Measure extending estate tax amnesty availment endorsed for Senate approval | Jovee Marie de la Cruz

THE House of Representatives on Monday endorsed for Senate approval the bill extending the estate tax amnesty for another two years or until June 14, 2025.

“They [the one million families] have barely recovered from the Covid-19 pandemic, and the amnesty deadline, which had been extended once, is just a month away. It’s on June 14. Thus, the need for another extension,” Speaker Martin G. Romualdez said. “Let us not make the situation more difficult for them by extending the period for them to avail themselves of those benefits,” Romualdez added.ROMUALDEZ said that the payment of estate taxes would not only result in additional tax revenue for the government but in the faster distribution and use of inherited properties like land as well.

RA 11213 was passed to provide taxpayers immunity from the payment of estate taxes until June 15, 2021.HOUSE Committee on Ways and Means Chairman Jose Ma. Clemente “Joey” S. Salceda explained that “the idea was to transfer estates more efficiently and more expeditiously, so that their value can be unlocked for better economic use.”

Salceda said that when the Estate Tax Amnesty was first enacted and then extended, some 133,860 individuals availed of the program from 2019 to 2023, bringing about P7.4 billion in collection. “And, if it takes them too long, they incur additional penalties, making it very difficult to actually settle estate tax obligations. That is the point of the 6-percent unitary rate without penalties or surcharges,” he added.

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Dela Rosa ends Senate hearing on Degamo killingSen. Ronald “Bato” Dela Rosa has ended the Senate inquiry on the killing of Negros Oriental Gov. Roel Degamo and
Source: MlaStandard - 🏆 20. / 55 Read more »

Senate inquiry into series of power outages a must, Gatchalian saysSenator Gatchalian said the Senate should conduct an inquiry into the series of disturbances in the country’s power transmission system saying it is imperative to ensure the Philippines has a reliable and continuous supply of electricity. ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »

Senate urged: Probe series of power system disturbancesMANILA, Philippines — An investigation into the series of power transmission system disruptions in the country is being pushed in the Senate. Senator Sherwin Gatchalian has filed Senate
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Senate OKs bill that will increase pension of veteransVOTING 21-0-0, the Senate on Monday approved on third and final reading Senate Bill (SB) 1480 that proposes a 350 percent to 488 percent increase in the disability pension of veterans.
Source: TheManilaTimes - 🏆 2. / 92 Read more »

Senate OKs bill increasing veteran’s disability pensionThe Senate on Monday, May 15 approved on third and final reading the bill proposing a 350 to 488 percent rate increase in the disability pension of veterans and their beneficiaries. | ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »

Salceda dares Senate to quickly pass bill extending estate tax amnestyAnother solon, Albay 2nd District Rep. Joey Salceda, has called on the Senate to pass quickly a bill that would extend the estate tax amnesty deadline to two years, before Congress goes on a sine die adjournment. | GabrielLaluINQ
Source: inquirerdotnet - 🏆 3. / 86 Read more »