The Bureau of Internal Revenue (BIR) has issued updated regulations for the new estate tax amnesty program.
The changes were implemented through Revenue Regulations No. 10-2023 by Finance Secretary Benjamin E. Diokno, following the recommendation of BIR Commissioner Romeo D. Lumagui, Jr.
One significant change is the extension of the estate tax return filing deadline for another two years, until June 14, 2025.
The coverage for deaths eligible for the program has been extended from May 20, 2020, and prior years to May 31, 2022, and prior years.
The new guidelines are more user-friendly compared to the previous ones under RA 11213.
Electronic filing and installment payment options are now permitted for heirs of the deceased.
The complete text of the regulations can be found in the Manila Bulletin.
The deadline extension aims to benefit over one million heirs of decedents, providing relief during the Covid-19 pandemic.
BIR releases updated estate tax amnesty guidelines
At a glance
The Bureau of Internal Revenue (BIR) has issued updated regulations for the new estate tax amnesty program to benefit more than one million heirs of the deceased.
Finance Secretary Benjamin E. Diokno issued Revenue Regulations No. 10-2023 to implement these changes prescribed by Republic Act (RA) 11567 following the recommendation by BIR Commissioner Romeo D. Lumagui, Jr.
One significant change is the extension of the estate tax return filing deadline for another two years, or until June 14, 2025.
Furthermore, the coverage for deaths has been extended from previous May 20, 2020 and prior years to May 31, 2022, and prior years.
Lumagui highlighted that these new guidelines are more user-friendly than the previous ones that governed the old estate tax amnesty law (RA 11213).
Notably, they permit electronic filing in addition to manual submission and grant heirs of the deceased the option to make installment payments.
For those interested, the complete text of the regulations can be found in Tuesday issue of the Manila Bulletin, Sept. 12.
Congressman Joey Salceda of Albay, the principal author of the law, emphasized that this deadline extension will benefit over one million heirs of decedents, offering relief to those who have faced financial difficulties during the Covid-19 pandemic.