Metro Manila, Philippines – A bill giving heirs more time to avail of an estate tax amnesty has been approved by the House committee on ways and means on Thursday, Nov. 26.
In a statement, committee’s chairperson and Marikina 2nd District Rep. Miro Quimbo said the legislation extends the filing period until Dec. 31, 2028.
The estate tax amnesty covers the estates of decedents who died on or before Dec. 31, 2024.
The longer window would “allow heirs, administrators, and beneficiaries to avail of the amnesty without penalties, surcharges, or interest, while paying significantly lower estate taxes,” the House panel said in a statement.
Heirs were also granted the flexibility to pay in installments of up to two years.
The government so far has generated at least P12 billion in windfall over a six-year period from 2019 to 2024 from the tax amnesty that released what Quimbo said were “decades-old obligations that have kept properties idle and legally unsettled.”
“Pero higit dito, ang mas mahalaga ay patuloy mabigyan ng opportunity ang ating mga kababayan na maayos ang papeles ng mga pamilya at ng mga property that can now be used by the family for personal or economic reasons,” Quimbo said in the statement.
“This will also bring them into our tax base,” he added.
The Estate Tax Amnesty measure is one of the priority legislations proposed by the Legislative-Executive Development Advisory Council.
