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Gatchalian proposes installment payment in estate tax amnesty extension
Philippines
National
Gatchalian proposes installment payment in estate tax amnesty extension
Gatchalian proposes installment payment in estate tax amnesty extension
Published May 28, 2023 06:55 am
Senator Sherwin Gatchalian on Sunday, May 28 said he is keen on proposing a provision in the estate tax amnesty extension bill that would allow an installment payment feature to help more taxpayers avail of a tax reprieve.
The suggestion, he said, stemmed from comments made by Tax Management Association of the Philippines President Atty. Suzette Celicious-Sy during a recent public hearing on the measure.
Celicious-Sy said that some taxpayers simply do not have the financial capacity to pay for their respective estate taxes.
"Kailangan nating tulungan ang mga kababayan natin na walang masyadong kapasidad na makapagbayad ng estate tax (We have to help our countrymen who don't have much capacity to pay estate tax),” said Gatchalian, chairman of the Senate ways and means committee.
“Importante ang probisyon na ito para mas maging epektibo ang extension na gagawin para sa estate tax amnesty (This provision is important for the extension to be made for the estate tax amnesty to be more effective),” the senator emphasized.
Based on his proposal, those who will avail of such feature will be allowed to pay the estate tax due on installment within a period of two (2) years. Gatchalian earlier filed Senate Bill No. 2197, or An Act Amending Republic Act 11213, seeking to extend by two years and simplify the process of availing of the estate tax amnesty program. In a bid to encourage more taxpayers to avail of the tax relief, Gatchalian also sought to expand the coverage of the program by including estates of decedents who passed away on or before December 31, 2021, to include those who lost a loved one at the height of the COVID-19 pandemic.
The current program only covers the estate of those who passed away on or before December 31, 2017. The senator also sought to exclude the submission of proof of settlement of the estate, whether judicial or extrajudicial, as one of the requirements set by the Bureau of Internal Revenue (BIR) for those who want to avail of the estate tax amnesty program.
He is also seeking to institutionalize a platform that would allow electronic filing of return and payment of estate tax, in order to simplify and make it easier for taxpayers to fulfill their obligations. “Importante na mas madali at mas simple ang proseso ng pagbabayad ng buwis hindi lamang para mas maging mahusay ang pangongolekta ng buwis kundi para mas marami sa ating mga kababayan ang tumupad sa kanilang mga tungkulin (It is important that the tax payment process is easier and simpler not only so that tax collection can be more efficient but also so that more of our countrymen can fulfill their duties),” he added.
The suggestion, he said, stemmed from comments made by Tax Management Association of the Philippines President Atty. Suzette Celicious-Sy during a recent public hearing on the measure.
Celicious-Sy said that some taxpayers simply do not have the financial capacity to pay for their respective estate taxes.
"Kailangan nating tulungan ang mga kababayan natin na walang masyadong kapasidad na makapagbayad ng estate tax (We have to help our countrymen who don't have much capacity to pay estate tax),” said Gatchalian, chairman of the Senate ways and means committee.
“Importante ang probisyon na ito para mas maging epektibo ang extension na gagawin para sa estate tax amnesty (This provision is important for the extension to be made for the estate tax amnesty to be more effective),” the senator emphasized.
Based on his proposal, those who will avail of such feature will be allowed to pay the estate tax due on installment within a period of two (2) years. Gatchalian earlier filed Senate Bill No. 2197, or An Act Amending Republic Act 11213, seeking to extend by two years and simplify the process of availing of the estate tax amnesty program. In a bid to encourage more taxpayers to avail of the tax relief, Gatchalian also sought to expand the coverage of the program by including estates of decedents who passed away on or before December 31, 2021, to include those who lost a loved one at the height of the COVID-19 pandemic.
The current program only covers the estate of those who passed away on or before December 31, 2017. The senator also sought to exclude the submission of proof of settlement of the estate, whether judicial or extrajudicial, as one of the requirements set by the Bureau of Internal Revenue (BIR) for those who want to avail of the estate tax amnesty program.
He is also seeking to institutionalize a platform that would allow electronic filing of return and payment of estate tax, in order to simplify and make it easier for taxpayers to fulfill their obligations. “Importante na mas madali at mas simple ang proseso ng pagbabayad ng buwis hindi lamang para mas maging mahusay ang pangongolekta ng buwis kundi para mas marami sa ating mga kababayan ang tumupad sa kanilang mga tungkulin (It is important that the tax payment process is easier and simpler not only so that tax collection can be more efficient but also so that more of our countrymen can fulfill their duties),” he added.