August 8th, 2023
House Ways and Means Chair Joey Sarte Salceda (Albay, 2nd district) says that the Estate Tax Amnesty Extension Act is now law, as Republic Act No. 11956. Salceda is a principal author and sponsor of the measure, which he says would benefit as much as 1 million Filipino families with unsettled estates.
“Estate Tax Amnesty Extension is now law, as RA 11956. Palace informed my office this afternoon. I thank President Marcos and I congratulate Speaker Romualdez, the leading driver of this measure, for another accomplishment,” Salceda said.
“It will benefit some 920,000 Filipino families who have unsettled estates, many of whom include the 610,054 agrarian reform beneficiaries recently released from debt by President Marcos’s New Agrarian Emancipation Act.”
The law will extend the Estate Tax Amnesty period to June 2025 and the period of deaths covered to May 2022.
The law also provides for electronic filing of estate tax amnesty applications, and limits the number of documents required for filing.
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.
“It has many improvements compared to the previous Estate Tax Amnesty, especially as it makes the administrative requirements for filing much easier to comply with.”
“The amnesty is also consistent with the full estate tax forgiveness envisioned under the New Agrarian Emancipation Act, which was PBBM’s most significant legislative accomplishment on his first year,” Salceda added.
Salceda also pointed out that “this is the first law enacted by the Committee on Ways and Means, and there is a pipeline of measures that the House already approved which await Senate approval.”
“We will likely see at least two more pro-taxpayer laws enacted this year, including the Ease of Paying Taxes Law and the Taxpayer Bill of Rights. This will create the necessary balance between raising revenues for government programs and making the taxpayer experience less burdensome.”