BY ELLSON QUISMORIO
The House Committee on Ways and Means approved Monday a measure that seeks to extend the availment period of estate tax amnesty under Republic Act (RA) No.11213 or the 2019 Tax Amnesty Act for two more years.
A COVID-19 pandemic response measure at its core, House Bill (HB) No.7068 was filed by Majority Floor Leader Rep. Martin Romualdez, Tingog Sinirangan party-list Rep. Yedda Marie Romualdez, and Zamboanga Sibugay Rep. Wilter “Sharky” Palma II.
AAMBIS-OWA party-list Rep. Sharon Garin sponsored HB No.7068 on behalf of the authors during the virtual hearing of the panel.
The measure amends Section 6 of the Tax Amnesty Act of 2019 to read, “The executor or administrator of the estate, or if there is no executor or administrator appointed, the legal heirs, transferees, or beneficiaries, who wish to avail of the Estate Tax Amnesty, shall, within four (4) years from the effectivity of the Implementing Rules and Regulations (IRR) of this Act, file with the Revenue District Office of the Bureau of Internal Revenue, which has jurisdiction over the last residence of the decedent, a sworn Estate Tax Amnesty Return, in such forms as may be prescribed in the IRR.”
The existing language in RA No.11213 only prescribes an availment period of two years.
“Under this law, the government provides the taxpayers a one-time opportunity to settle estate tax obligations through an estate tax amnesty program that gives reasonable tax relief to estates with outstanding estate tax liabilities. Taxpayers who avail of the estate tax amnesty enjoy immunity from the payment of estate taxes, civil, criminal, and administrative cases and penalties,” the authors wrote in the explanatory note of their bill.
The availment period extension “will enable those who want to take advantage of this program ample time to recoup their resources and get back on their feet so they can still apply and pay their estate tax dues. This will also provide economic relief for many Filipinos at this time of crisis,” the authors reckoned. (Ellson Quismorio)
