The Department of Finance (DOF) is supporting House Bill 6614, which proposes extending the Estate Tax Amnesty until Dec. 31, 2028.
The move is aimed at giving more Filipino families time to settle obligations on inherited properties.
Finance Secretary Frederick Go said the extension would “maximize the use of idle assets and boost productivity.”
The estate tax, imposed under the National Internal Revenue Code (NIRC), is a one-time payment required for the legal transfer of a deceased person’s assets to their lawful heirs and beneficiaries.
By providing the amnesty, the DOF seeks to grant relief to families who have been unable to formalize inheritance due to financial or other constraints.
The current proposal covers estates of descendants who passed away on or before May 31, 2022, and includes safeguards to prevent potential misuse.
To ensure fairness and minimize discretion in granting the amnesty, applicants should comply with the documentary requirements and pay the amnesty tax by the 2028 deadline.
The proposal also allows for installment payment of the amnesty tax, spread over one year from the issuance of the acceptance payment form.
Noncompliance with the requirements will subject the estate to the penalties and surcharges imposed under the NIRC.
