NextGen Day

The Sangguniang Panlalawigan (SP) said on Friday that an ordinance it passed offering relief from surcharges and interests on local transfer tax covering real estate transferred by way of succession in this province has come into force.

The approved legislation became effective on Thursday, July 7, 2022, according to Vice Governor Ma. Cristina Garcia, the SP presiding officer, after meeting the necessary posting and/or publication requirements as specified by the Local Government Code.

The law was supported by SP member Reynaldo Ibe and unanimously endorsed by 10 board members and interim members before being authorized by vice governor Albert Garcia and then-outgoing governor Albert Garcia last month.

According to the vice governor, Republic Act (RA) 11213, also known as the Tax Amnesty Act, as amended by RA 11569, provides taxpayers with a single opportunity to settle their estate tax liabilities between June 15, 2021, and June 14, 2023, through an estate tax amnesty program for taxable years 2017 or earlier.

To supplement the instructions for local government units (LGUs) on the relief granted in support of the estate tax amnesty program, the Department of Finance released a circular.

The circular stated that at the effective date of the said circular and in compliance with the Local Government Code of 1991, the grant of relief shall be permitted under a fully approved local ordinance, Vice Governor Garcia added.

Legal heirs, administrators, or executors have until June 14, 2023, to take advantage of the award of relief, which will only be applied on surcharges and interests on municipal transfer taxes on estates of those who passed away on or before December 31, 2017.

According to Quezon, the respite granted would only be used for succession transfers of real property ownership and under no circumstances for other transfers.

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