AGRI Party-list Rep. Wilbert T. Lee has filed a measure which seeks to extend the estate tax amnesty period to two years.
Under House Bill No. 7842, Lee aims to provide taxpayers enough period to settle their tax dues as the amnesty period is about to lapse on June 14, 2023, under Republic Act No. 11569 which amended Republic Act (RA) No. 11213 or the “Tax Amnesty Act.”
Under AGRI’s proposed amendment, the new deadline of filing for those who wish to avail of the Estate Tax Amnesty will be on June 14, 2025.
“Undeniably, the pandemic significantly reduced the country’s economic activities. Numerous lockdowns and community quarantines led to the closure of businesses and unemployment. These severely affected the capacity of the people to settle their estate taxes due to lack of money and resources,” Lee said.
“With the impact of the pandemic and the high inflation rate that we still face, it is incumbent upon the government to address and lessen the taxpayer’s current burden,” he added.
RA 11213 was enacted in 2019 to “provide a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that will give reasonable tax relief to estates with deficiency estate taxes.”
The Tax Amnesty Act seeks to enhance revenue administration and collection by granting an amnesty on all unpaid internal revenue taxes imposed by the National Government for taxable year 2017 and prior years with respect to estate tax, other internal revenue taxes, and tax on delinquencies.
Through HB 7842, taxpayers who are in the process of recovering from the effects of their losses and the impact of the high inflation rate are given an additional opportunity and protection to pay their estate taxes including increments and additions under the National Internal Revenue Code. Taxpayers shall also be immune from any related civil, criminal, and administrative penalty.
Under AGRI’s proposed amendment, the new deadline of filing for those who wish to avail of the Estate Tax Amnesty will be on June 14, 2025.
“Sa pagpapatupad ng mga programa tulad ng Estate Tax Amnesty, nabibigyan ng pagkakataon ang ating mga kababayan na talagang makabangon mula sa mga pinapasang kaliwa’t kanang hamon at mas makapag-ambag bilang produktibong bahagi ng lipunan. Agrisibo nating isinusulong na maisabatas ang mga panukalang tulad nito dahil walang dudang Winner Tayo Lahat dito,” said the solon from Sorsogon.
If enacted into law, the Secretary of Finance shall, in coordination with the Commissioner of Internal Revenue, issue the necessary rules and regulations for the effective implementation of this Act.
