Duterte signs law extending estate tax amnesty until 2023

President Rodrigo Duterte on Wednesday signed into law the measure extending the period for Estate Tax Amnesty for another two years.

Republic Act No. 11569 amends Section 6 of Tax Amnesty Act, which allowed taxpayers a one-time opportunity to settle their tax obligations, including an Estate Tax Amnesty Program.

Under RA 11569,  the deadline for availment of estate tax amnesty will be extended from June 15, 2021 to June 14, 2023.

The law seeks to allow individuals who failed to file their returns and settle their tax obligations due to travel restrictions and economic difficulties brought about by the pandemic and to infuse more resources for the government's welfare and recovery programs.

The Department of Finance has said it supported the passage of the measure citing that there were difficulties to implement the amnesty. 

Senator Pia Cayetano said figures from the Bureau of Internal Revenue showed that the collected revenue from the estate tax amnesty program was only around P2.5 billion.

This was lower than the expected additional revenue of P6.28 billion.

The Senate passed its version of the bill om May while the House of Representatives passed its measure on amnesty extension in 2020.  —NB, GMA News