MANILA — The Senate on Monday approved on third and final reading the bill seeking to extend the period of availment of estate tax amnesty by 2 years or until 14 June 2025.
“Narinig po natin ang panawagan ng ating mga taxpayers, at ito na po ang ating sagot sa kanila,” said Senate President Juan Miguel Zubiri, who co-authored and co-sponsored Senate Bill 2219.
This is the second extension of the amnesty, which was first extended from 2021 to 2023.
“Owing to the challenges of the pandemic, there are still people who have not been able to avail of the amnesty even with the first extension. Ipinasa natin itong second extension para sa kanila,” Zubiri explained.
The Senate version of the bill extends the amnesty coverage for the estates of individuals who died until 31 May 2022.
The bill also allows for payment by installment within two years from the statutory date, without civil penalty and interest.
“Sa ganitong paraan, hindi na po masyadong mabigat sa ating mga kababayan ang pagbayad ng estate taxes under the amnesty program,” Zubiri said.
The House of Representatives approved their version of the bill last May 15.