The bill seeking to extend the estate tax amnesty and expanding its coverage has reached the Senate floor a week after the House of Representatives passed it on its third and final reading.
The bill also seeks to ensure that taxpayers are safeguarded from burdensome requirements by enumerating the documentary requirements that should be submitted to the Bureau of Internal Revenue and explicitly excluding the submission of proof of settlement of the estate whether judicial or extrajudicial.
According to Senator Sherwin Gatchalian, sponsor of the bill as chairperson of the committee on ways and means, this provision would eliminate discrepancies and inconsistencies in the document requirements requested by each regional/district office. The proposed law also allows those who will avail of the amnesty to use the electronic or manual filing of estate tax amnesty returns and payment of taxes with any authorized agent bank, revenue district officer through revenue collection officer, or authorized tax software provider, Gatchalian said.
Further, Gatchalian said the bill allows installment payments over two years from the statutory due date of the estate tax.“Through this measure, we strive to provide much-needed relief, especially to those who have been disproportionately affected by circumstances beyond their control,” Gatchalian said.
“As we extend this amnesty program, we are not just providing relief from the burden of estate taxes, but also offering a pathway for our estate taxpayers to realize the full potential of their assets,” he added.
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