A bill in the House of Representatives that would have extended the estate tax amnesty…
The House is urged to pass the Senate’s estate tax amnesty bill.
The chair of the House Ways and Means Committee requested the bill extending the inheritance tax amnesty deadline on Wednesday for it to be passed before President Ferdinand R. Marcos Jr.’s second State of the Nation Address (SONA).
Rep. Joey Salceda of Albay stated that there is no need for a bicameral conference committee meeting because his panel supports the contents of the Senate version of the estate tax amnesty extension bill.
You may expect fast adoption by the House once we receive the formal transmittal from the Senate because this is the House leadership’s top priority. To iron out any stylistic differences, we have also been in close contact with my Senate equivalent, Senator (Sherwin) Gatchalian, Salceda stated.
According to him, the Senate version also suggests extending the time of deaths covered to May 2022, in addition to the House version’s provisions that would renew the Estate Tax Amnesty period from June 14, 2024, to June 2025.
According to him, the Senate version reduces the filing-required documents and allows for the electronic submission of estate tax amnesty applications.
“We concur. So, we’ll make the adoption step. We will ratify by Monday if they can transmit by then. In any case, Salceda predicted that the House will spend the entire day Monday waiting for the Senate’s official transmittal.
Additionally, the Senate reduced the time from 60 to 30 days for the issuance of the implementing rules and regulations (IRR).
Salceda has predicted that the amnesty might help as many as 920,000 Filipino families with unresolved estates.
He anticipates that “this job will be done by Monday” by both Houses of Congress.
“We’ll have the enactment before SONA that we desire. They will also receive their desired additional provisions. It all works out in the end. A majority in Congress that represents the people,” he stated.
The primary sponsor of the legislation, Speaker Martin Romualdez, claimed that the extension would provide those who are affected by the law enough time to take advantage of the amnesty and lower tax rates to use the homes and other assets they have inherited from deceased loved ones.
He claimed that the burden of individuals who wanted to take advantage of the amnesty but were still moving from financial hardship to post-pandemic recovery would also be lessened by the idea.
They are only beginning to recover from the Covid-19 (coronavirus disease 2019) pandemic, and the previously postponed amnesty date is in just one month, on June 14th. Consequently, another extension is required,” he stated.
Delinquent heirs, executors, and administrators have until June 15, 2021, by the Tax Amnesty Act, to take advantage of the amnesty.
The statute applied to estates of decedents who passed away on or before December 31, 2017, with or without valid assessments, and whose estate taxes were still owing as of that date.
The law provides protection from civil, criminal, and administrative proceedings and fines under the 1997 Tax Code for people who take advantage of the amnesty program.
As a result of the epidemic, Congress changed the statute in June 2021 to provide for a two-year extension through June 14, 2023.
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.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).
AFFILIATE PARTNERS & SPONSORS
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.