MANILA – President Rodrigo Duterte on Wednesday signed into law the measure extending the period for estate tax amnesty for another two years.
Republic Act No. 11569 amends Section 6 of Tax Amnesty Act, which allowed taxpayers a one-time opportunity to settle their tax obligations, including an Estate Tax Amnesty Program.
Under RA 11569, the deadline for availment of estate tax amnesty will be extended from June 15, 2021 to June 14, 2023.
The law seeks to allow individuals who failed to file their returns and settle their tax obligations due to travel restrictions and economic difficulties brought about by the pandemic and to infuse more resources for the government’s welfare and recovery programs.
The Department of Finance has said it supported the passage of the measure citing that there were difficulties to implement the amnesty.
According to Sen. Pia Cayetano, figures from the Bureau of Internal Revenue showed that the collected revenue from the estate tax amnesty program was only around P2.5 billion.
This was lower than the expected additional revenue of P6.28 billion.
The Senate passed its version of the bill on May while the House of Representatives passed its measure on amnesty extension in 2020.
RA 11569 mandates the Finance secretary, in coordination with the Internal Revenue commissioner, to issue necessary rules and regulations 60 days after the new law’s effectivity.
The newly-signed law takes effect 15 days after its publication in the Official Gazette or in two newspapers of general circulation.(GMA News)
