, file with the Revenue District Office of the Bureau of Internal Revenue, which has jurisdiction over the last residence of the decedent, a sworn Estate Tax Amnesty Return, in such forms as may be prescribed in the Implementing Rules and Regulations,” the law read.
The new law noted that the availment of the estate tax amnesty and the issuance of acceptance payment form “do not imply any admission of criminal, civil or administrative liability on the part of the availing estate.”
The Secretary of Finance has been tasked to issue the rules and regulations to implement the estate tax amnesty program. This will be done in coordination with the Commissioner of the Bureau of Internal Revenue.
The law, signed by the President on June 30, will take effect 15 days after publication in the Official Gazette or two newspapers.
Senator Sonny Angara earlier said the estate tax amnesty extension would benefit both government and the families dealing with the pandemic. The law gives taxpayers another chance to settle their unpaid estate taxes since December 31, 2017.
“It will be good for the heirs because they can now enjoy the assets; good for the government because collections will increase; and good for the economy because assets will be freed for development,” said Angara, co-author and sponsor of the legislation.