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Manila Bulletin devider Philippines devider National devider Gov't needs the money: BIR prods Pinoys to avail of estate tax amnesty as COVID problem persists

Gov't needs the money: BIR prods Pinoys to avail of estate tax amnesty as COVID problem persists

Published Aug 19, 2021 09:44 am

The Bureau of Internal Revenue (BIR) has urged relatives of the deceased to avail of estate tax amnesty so that the government can raise more funds to address the problem of the coronavirus disease (COVID-19) pandemic.

A beneficiary of social amelioration during the ongoing enhanced community quarantine or ECQ in Metro Manila. (Ali Vicoy/ MANILA BULLETIN)

BIR Commissioner Caesar R. Dulay made the appeal even as Malacañang extended the amnesty availment deadline from June 14, 2021 to June 14, 2023.

The BIR chief said the deadline's extension was appropriate as many taxpayers have been experiencing financial difficulties due to the pandemic.

However, Dulay said that those who can afford to pay should not wait for the deadline and instead submit their amnesty application in order to help the government raise money for its pandemic response programs.

He said the amnesty gives taxpayers a one-time opportunity to settle delinquent estate taxes without penalties and at a discounted rate.

The rate is equivalent to six percent of the fair market value of the properties at the time of death of the decedent. It covers the properties of the deceased who died before Dec. 31, 2017.

Assets that are subject of tax evasion and other criminal offenses are not covered by the program as well as delinquent estate tax liabilities with final assessment and those pending before the courts.

Related Tags

money BIR Caesar R. Dulay estate 81921 covid-19 funds tax Amnesty
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