Duterte signs law extending estate tax amnesty
President Duterte signed on Wednesday a law extending the estate tax amnesty until June 14, 2023.
Republic Act No. 11569 amended Section 6 of RA 11213 or the Tax Amnesty Act, which set to June 14, 2021, the deadline of filing estate tax returns.
The measure amends RA 11213, which aimed to enhance revenue administration and collection by granting amnesty on all unpaid internal revenue taxes imposed by the national government for the taxable year 2017 and prior years.
RA 11213 slashed the net estate tax from 20 percent to 6 percent, the amount of which is determined at the time of death of the real property’s owner.
The amnesty covers the estate of decedents who died on or before Dec. 31, 2017, with or without assessments duly issued thereof, and whose estate taxes remained unpaid or have accrued as of the same date.
The executors or administrators of estates, or, if there none, the legal heirs, transferees or beneficiaries, may avail of the estate tax amnesty.
The estate tax amnesty form must be filed with the revenue office that has jurisdiction over the last residence of the deceased.
The newly signed law shall take effect 15 days after its publication in the Official Gazette or in two newspapers of general circulation.
The Department of Finance, in coordination with the Bureau of Internal Revenue, was tasked issue implementing rules and regulations within 60 days after the law’s effectivity.
The Senate approved the measure on May 24, and their version was adopted by the House of Representatives. INQ