The House Committee on Ways and Means approved last Tuesday the proposal extending the availment of estate tax amnesty for another 2 years.
THE House Committee on Ways and Means approved last Tuesday the proposal extending the availment of estate tax amnesty for another 2 years.
Salceda explained that an estate tax is a tax on the right of the deceased person to transmit the estate to lawful heirs and beneficiaries. On the other hand, if the allowable deductions applicable at the time of death exceed the value of gross estate, a minimum payment of P5,000, as the case may be, is expected.
“After all, it is a forgiveness of certain tax receivables that should have been collected—notionally, making it a revenue-eroding measure,” he said. “The task of estate tax amnesty is to unlock enough value from idle and unsettled estates.” “We also streamlined the procedure by removing the requirement of proof of settlement in the payment of the estate tax under the same law,” he said. “Now that the extended deadline—June 14, 2023—is upon us, we are informed that this tax amnesty is yet to be optimized.”THE lawmaker believes that many families still struggle to comply with documentary as well as cash requirements.
The lawmaker said he is also open to supporting an “Estate Tax Amnesty helpline” by the Bureau of Internal Revenue, to provide filing support for indigent families and smaller estates.
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