President Rodrigo Duterte has signed a law extending the estate tax amnesty for two years, providing relief to heirs who were unable to pay their dues as the COVID-19 pandemic persists.
Republic Act No. 11569 amends the Tax Amnesty Act of 2019 by two years or until June 14, 2023, which covered the estate of those who died in 2017 and the years prior and those whose estate taxes were still unpaid as of the year 2017. A copy of the law was released on Wednesday.
As defined by the Bureau of Internal Revenue, Estate taxes are charges on the right of the deceased person to transmit his or her estate to lawful heirs and beneficiaries.
Those who will avail of the tax amnesty program need only to pay a reduced rate of 6% net estate tax instead of 20%.
Duterte signed on the extension as many Filipinos remain unable to pay their dues due to the COVID-19 pandemic.
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