Republic Act No. 11956 (“RA 11956”), extending the deadline to avail the estate tax amnesty for another two years, or until June 14, 2025,  lapsed into law on August 5, 2023. The law also extends the coverage of the amnesty to the estates of persons who passed away on or before May 31, 2022.

Under Section 2 of RA 11956, the taxpayers are now allowed to pay the amnesty tax either manually or electronically through any authorized agent bank, revenue district office or through an authorized tax software provider. RA 11956 also limits the number of documents required for filing the application for tax amnesty, and in the absence of any of the documents required under RA 11956, the Commissioner of Internal Revenue may request for alternative documents, as may be deemed appropriate.

RA 11956 allows the relevant estates to be settled via  installment payments within two years from the statutory date, without civil penalty or interest. The implementing rules and regulations for the new law are scheduled to be released within thirty (30) days from August 26, 2023, the  effectivity date  of RA 11956.

Please contact us at counsel@cltpsj.com.ph should you have questions on the foregoing or if you wish us to assist you in availing of the estate tax amnesty.