A Senator urged taxpayers to avail the government’s estate tax amnesty program, which has been extended until June 14.
“Now is the perfect opportunity for heirs and beneficiaries to prepare for their payment, which should be made on or before the extended deadline, while they are already budgeting for their expenses in the first half of the year,” Senator Sherwin T. Gatchalian said in a statement on Monday.
Republic Act 11956, which lapsed into law in August 2023, extended the period for availing estate tax amnesty for another two years or until June 14, 2025 from the previous deadline of June 15, 2023.
Availing the amnesty program would enable taxpayers to formalize ownership of their inherited assets.
“Taxpayers will now be given the opportunity to formalize their ownership of any property and they will be able to secure their rights as legitimate owners,” he added.
The extension aims to give beneficiaries, transferees, or legal heirs enough time to pay the excise taxes owed on assets inherited from dead relatives.
Under the law, heirs will not be subject to fines or interest for late payments, as amnesty allows for payment at lower rates.
“We need to promote and enhance tax education so that we can properly equip taxpayers in fulfilling their obligations in the hope of increasing tax compliance and generating much-needed revenues that would finance government programs and much-needed infrastructure,” he added. — Adrian H. Halili
