The measure seeking an extension and expansion of the estate tax amnesty has just made its way to the Senate floor. The attention now moves to the Senate, with the House of Representatives having already passed it on its third and final reading. The purpose of Senate Bill 2219, as detailed in Committee Report 68, is to revise the current Tax Amnesty Act (Republic Act 11213).
This article digs into the bill's important components, noting the extension of the availability time, the expansion of coverage, and the steps made to expedite the procedure and reduce cumbersome regulations.
Extending the Availability Period and Broadening Coverage
Senate Bill 2219 aims to prolong the estate tax amnesty program's availability date to June 14, 2025. This extension gives people extra time to take advantage of the program. Furthermore, the measure seeks to broaden coverage by embracing estates of decedents who died on or before December 31, 2021, regardless of whether their estate taxes remained unpaid or accumulated as of that date.
Documentary Requirements Simplified
To avoid burdening taxpayers with complicated criteria, the bill seeks to simplify the documentation requirements for availing of the estate tax amnesty. It clearly lists the documentation that must be presented to the Bureau of Internal Revenue, while eliminating the need for evidence of estate settlement, whether by judicial or extrajudicial methods. This rule is intended to remove disparities and inconsistencies in document requirements between regional and district offices.
Options for Flexible Filing and Payment
Recognizing the need for flexibility and simplicity, the proposed legislation enables estate taxpayers to choose between submitting estate tax amnesty forms electronically or manually. Any approved agent bank, revenue district officer, revenue collection officer, or authorized tax software supplier may accept tax payments. This provision provides several ways for taxpayers to satisfy their duties, simplifying and making the procedure more accessible.
Penalty Waiver and Installment Payments
The clause in Senate Bill 2219 that allows taxpayers to make installment payments over two years from the statutory due date of the estate tax is remarkable. Most importantly, these installment payments will not be subject to civil fines or interest. This approach offers estate taxpayers with flexibility and reduces their financial burden, allowing them to manage their payments more efficiently and lowering the impact on their financial well-being.
Conclusion:
The estate tax amnesty extension measure, which is presently being debated in the Senate, offers people the option to benefit from relief and faster procedures. With the planned extension of the availment time and increase of coverage, more taxpayers will be able to participate in the program. The measure intends to simplify and make the procedure more accessible to estate taxpayers by reducing the paperwork requirements and providing flexible filing and payment choices. The opportunity for installment payments and the waiving of penalties reduces the financial burden of estate tax liabilities even more. As the measure moves through the legislative process, it has the potential to bring much-needed assistance and help to people navigating the complexity of estate taxes in the Philippines.
Reference:
SITE: https://www.gmanetwork.com/news/money/economy/870785/estate-tax-amnesty-extension-reaches-senate-floor/story/
Post a Comment