AGRI Party-list Rep. Wilbert T. Lee lauded the passage of House Bill No. 7909, which aims to expand the coverage and extend the period of availment of the estate tax amnesty for two (2) years.
The House of Representatives yesterday approved on 3rd reading HB 7909, which will provide taxpayers enough period to settle their tax obligations as the amnesty period is about to lapse on June 14, 2023 under Republic Act (RA) No. 11569, which amended RA 11213 or the “Tax Amnesty Act.”
According to the assessment of the National Tax Research Center (NTRC), “the grant of estate amnesty will unlock assets still registered under unsettled estates so that these may be used for commercial or economic activities that would create investment, jobs, and taxable transactions.”
“Malaking tulong ang pagsasabatas ng panukalang ito lalo na’t bumabangon pa lang tayo sa pandemya at sa dagdag na kalbaryo ng mataas na presyo ng bilihin. The extension will also aid our farmers by providing them with additional time in settling their outstanding estate tax liabilities. By giving them a fresh start, we put them in a favorable position where there will be no penalties and interest due to non-payment,” Lee, one of authors of the measure said.
“Marami po sa ating mga kababayan, lalo na sa probinsya, hindi na natutukan ang pagbabayad ng estate tax, kaya tumaas nang tumaas ang penalty. Hindi po natin sila masisi, dahil kung hirap na nga silang pagkasyahin ang gastos sa pagkain at pang-araw-araw na pangangailangan, siguradong mababaon sila sa utang at mga multa na kailangan pang bayaran kung hindi sila tutulungan ng gobyerno,” he added.
Under this measure, the new deadline of filing for those who wish to avail of the Estate Tax Amnesty will be on June 14, 2025.
Another key feature of the bill is amending Sec. 4 of RA 11213—which originally grants amnesty to those who died on or before Dec. 31, 2017—to those who died on or before Dec. 31, 2021, with or without assessments duly issued, whose estate taxes have remained unpaid as of the end of 2021.
According to the assessment of the National Tax Research Center (NTRC), “the grant of estate amnesty will unlock assets still registered under unsettled estates so that these may be used for commercial or economic activities that would create investment, jobs, and taxable transactions.”
“We thank the House leadership for the swift passage of this crucial measure to ease the plight of our countrymen, improve our tax collection, and provide an additional source of income for the government. Yung karagdagang koleksyon sa buwis ay karagdagang pondo ng gobyerno para sa mga serbisyo nito sa publiko,” the lawmaker from Bicol said.
“Sa malasakit na ito ng gobyerno para matulungan ang ating mga kababayan sa pagbabayad ng estate tax, sigurado ang balik na benepisyo sa taumbayan. Sa pagpapatupad ng batas na ito, Winner Tayo Lahat,” Lee added.
