The Senate on Monday approved the extension of the estate tax amnesty and two other priority measures, days before the First Regular Session of the 19th Congress adjourns sine die.
Senate Bill (SB) 2219 extends the period of availability of estate tax amnesty by two years, or until June 14, 2025, the second extension after 2021 to 2023.
Along with the extension, the Senate plan tackles tax payment concerns by providing a clear list of requirements to be given to the Bureau of Internal Revenue, allowing for quicker filing of tax returns, and allowing for payments to be made in installments.
SB 2219 allows for the electronic or manual filing of estate tax amnesty returns, whichever is more convenient for the taxpayer, as well as the payment of taxes with any authorized agent bank, revenue district office, or authorized tax software supplier.
The bill also allows for installment payments within two years of the statutory date, with no civil penalty or interest.
Meanwhile, SB 2035, also known as the Trabaho para sa Bayan (Jobs for the Nation) Act, was unanimously approved to establish an Interagency Council to develop action plans for supporting micro, small, and medium enterprises, worker upskilling, employer incentives, youth employment, and the reintegration of overseas Filipino workers.

A three, six, and 10-year development timeline must be included in the employment masterplan.

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Senate nods tax amnesty extension