No need for bicam: Bill on 2-year extension of tax amnesty up for Duterte’s signature

By Billy Begas

The House of Representatives has concurred with the amendments made by the Senate in the proposed two-year extension of the Tax Amnesty (Republic Act 11213).

With the concurrence, the measure will no longer pass through the Bicameral Conference Committee and will be submitted to Malacañang for the President’s signature.

House Committee on Ways and Means chairperson and Albay Rep. Joey Salceda said there was no significant different between House Bill 7068 and Senate Bill 2208.

The House version amended the deadline for the filing of estate tax amnesty applications from two years upon the effectivity of the IRR of the Act to four years. The Senate version explicitly states that the extension is from June 15, 2021 to June 14, 2023.

The House version reinstated the provision that allows for just one tax return to be filed for estates involving multiple generations of decedents while the Senate deleted it. The same provision was vetoed by the President before signing RA 11213.

“While this would have simplified filing, the President is likely to veto the same provision again if it were kept,” Salceda said.

The House version retained the language in the law, which states that “Proof of settlement of the estate, whether judicial or extrajudicial, shall likewise be attached to said Return in order to verify the mode of transfer and the proper recipients.” The Senate version deleted this requirement.

“The matter is immaterial, as the Bureau of Internal Revenue can simply require such proof to be presented if so needed,” Salceda added.

Salceda said the measure is a “vital piece of our COVID-19 bounce back puzzle.”

“The estate tax amnesty will be critical to economic recovery, as it would allow property owners with unsettled estates to access bank financing or to liquidate their property to finance other needs,” Salceda explained.

He also pointed out that the COVID-19 pandemic took away significant filing time from potential filers for estate taxes.

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Source: Latest Politics News Today (Politics.com.ph)