REPUBLIC Act (RA) No. 11956 or the Estate Tax Amnesty Extension Law has lapsed into law giving Filipinos until June 14, 2025 to settle their obligations after it expired June 14 this year.
The new law allows individuals to pay their amnesty tax either electronically or manually through authorized software providers, revenue district office or authorized agents banks.
According to Rep. Jude A. Acidre of Tingog Partylist, who is also one of the authors of the house bill, the law aims to “allow taxpayers who are in the process of recovering from the effects of their losses during the pandemic and the impact of the high inflation rate to pay their estate taxes including increments and additions under the National Internal Revenue Code.”
He also added that through this law, taxpayers shall also be immune from any related civil, criminal and administrative penalties.
R.A. No. 11959 amends R.A. No. 11569 which was enacted to supposedly enhance revenue collections on unpaid internal revenue taxes for 2017 and the years prior.
However, the pandemic lockdowns delayed the estate taxes processing hence, those who were not able to fulfill their obligations will now have the chance to settle in until June 2025 – two years from the initial deadline.
Now that is enacted into law, the Secretary of Finance shall, in coordination with the Commissioner of Internal Revenue, shall issue the necessary rules and regulations for its effective implementation.
