House OKs estate tax amnesty extension on final reading
The House of Representatives on Tuesday approved on third and final reading a proposal extending the estate tax amnesty to 2028, as the government seeks to encourage the settlement of outstanding liabilities.
Lawmakers voted 280-0-0 to approve House Bill No. 6614, which extends the estate tax amnesty to Dec. 31, 2028, also allows taxpayers to opt for installment payments, with the initial payment covering at least 25% of outstanding liabilities. It also required payments to be made within two years.
Heirs of properties of individuals who died on or before Dec. 31, 2024 will be eligible to avail of the amnesty, based on the third reading copy of the proposal.
“The executor or administrator of the estate… the legal heirs, transferees or beneficiaries, who wish to avail of the Estate Tax Amnesty… shall file either electronically or manually, with any authorized agent bank, Revenue District Office… or authorized tax software provider,” the bill read.
The estate tax amnesty extension is among President Ferdinand R. Marcos, Jr.’s legislative priorities, with the Finance department last week backing the proposal, saying it could help boost the productivity of idle lands.
Marikina Rep. Miro S. Quimbo last week said in his sponsorship speech that the Bureau of Internal Revenue collected P15.5 billion from 2019 to June 2025 under the previous tax amnesty.
The Philippines imposes a 6% estate tax on the net value of inherited assets. — Kenneth Christiane L. Basilio
Ayrıca Şunları da Beğenebilirsiniz
BitMine Expands Treasury Holdings with $140 Million Ethereum Acquisition
Hyper Foundation Proposes Validator Vote to Burn Assistance Fund Tokens
