House adopts Senate version of bill on estate tax amnesty extension

The House of Representatives on Tuesday adopted the Senate version of the bill extending the coverage and availment period of estate tax amnesty.

Senate Bill 2219 was adopted in lieu of House Bill 7909, which means that the bill can be ratified by both the House and the Senate on or before May 31 or the end of the First Regular Session of the 19th Congress.
 
After ratification, President Ferdinand Marcos Jr. can sign the bill into law.
 
House ways and means panel chairperson Joey Salceda said the Senate version was the better one as it would benefit around 920,000 Filipino families with unsettled estate taxes.
 
“It’s another major win. And it is an enhanced version, since it limits the discretion of BIR (the Bureau of Internal Revenue) on what documents to require and allows payment by installments,” Salceda said in a statement.
 
Senate Bill 2219 extends the estate tax amnesty availment period to June 2025, as provided under the House version, but the Senate version also extends the period of deaths covered to May 2022.

The Senate version also provides for electronic filing of estate tax amnesty applications and limits the number of documents required for filing.
 
“Basically, estate tax amnesty will possibly go on uninterrupted if the President signs this before June 14,” Salceda said.

The current estate tax amnesty will expire on June 14 this year.
 
The bill also shortened the period for issuing the implementing rules and regulations from 60 days to 30 days. —VBL, GMA Integrated News