Albay 2nd district Rep. Joey Salceda (Rep. Salceda's office)

The enactment of the Estate Tax Amnesty Extension Law will also be a boon to the beneficiaries of the New Agrarian Emancipation Act. 

Thus, said Committee on Ways and Means Chairman Albay 2nd district Rep. Joey Salceda, who on Tuesday afternoon, Aug. 8 shared to House reporters that the Estate Tax Amnesty Extension had become law. 

“Estate Tax Amnesty Extension is now law, as RA (Republic Act) 11956. Palace informed my office this afternoon," he said. 

“It will benefit some 920,000 Filipino families who have unsettled estates, many of whom include the 610,054 agrarian reform beneficiaries (ARBs) recently released from debt by President Marcos’s New Agrarian Emancipation Act," the Bicolano said. 

The law will extend the Estate Tax Amnesty period to June 2025 and the period of deaths covered to May 2022. It also provides for electronic filing of estate tax amnesty applications, and limits the number of documents required for filing. 

Salceda said the bill that led to the law shortened the period for issuing the implementing rules and regulations (IRR) to 30 days, from 60 days. 

“It has many improvements compared to the previous Estate Tax Amnesty, especially as it makes the administrative requirements for filing much easier to comply with. 

“The amnesty is also consistent with the full estate tax forgiveness envisioned under the New Agrarian Emancipation Act, which was PBBM’s (President Ferdinand "Bongbong" Marcos Jr.) most significant legislative accomplishment on his first year,” Salceda added. 

The New Agrarian Emancipation Act, also known as RA No.11953, was signed into law last July 7.

"I thank President Marcos and I congratulate Speaker [Martin] Romualdez, the leading driver of this measure, for another accomplishment,” he said.