9 0 0 1 month ago 5 min to read

Extension of estate tax amnesty: Lifeline for Pandemic-Affected Sectors

The Senate needs to adopt a crucial bill to prolong the estate tax amnesty period by two more years before time runs out.

Rep. Ralph Recto, the deputy speaker and representative for the 6th district of Batangas, stated in a news release on Sunday that his “former classmates can approve what is a simple bill” without waiting for President Ferdinand R. Marcos Jr. to declare the matter to be urgent.

According to him, both chambers of Congress will be in session for 12 days starting Monday before adjourning at the end of the month.

The window for claiming benefits under the current inheritance tax amnesty program closes on June 14.

Recto nevertheless voiced hope for a prolongation, saying that “a month is an eternity in law.” It is passable; Ipasa Kaya Kayang-Kaya.

“Even though tax bills come from the House, the Senate can begin working on them before House action so that when the House bill comes, the Senate version is already ready for floor debates,” he said.

The proposal to extend the inheritance tax amnesty date to June 14, 2025, will be prepared for the plenary debates after it cleared the House Ways and Means Committee, where its passage is assured, he noted.

Recto co-authored Republic Act (RA) 11213 (the Tax Amnesty Act), which eliminated the penalties and sharply reduced the rates for estate tax liabilities while he was a senator.

The pandemic, however, occurred during the time frame for applying for the one-time tax relief, which led Congress to approve RA 11569, extending the amnesty period by two years, or until June 14 of the current year.

“Families will save billions (of pesos) while the government will earn billions,” he added, adding that the window of opportunity might be extended by another two years.

For seniors whose frailty during the 30 months the pandemic raged prohibited them from taking advantage of the amnesty, Recto said the extension is a “lifeline to a government scrambling for revenues and an act of kindness.”

“Many of our people abroad wanted to process inherited properties but failed to return home because of the extended and strict lockdown,” he said. “Marami sa ating mga kababayang nasa ibang bansa na nais sanang ayusin ang namanang ari-arian ang hindi makauwi.”

Recto praised the House bill, claiming it amends RA 11213’s deadline of December 31, 2017, by extending coverage to deaths that occurred on or before December 31, 2021.

People are now free to travel around and complete the intricate legal formalities for putting a departed loved one’s estate in order so that these can be used for beneficial causes, he noted, as society opens and constraints are abolished.

Recto argued that if the government had provided “lifelines, bailouts in the billions” to struggling businesses during the pandemic, “why should not the same compassion be extended to families, more so that it won’t cost the government anything?”

QR Code

Save/Share this story with QR CODE

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
2.) Be one of our SPONSOR or GUEST POST and GET a website backlink. We can publish your PR stories, news articles, and company promotion for your products/services as additional exposure.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x