Senate approves on 2nd reading estate tax amnesty extension

The Senate on Tuesday approved on second reading the bill seeking to extend the estate tax amnesty and expanding its coverage.

Senate Bill No. 2219 was approved a day after it was sponsored on the floor by Sen. Sherwin Gatchalian, chairman of the Senate Committee on Ways and Means.

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

Following the period of amendments, the Senate approved the expansion of the coverage to 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. —NB, GMA Integrated News