The House Committee on Ways and Means approved a proposed measure to extend the period to avail estate tax amnesty by another two years.
During a hearing on Tuesday, April 25, the committee, chaired by Rep. Joey Salceda, voted in favor of House Bill 7409, which seeks to move the deadline for estate tax amnesty from June 15, 2023, to June 14, 2025.
The bill's authors include House Speaker Martin Romualdez, House Majority Leader Manuel Jose &ldquo;Mannix&rdquo; Dalipa, House Senior Deputy Majority Leader Sandro Marcos, at Tingog Party-list Representatives Yedda Marie K. Romualdez at Jude Acidre.
Lawmakers pushed for extending the deadline after noticing that the 2019 Coronavirus Disease (COVID-19) pandemic hindered the capability of some Filipinos to avail the estate tax amnesty offered by Republic Act 11213.
"Families with unsettled estate taxes still struggled to comply with the documentary requirements and failed to benefit from the substantial decrease in tax liabilities provided under RA 11213," Romualdez said.
RA 11213, signed by then-President Rodrigo Duterte in 2019, provides taxpayers with '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'.
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House panel approves two-year extension on estate tax amnesty