An estimated one million families are expected to benefit from the bill extending the availment period of estate tax amnesty--the same bill that was passed on third and final reading by the House of Representatives on May 15. |ManilaBulletin
The House of Representatives pass on third and final reading the measure seeking to extend for another two years the availment period of estate tax amnesty.An estimated one million families are expected to benefit from the bill extending the availment period of estate tax amnesty--the same bill that was passed on third and final reading by the House of Representatives on Monday afternoon, May 15.
Deputy Speaker and Davao City 3rd district Rep. Isidro Ungab announced that the measure garnered 259 affirmative votes during nominal voting. There were zero negative votes and zero abstentions. Albay 2nd district Rep. Joey Salceda, House Committee on Ways and Means chairman, said the two-year extension would benefit up to one million families.
Speaker Romualdez said the pandemic and the financial and economic difficulties it caused made it hard for thousands of heirs, especially those in the provinces, to take advantage of the benefits the law, RA No.11213, or the Tax Amnesty Act, enacted on Feb. 14, 2019.He stressed that the payment of estate taxes would not only result in additional tax revenue for the government, but in the faster distribution and use of inherited properties like land as well.
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