Senator Sherwin Gatchalian urged taxpayers to take advantage of the Estate Tax Amnesty program, which has been extended until June 14, 2025.
The extension, part of Republic Act 11956, provides heirs, transferees, or beneficiaries more time to settle excise taxes on inherited properties.
Under this amnesty, payments are made at a reduced rate, and there are no penalties or interest for late payments.
The coverage of the program has also been expanded to include individuals who passed away on or before May 31, 2022, replacing the previous cutoff date of December 31, 2017.
Gatchalian, the law’s principal author and chair of the Senate Committee on Ways and Means, explained that participating in the amnesty would allow taxpayers to formalize their ownership of inherited properties.
The law allows for filing either manually or electronically at any authorized agent bank or Revenue District Office. It also provides an installment payment option, making it easier for taxpayers to avail of the program.