Estate tax amnesty extension to benefit about a million families
ABOUT one million Filipino families with unsettled estates will benefit from the Estate Tax Amnesty Extension Act.
The now Republic Act No. 11956 has lapsed into law on Tuesday without President Ferdinand Marcos Jr.’s signature.
Principal author of the bill Albay Representative Joey Salceda said it will benefit some 920,000 Filipino families who have unsettled estates, many of whom include the 610,054 agrarian reform beneficiaries recently released from debt by New Agrarian Emancipation Act.
“Estate Tax Amnesty Extension is now law, as RA 11956. Palace informed my office. I thank President Marcos and I congratulate Speaker Romualdez, the leading driver of this measure, for another accomplishment,” Salceda said.
The law will extend the Estate Tax Amnesty period to June 2025 and the period of deaths covered to May 2022.
The law also provides for electronic filing of estate tax amnesty applications, and limits the number of documents required for filing.
The bill also shortened the period for issuing the implementing rules and regulations to 30 days, from 60 days. Estate tax amnesty applications can also be filed electronically.
