Estate Tax Amnesty Extension bill lapses into law | Inquirer News

Estate Tax Amnesty Extension bill lapses into law

By: - Reporter / @JMangaluzINQ
/ 05:10 PM August 08, 2023

The plenary hall of the House of Representatives. (INQUIRER.net file photo)

(INQUIRER.net file photo)

MANILA, Philippines — The Estate Tax Amnesty Extension bill has lapsed into law, with a copy of the bill being uploaded to the Official Gazette on Tuesday. 

Now Republic Act (R.A.) No. 11569, the measure amended R.A. 11213 or the Tax Amnesty Act, extending the period of availing the amnesty until June 14, 2025

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The measure lapsed into law on August 5 without the signature of President Ferdinand Marcos Jr. 

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Under the new law, the executor of the estate (as well as their heirs or transferees)  can either electronically or manually file a sworn Estate Amnesty Tax Return.

It must be done with any authorized bank, Revenue District Office, or tax software provider.

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Payment for the tax can also be either electronic or manual.

The law lists the following mandatory requirements: death certificate, taxpayer identification number, a notarized promissory note (if applicable), proof of the claimed property previously taxed (if any), proof of claimed transfer for public use (if any), and at least one government-issued identification card.

The deadline has already been deferred during the term of former President Rodrigo Duterte in 2021. The newly-lapsed law was unanimously approved in the Senate in May.

RELATED STORIES:

Senate OKs bill extending estate tax amnesty till 2025

Diokno cheers estate tax amnesty extension

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TAGS: Bongbong Marcos, law, real estate

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