The Department of Finance (DOF) on Tuesday expressed support for a proposed measure that would extend the Estate Tax Amnesty until December 31, 2028.<\/p>\n
In a statement, the DOF said House Bill 6614 would allow more Filipino families to settle obligations on inherited properties.<\/p>\n
\u201cThis will maximize the use of idle assets and boost productivity,\u201d Finance Secretary Frederick Go said.<\/p>\n
Under the National Internal Revenue Code (NIRC), the estate tax is a one-time payment required for the legal transfer of a deceased person\u2019s assets to their lawful heirs and beneficiaries.<\/p>\n
Through the Estate Tax Amnesty, the DOF said it seeks to provide relief to families unable to formalize inheritance due to financial or other constraints.<\/p>\n
HB 6614 is a substitute bill that consolidated 10 separate measures filed in the House of Representatives by several lawmakers.<\/p>\n
It seeks to amend Republic Act 11956,\u00a0which, in turn, amended the original Estate Tax Amnesty law, allowing heirs of those who died on or before May 31, 2022, to pay a flat 6% estate tax rate without surcharges, penalties, or interest. This program expired on June 14.<\/p>\n
The Finance Department said the new proposal covers the estates of descendants who passed on or before May 31, 2022, and includes safeguards to prevent potential misuse.<\/p>\n
To ensure fairness and minimize discretion in granting estate tax amnesty, the DOF said applicants must comply with documentary requirements and pay the amnesty tax by December 31, 2028.<\/p>\n
The proposal also allows the amnesty tax to be paid in installments over one year from the issuance of the Acceptance Payment Form, the DOF said.<\/p>\n
Noncompliance with the requirements, the department added, will subject the estate to the penalties and surcharges imposed under the NIRC.\u2014MCG, GMA Integrated News<\/p>\n","protected":false},"excerpt":{"rendered":"The Department of Finance (DOF) on Tuesday expressed support for a proposed measure that would extend the Estate…\n","protected":false},"author":2,"featured_media":334735,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,147187,147185,133,147184,131,132,147186],"class_list":{"0":"post-334734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-ca","10":"tag-canada","11":"tag-dof-sec-frederick-go","12":"tag-estate-tax-amnesty","13":"tag-finance","14":"tag-hb-6614","15":"tag-personal-finance","16":"tag-personalfinance","17":"tag-ra-11956"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/334734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=334734"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/334734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/334735"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=334734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=334734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=334734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}