The Senate Committee on Ways and Means, chaired by Senator Pia Cayetano, is awaiting the Department of Finance's (DOF) official position on a bill that seeks to extend the period for availing of the estate tax amnesty. The current amnesty, established under Republic Act No. 11213, is set to expire on June 14, 2025, according to the Bureau of Internal Revenue (BIR).
Senator Cayetano stated that the committee is waiting for the DOF's insight before proceeding with the bill. The proposed extension aims to give more time for taxpayers to settle estate tax obligations with reduced penalties. The BIR reported that as of early 2025, only a fraction of eligible estates had availed of the amnesty.
The original amnesty, which began in 2019, allowed for a 6% tax rate on net estate value, with no penalties or surcharges. The BIR has reminded the public that after the deadline, regular estate tax rates and penalties will apply. The DOF's input is crucial as it will assess the fiscal impact of extending the amnesty.
