Senate OKs estate tax amnesty extension bill on final reading

The Senate on Monday unanimously approved on third and final reading the bill seeking to extend the period of availment of estate tax amnesty and expanding its coverage.

Senate Bill No. 2219 garnered 24 affirmative votes, zero negative votes, zero abstention.

The measure seeks to extend the period of availment of the estate tax amnesty program until June 14, 2025.

It likewise seeks to expand the coverage of the tax amnesty and include the estates of those who have died on or before May 31, 2022.

Under the measure, the estate tax may be paid by installment within two years from the statutory date for its payment without civil penalty and interest.

It provides that implementing rules and regulations on the measure will be issued within 30 days upon its effectivity.

Those who will avail of the amnesty may use the electronic or manual filing of estate tax amnesty returns and payment of taxes with any authorized agent bank, revenue district officer through revenue collection officer, or authorized tax software provider.—AOL, GMA Integrated News