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    Estate Tax Amnesty Law

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    President Duterte signed a law extending the estate tax amnesty period by two years until June 2023. The law amends the Tax Amnesty Act to give taxpayers more time to file estate tax returns and settle tax dues, in recognition of difficulties caused by COVID-19 restrictions. The extension aims to boost low program participation and tax collections that were only around 1.4 billion pesos out of a potential 6 billion pesos.

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    Estate Tax Amnesty Law

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    man aders
    11 views1 page
    President Duterte signed a law extending the estate tax amnesty period by two years until June 2023. The law amends the Tax Amnesty Act to give taxpayers more time to file estate tax returns and settle tax dues, in recognition of difficulties caused by COVID-19 restrictions. The extension aims to boost low program participation and tax collections that were only around 1.4 billion pesos out of a potential 6 billion pesos.

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    President Duterte signed a law extending the estate tax amnesty period by two years until June 2023. The law amends the Tax Amnesty Act to give taxpayers more time to file estate tax returns and settle tax dues, in recognition of difficulties caused by COVID-19 restrictions. The extension aims to boost low program participation and tax collections that were only around 1.4 billion pesos out of a potential 6 billion pesos.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    11 views1 page

    Estate Tax Amnesty Law

    Uploaded by

    man aders
    President Duterte signed a law extending the estate tax amnesty period by two years until June 2023. The law amends the Tax Amnesty Act to give taxpayers more time to file estate tax returns and settle tax dues, in recognition of difficulties caused by COVID-19 restrictions. The extension aims to boost low program participation and tax collections that were only around 1.4 billion pesos out of a potential 6 billion pesos.

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    https://cnnphilippines.com/news/2021/6/30/duterte-law-estate-tax-amnesty-extension.

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    Duterte signs law extending estate tax amnesty


    Metro Manila (CNN Philippines, June 30) - President Rodrigo Duterte on Wednesday
    signed a law extending the availment period of estate tax amnesty for two years, or until
    June 14, 2023.

    Republic Act No. 11569 amends the Tax Amnesty Act, which set a June 14, 2021
    deadline for the filing of estate tax returns.

    The Bureau of Internal Revenue defines estate tax as a “tax on the right of the
    deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at
    the time of death and on certain transfers, which are made by law as equivalent to
    testamentary disposition."

    Lawmakers who pushed for the two-year extension said COVID-19 restrictions have
    made it difficult for taxpayers to settle their estate tax dues even with the amnesty.

    Rep. Joey Salceda, chairman of the House Ways and Means Committee, earlier noted
    that the low turnout of people availing of the program also resulted in smaller earnings
    of only ₱1.362 billion as of September 2020 out of a potential ₱6 billion.

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