Thursday, March 14, 2019
The Philippines has launched a tax amnesty for those with unsettled estate tax liabilities.
The amnesty is included in Republic Act 11213, which was signed into law by President Rodrigo Duterte February 14, 2019. However, he vetoed a bill for a more general tax amnesty, which was to cover a broader range of taxes, including income tax, withholding tax, and value-added tax, for tax periods from 2017 and earlier.
Under the new law, taxpayers are required to pay a tax rate of six percent of the net estate at the time of death. It is on offer for the estates of those who died on or before December 31, 2017.
After signing RA 11213, Duterte called on Congress to pass a new general tax amnesty bill that included the lifting of bank secrecy in cases of fraud.