MANILA -- Voting 259-0, the House of Representatives on Monday approved on third and final reading House Bill 7909, which seeks to extend the coverage and period of availment of the Estate Tax Amnesty by 2 more years or until 2025.
As explained in the congressional fact sheet, the bill extends the coverage of availment of estate tax amnesty from those who died on or before December 31, 2017 to December 31, 2021, amending Section 4 of Republic Act No. 11213.
It also extends the period of availment of estate tax amnesty by 2 years, by postponing the deadline of application from June 14, 2023 to June 14, 2025, amending Section 6 of Republic Act No. 11213, as amended.
House Speaker Ferdinand Martin Romualdez explained in a press release that HB 7909 would give those covered by the law enough time to avail themselves of the amnesty and lower tax rates to allow them to use the properties and other assets they have inherited.
The House chief cited data given to the House Committee on Ways and Means, which showed that up to 1 million families could benefit from the extension.
“The idea was to transfer estates more efficiently and more expeditiously, so that their value can be unlocked for better economic use. As blunt as this sounds, the dead cannot use or optimize assets. That task falls solely on the living," House Ways and Means panel chair Joey Sarte Salceda said last week.
Salceda on Monday urged his Senate counterparts to approve the bill before Congress goes on sine die adjournment on June 2 as the legislation expires June 14 this year.
“I urge the Senate, for this and in general, try to match the speed with which the House disposes of urgent measures. For estate tax amnesty extension, it’s a yes or no question. Not much need for debate here. It’s simply to extend or not to extend,” Salceda said.
“If the Senate doesn’t do this over the next few days, the amnesty will expire while we are not in session. There will be a window of time, meanwhile, when people are uncertain about what to do next with their estates," Salceda added.