MANILA — Congress has approved the proposal to extend the amnesty for estate taxes, paving the way for President Ferdinand Marcos Jr. to sign it into law.
The House adopted the Senate's version of the bill, forgoing the need to convene a bicameral conference committee to reconcile the differences between the versions of the 2 chambers.
House Majority Leader Manuel Jose Dalip said there were only minor provisions, specifically dates, that were different between the House and Senate's versions of the bill.
For his part, House Ways and Means Chair and Albay Rep. Joey Salceda said that some 920,000 Filipino families with unsettled estates could benefit from the extension of the proposed Estate Tax Amnesty Act if signed into law.
“It heads straight to PBBM’s desk. It’s another major win. And it is an enhanced version, since it limits discretion of BIR on what documents to require, and it allows payment by installments,” Salceda said.
Salceda's office explained that on top of the House version’s provisions – which extend the Estate Tax Amnesty period to June 2025 – the ratified version also extends the period of deaths covered to May 2022.
It also said that the ratified version also provides for electronic filing of estate tax amnesty applications, and limits the number of documents required for filing.
“Basically, Estate Tax Amnesty will possibly go on uninterrupted, if PBBM signs this before June 14,” Salceda said.
The Albay lawmaker's office also explained that the current estate tax amnesty expires by June 14 this year, unless the extension measure is signed before that.
“Regardless, we’re more or less sure there will be extension,” Salceda said.
He also urged the Bureau of Internal Revenue (BIR) to "draft the regulations now, so they can issue it as soon as possible."
Salceda's office also said that the bill also shortened the period for issuing the implementing rules and regulations to 30 days, from 60 days. Estate tax amnesty applications can also be filed electronically.
“The amnesty is also consistent with the full estate tax forgiveness envisioned under the New Agrarian Emancipation Act, set to be PBBM’s most significant legislative accomplishment on his first year,” he added.