Senator Win Gatchalian urged taxpayers to avail of the extended estate tax amnesty program, which is set to expire on June 16 this year.
“I am hoping taxpayers who are qualified would avail of the extended tax amnesty program as this would give them the chance to legalize their ownership of inherited properties and the opportunity to use such assets for economic purposes,” Gatchalian said.
“This would give them the chance to legalize their ownership of inherited properties and the opportunity to use such assets for economic purposes.”
Republic Act 11956 -principally authored and sponsored by the veteran legislator –amended the Tax Amnesty Act which allows heirs, transferees, and beneficiaries to settle estate taxes without penalties or interest until June 14, 2025. However, since June 14 falls on a Saturday, the BIR extended the deadline to June 16, Monday.
Under the law, the filing can be made either manually or electronically with any authorized agent bank or Revenue District Office by the heirs and beneficiaries. The law also allows installment payments to encourage taxpayer participation.
“May panahon pa para makapagbayad sila ng kaukulang buwis ng walang dagdag na bayad dahil hindi na nila kailangang magbayad ng penalty at interes,” the seasoned lawmaker added.
The law would also help shore up the country’s revenue collection needed to finance the government’s poverty-alleviating programs.
