NextGen Day

A bill in the House of Representatives that would have extended the estate tax amnesty deadline by an additional two years failed in committee.

The House Committee on Ways and Means passed House Bill 7409 during the hearing on Tuesday, which would move the deadline for applying for the estate tax amnesty from June 15, 2023, to June 14, 2025.

Speaker Ferdinand Martin Romualdez, Majority Leader Manuel Jose Dalipe, Representative Ferdinand Alexander Marcos of Ilocos Norte, and Representatives Yedda Marie Romualdez and Jude Acidre from the Tingog Party list are the architects of the legislation.

Romualdez asserted that the extension under consideration would lessen the burden on individuals who wanted to take advantage of the amnesty but were still adjusting from financial hardship to post-pandemic recovery.

“Although this nation is presently making efforts to recover from the pandemic-driven recession, difficulties still exist for Filipinos to achieve a thorough and equitable recovery, particularly given the advent of high inflation. Families with unpaid estate taxes struggled to meet the documentation requirements and did not take advantage of the significant reduction in tax obligations given by RA (Republic Act) 11213, according to Romualdez.

Through an estate tax amnesty program that provides appropriate tax relief to estates with outstanding estate tax liabilities, RA 11213 offers taxpayers a one-time chance to settle estate tax arrears.

According to Romualdez, persons who have unresolved or unpaid estate taxes could release themselves from their duties, transfer the property to the proper heirs, and aid the government in increasing tax revenues through this measure.

Committee head Joey Salceda stated in his opening remarks that the pandemic has complicated estate settlement, which is “inherently complicated by family sensitivities.”

Salceda stated that the committee would be researching ways to improve the second tax amnesty extension proposal, such as streamlining the filing process and offering the option of doing it online, opening assistance centers in local governments, and taking other measures to address the non-tax obstacles to swiftly resolving cases.

He suggested that the Bureau of Internal Revenue establish an Estate Tax Amnesty helpline to assist poor families and smaller estates with filing.

It defeats the purpose of tax compliance if infractions are continually excused, he continued, so I honestly hope this is the last time we extend RA 11213 in this way.

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