The Department of Finance (DOF) is expecting to collect P2.5 billion in taxes if the bill extending the availment period of estate tax amnesty until June 2025 is approved into law.
The Department of Finance is expecting to collect P2.5 billion in taxes if the bill extending the availment period of estate tax amnesty until June 2025 is approved into law.
“We collected P4.8 billion until June 14, 2021 [during the first extension], collected P2.5 billion until March 2023. Since we were able to collect P2.5 billion during the last extension, Mr. Chair, we probably will be able to collect P2.5 billion which is the similar amount generated during the last extension,” Napao told lawmakers.
“How much can we still collect? We don’t want to extend for the sake of extending, without any valid reason This is a critical piece of information. What is the target [collection] here? Hindi puedeng ampaw support . Your support should be based on how much we can collect. Otherwise, we will be wasting time when we won’t even be able to collect anything,” Gatchalian said.
Assistant Commissioner Larry Barcelo of the Bureau of Internal Revenue responded that the measure is meant to encourage more people to avail of the tax amnesty and ultimately settle their deficiencies.
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