MANILA, (PIA) — As the country observes Tax Awareness Month this February, Senator Win Gatchalian is urging taxpayers to take advantage of the government’s estate tax amnesty program, which has been extended until June 14, 2025.
Republic Act 11956, a law principally authored and sponsored by Gatchalian, extends the estate tax amnesty program by two years.
This extension aims to provide legal heirs, transferees, or beneficiaries ample time to pay the excise taxes due on properties inherited from deceased relatives.
The amnesty allows for payment at a reduced rate, meaning heirs will not face penalties or interest for late payments.
The law also broadens the program’s coverage to include individuals who passed away as of May 31, 2022, replacing the previous cutoff date of December 31, 2017.
“Now is the perfect opportunity for heirs and beneficiaries to prepare for their payment, which should be made on or before the extended deadline, while they are already budgeting for their expenses in the first half of the year,” said Gatchalian, chairperson of the Senate Committee on Ways and Means.
He emphasized the importance of promoting tax education to equip taxpayers in fulfilling their obligations, aiming to increase tax compliance and generate much-needed revenue for government programs and infrastructure projects.
The law allows filing either manually or electronically with any authorized agent bank or Revenue District Office, and it includes an installment payment option to encourage participation in the amnesty program.
Availing of the amnesty program enables taxpayers to formalize ownership of their assets.
“Mabibigyan na ng pagkakataon ang mga taxpayers na gawing pormal ang kanilang pagmamay-ari ng anumang ari-arian at masisiguro nila ang kanilang mga karapatan bilang mga lehitimong may-ari,” Gatchalian said.
Additionally, Gatchalian highlighted that Tax Awareness Month is a crucial time to strengthen public support for revenue initiatives and enhance tax collection.
To assist taxpayers further, he also authored Republic Act 11976, or the Ease of Paying Taxes Act, aimed at simplifying the tax system to make compliance easier for individuals and small businesses.
It can be recalled that under Proclamation No. 486, President Ferdinand R. Marcos Jr. has declared February of every year as Tax Awareness Month to promote and enhance Filipinos’ awareness of tax laws, rules, and regulations.
The proclamation aims to improve the nation’s tax collection system and foster public trust in the integrity of the country’s administrative processes. (JCO/PIA-NCR)
