The Pinoy Business Chronicle

Business news and analysis. Covering financial news, economic issues, stock market data, local business, business policy and more.

Philippines Economy News

House OK’s on 3rd reading bill extending estate tax amnesty

house oks on 3rd reading bill extending estate tax amnesty 816x445 - House OK’s on 3rd reading bill extending estate tax amnesty

THE House of Representatives passed on third reading a bill amending Republic Act No. 11213, or the Tax Amnesty Act, extending the estate tax amnesty by two years from its original deadline of June 15, 2021, to give filers more opportunities to seek amnesty after the disruption caused by the pandemic.

Representative Jose Ma. Clemente S. Salceda of Albay, who chairs the House Ways and Means Committee and is one of the bill’s proponents, said the extension is being positioned as a stimulus measure because it has the potential to unlock the value of inherited property rendered idle by unpaid tax.

“The extension of the estate tax amnesty acknowledges the plain reality that it has become very difficult to process papers because of COVID-19. We thank the House leadership for its support for this measure,” Mr. Salceda said in a statement Tuesday.

Mr.  Salceda said his committee will work with the BIR (Bureau of Internal Revenue) and other agencies to enable more virtual avenues for documentary processing to ease tax paying experience.

“The Committee has been collaborating with the BIR on its digitization efforts. We will continue this work, which we believe will help make the tax amnesty extension more effective and meaningful,” he said.

“The approval of the estate tax amnesty extension is a win-win for all stakeholders,” he added.

The bill currently has no counterpart measure in the Senate. — Kyle Aristophere T. Atienza

Leave a Reply

Theme by Anders Norén