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Manila Bulletin devider Philippines devider National devider Estate tax amnesty payment extended up to June 2025

Estate tax amnesty payment extended up to June 2025

Published Aug 9, 2023 07:58 am

A measure extending the deadline of the estate tax amnesty until June 2025 has lapsed into law, without the signature of President Ferdinand "Bongbong" Marcos Jr.

The bill lapsed into law on Aug. 5, 2023.

Republic Act No. 11956, also known as the "Tax Amnesty Act" extends the period of availment of the estate tax amnesty until June 14, 2025.

It allows individuals and companies to declare and pay their overdue estate tax without penalty.

According to the Presidential Communications Office (PCO), it aims to encourage taxpayers to settle their tax obligations and help those who have yet to pay theirs.

The new law "shall cover the estate of decedents who died on or before May 31, 2022, with or without assessments duly issued therefore, whose estate tax have remained unpaid or have accrued as of May 31,2022."

The law also allows Filipinos to file their application for estate tax amnesty electronically.

Within 30 days from its effectivity, the Finance Secretary, in coordination with the Commissioner of Internal Revenue, shall issue the necessary rules and regulations for the implementation of the law.

According to the copy of the bill, the act was passed by the Senate on May 29, 2023 and adopted by the House of Representatives on May 30, 2023. 

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Bongbong Marcos RA 11956 estate tax amnesty President Marcos
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