SPEAKER Ferdinand Martin G. Romualdez has expressed confidence that the proposed two-year new extension of the amnesty on estate taxes will benefit at least one million Filipino families,
Romualdez said the number of potential beneficiaries wassupplied by concerned agencies during the House deliberations on the extension proposal, contained in House Bill (HB) No. 7909, of which the Speaker is one of the principal authors.

Republic Act (RA) No. 11956 grants Filipinos an extension until June 14, 2025 to fulfill their estate tax obligations after the law expired last June 14. Last Tuesday, the measure lapsed into law.

He said the proposed new extension would give beneficiaries enough time to avail themselves of the amnesty and lower tax rates so they could settle their estate tax obligations and use the properties and other assets they have inherited from their dead loved ones.

“Bumabawi pa lamang ang karamihan sa Covid-19 pandemic at napaso na ang amnesty deadline na isang beses nagkaroon ng ekstensiyon kaya kailangan ng panibagong batas dito na pakikinabangan ng maraming pamilyang Pilipino,” Romualdez said.

He added that target beneficiaries include legal heirs, and estate executors and administrators.

The Speaker stressed that the payment of estate taxes would not only result in additional tax revenue for the government but in the faster distribution and use of inherited properties like land as well.

“Magbubunga ng kaunlaran ang paglinang sa mga ari-arian na hindi lamang pakikinabangan ng mga pamilyang nagmamay-ari kundi maging ng buong komunidad,” the Speaker said.

AUTHOR PROFILE

Jester P. Manalastas