ESTATE TAX AND AMNESTY

Estate Tax and Amnesty

Estate Tax Amnesty is a program offered by the government to allow estate owners to settle their estate tax obligations at a reduced rate or with penalties and interest waived. It is a one-time opportunity for estate owners who have not paid their estate taxes or who have underpaid their estate taxes to settle their obligations without incurring additional penalties and interest.  

In 2019, RA No. 11213 or the Tax Amnesty Act of 2019 was approved. It gives opportunity to settle tax liability at 6% rate of the decedent’s total taxable assets with a minimum tax amnesty amount of Php 5,000 per decedent.    

The estate tax amnesty program in the Philippines is offered for a limited period of time and is subject to certain conditions and requirements, such as: 
❖ The estate must be subject to estate tax in the Philippines.    
❖ The estate tax return must be filed within the prescribed period, which is usually within six months from the date of the decedent's death.   
❖ The estate owner must pay the amnesty tax, which is a reduced rate of the original estate tax due, within the prescribed period.    
❖ The estate owner must also pay any penalties or interest that may be due, but the amount of the penalties and interest may be reduced or waived under the amnesty program.     

However, this Estate Tax Amnesty program is only available for a very short period of time. The Estate Tax Amnesty ends at the strike of midnight on June 15, 2023.  
   
Want to take advantage of this once in a lifetime opportunity offered by the Tax Amnesty program? Book an appointment now!