UPDATE as of JUNE 30, 2021:
THE PRESIDENT has extended the validity of the estate tax amnesty program for two years, his spokesman said Thursday, even in the absence of President Rodrigo R. Duterte’s signature on a bill that will take the application deadline to June 14, 2023.
Mr. Duterte has not yet signed the bill granting the extension because the measure was only transmitted to Malacañang on Wednesday, Spokesman Herminio L. Roque, Jr. said. – source: www.bworldonline.com
Senate Bill 2208 approved the deadline of the Availment of the Estate Tax Amnesty, its Implementing Rules and Regulations from JUNE 15, 2021 UNTIL JUNE 14, 2023.
This is a good news to the executor or administrator of the estate, or if there is no executor or administrator appointed, the legal heirs, transferees or beneficiaries, who wish to avail of the Estate Tax Amnesty.
All 23 senators present during the third reading approval voted in favor of Senate Bill No. 2208. It seeks to amend the Tax Amnesty Act, which set a June 14, 2021 deadline for the filing of estate tax returns.
The law covers the estate of decedents who died on or before December 31, 2017 and whose estate taxes remained unpaid or have accrued as of that date.
Senator Pia Cayetano, chair of the committee on ways and means and one of the sponsors of the measure, together with Senators Revilla, Villanueva, Zubiri , Gordon and Gatchalian.
Do you have a property needing assistance to settle Estate Taxes? Drop your inquiries here.