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Category: Tax Law, Estates
Deadline for Estate Tax Amnesty Law
Thanks for everyone who attended our free webinar! Click on the link below to schedule a free consult for your Estate Tax Amnesty concerns. Stay safe!
https://www.calendar.com/joshsantiago/jstp-law/estate-tax-consult/
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Estate Tax Amnesty is ENDING
You have exactly 60 days from today to settle those properties that are still in the names of your dearly departed ancestors.
Note that there is still some work needed in preparation for this as you may need to prepare a Deed of Extrajudicial Settlement of Estate, not to mention secure certified copies of titles, tax declarations, bank or stock certificates.
The good news is, you save A LOT of money if you avail of it.
Join our FREE webinar this April 17, 2021.
Click here to register.
The BIR recently came out with Revenue Memorandum Circular No. 46-2021 last 6 April 2021. The deadline has NOT been extended for the filing of Annual Income Tax Returns for taxable year ending Dec. 31, 2020.
BUT, here is some good news:
1. Tentative AITR may be filed.
2. This can be amended on or before May 15, 2021 without fines/penalties.
3. Digital signatures are now allowed
4. Electronic submission of returns allowed in accordance with RMC 49-2020
Here is the full text of RMC 46-2021
The Online Submission Tool (OST) is an online facility to be used for submitting the Audited Financial Statement (AFS), General Information Sheet (GIS), Sworn Statement for Foundations (SSF), General Form for Financial Statements (GFFS), Special Form for Financial Statement (SFFS) and other reportorial requirements. All corporations registered with SEC must enroll in the OST in order to access and submit reports through the system.
Here is the link to start submitting.
https://cifss-ost.sec.gov.ph/user/login
This is a very timely development as we continue to face the pandemic and as more and more processes are being done online. Should you wish for more guidance, please feel free to contact us. Keep safe!