The extension of the amnesty for unpaid real estate taxes for another two years will benefit both the government and the families that are recovering from the economic impacts of the COVID-19 pandemic, Senator Juan Edgardo "Sonny" Angara said on Saturday, May 29.

Angara is hoping for the extension of the validity of the Tax Amnesty Act (Republic Act No. 11213), saying the law could end up as another "casualty" of COVID-19, as well as family members of deceased property owners who would not be able to beat the June 14, 2021 deadline for applying for the tax breaks and other benefits under the law.

The senator, who co-authored and sponsored the law, said the pandemic "effectively robbed applicants of more 15 months of valuable transaction time."

"The pandemic is especially hard on seniors who are prevented from going out and overseas Filipinos who could not fly in. Plus, many government offices closed for long periods of time, and when they opened, with fewer personnel," Angara said in statement.

The Senate, last Monday, May 24, approved on third and final reading Senate Bill No. 2208, which seeks to extend the filing deadline to June 14, 2023.

A similar bill has been passed in the House of Representatives on final reading last year.

If signed into law, taxpayers will be given another opportunity to settle their unpaid estate taxes since December 31, 2017.

“If we extend the filing period, government will be able to raise money the nation badly needs to offset the damages the pandemic has caused,” Angara also noted.

“These assets are crucial for the post-pandemic recovery of hard-hit families. And the liberalized rules that free their development and disposition benefits the government with the taxes paid,” he further explained.

“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,” Angara stressed.