Senator Christopher “Bong” Go has joined other lawmakers in pushing for a bill seeking to extend the estate tax amnesty period and provide more Filipino families with additional time to settle outstanding estate tax liabilities and complete the lawful transfer of inherited properties.

In filing Senate Bill No. 2329, Go noted that many families struggle to settle the affairs of a deceased relative's estate due to the costs and complex processes involved. 

“This proposal aims to provide them with more sufficient time and a less burdensome way to fulfill their obligations," Go said of the bill.

SB No. 2329, Go said seeks to amend Republic Act No. 11213, or the Tax Amnesty Act, as amended, by extending the period of availment of the estate tax amnesty until December 31, 2028.

Under the bill, the amnesty would cover the estates of individuals who died on or before December 31, 2024, whether or not tax assessments had already been issued, provided that the corresponding estate taxes remained unpaid or had accrued as of the same date.

Go pointed out that the current law covers the estates of decedents who died on or before May 31, 2022. The bill seeks to expand this coverage to include more recent estates whose heirs, transferees, or beneficiaries have yet to settle their tax obligations.

The bill seeks to allow the executor or administrator of an estate, or the legal heirs, transferees, or beneficiaries when no administrator has been appointed, to file the required Estate Tax Amnesty Return either electronically or manually.

The return and corresponding payment may be submitted through an authorized agent bank, a Revenue District Office through its Revenue Collection Officer, or an authorized tax software provider.

The bill also permits payment by installment within two (2) years from the statutory payment date without civil penalties and interest. A taxpayer availing of this option would be required to make an initial payment equivalent to at least 25 percent of the total amount due.

Once payment is completed and all requirements have been complied with, covered estates would be granted immunity from unpaid estate taxes, applicable increments and additions, and related civil, criminal, and administrative cases and penalties for the covered period.

The senator noted that many families continue to face financial and administrative difficulties in settling estates following the COVID-19 pandemic, which resulted in unexpected deaths and additional expenses for households.

“Many families have endured more than just grief; they also have to deal with expenses and paperwork related to the assets left behind. Every peso counts, especially for ordinary Filipinos who continue to face the crisis. We must give them a reasonable opportunity to settle these matters,” the senator said.