THE Senate on Wednesday approved on second reading a bill extending estate tax amnesty for two years.
Senate Bill 2208 will amend Republic Act 11213 or the Tax Amnesty Act by extending the availment period to June 14, 2023.
Senator Pilar Juliana S. Cayetano, who sponsored the bill, earlier said travel restrictions amid a coronavirus pandemic affected applications for tax amnesty.
RA 11213, which took effect on June 15, 2019 and will expire on June 15, gives a one-time opportunity for taxpayers to settle their unpaid estate taxes as of Dec. 31, 2017.
The ways and means committee removed the requirement for heirs to submit a “proof of settlement,” which had been a major stumbling block to amnesty applications. — Vann Marlo M. Villegas