Senate OKs extended estate tax amnesty

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(FILE PHOTO)

Metro Manila (CNN Philippines, May 24) — The Senate unanimously approved on Monday the bill extending the availment period of estate tax amnesty for two years, or until June 14, 2023.

All 23 senators present during the third reading approval voted in favor of Senate Bill No. 2208. It seeks to amend the Tax Amnesty Act, which set a June 14, 2021 deadline for the filing of estate tax returns. 

The law covers the estate of decedents who died on or before December 31, 2017 and whose estate taxes remained unpaid or have accrued as of that date.

Senator Pia Cayetano, chair of the committee on ways and means and sponsor of the measure, earlier said COVID-19 restrictions prevented prospective applicants from availing of the tax amnesty.

The House of Representatives passed its version of the measure last year. Congress may now send the bill to President Duterte for enactment.