Tag: Estate Tax

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Tax Law, Estates

FREE e-book, Checklist for Estate Tax Amnesty

As of this writing we are 24 days away from the deadliest deadline of the Extended Estate Tax Amnesty on June 14, 2025. We cannot respond to all your inquiries so we are giving away for FREE the Ultimate Guide to the Estate Tax Amnesty by Atty. Joshua Santiago, AND our (previously available only to clients) checklist, along with RMC 40-2025 so you can present this to the BIR if they require you to submit a Deed of Extrajudicial Settlement when you apply.

This is our way of doing our own part to help. So far no word if it will be extended but in case it is not, this may be your last chance to avail of the 6% rate (instead of 20%/35%) and without interest and penalties.

Get it here after you sign up for our newsletter! We promise we will only send 1-2 a month.

And here is a copy of Revenue Memorandum Circular 40-2025 where it states clearly you do NOT need to present the Deed of Extrajudicial Settlement when you apply for estate tax amnesty. Though you will eventually need it before an eCAR is issued.

RMC No. 40-2025Download

Categories
Tax Law, Estates

Estate Tax Amnesty is EXTENDED AGAIN…most likely!

The Estate Tax Amnesty was extended yet again with the House passing the bill with great speed and the Senate adopting it and signing it recently as is so as to ensure it beats the deadline. The only thing needed now is the signature of the President.

If approved, the extension will now benefit more people as it shall cover estates of decedents who passed away on or before May 31, 2022. Before it was only for those who died before 2018.

Other changes are less requirements, online filing as well as installment options. This is indeed good news and most likely the last time in a long time we will benefit from this.

The Department of Finance already announced in their website that the President will sign before the State of the Nation Address.We hope he signs it before the deadline on June 14, though.

Once out, we will come up with another Ultimate Guide on our Youtube and Facebook channel.

Categories
Tax Law, Estates

The Estate Amnesty Extension Rules are OUT!

estate tax amnesty extension IRR

The Implementing Rules and Regulations for the Estate Amnesty Tax extension is out!

Noteworthy items include:

  • The new deadline in June 14, 2023
  • There is no need for proof of settlement (judicial or extrajudicial) when submitting the Estate Tax Amnesty Return (ETAR)
    • but no electronic Certificate Authorizing Registration (eCAR) shall also unless such proof is presented
  • The BIR Form has been revised (2118-EA)
  • Filing is now where the executor or administrator is registered, or if not yet registered, at the executor or administrator’s residence.

It also seems that after you submit your documents, you may need to wait 5 days before it is endorsed for payment with the authorized agent banks/collection officers or notified of any deficiencies in the application (i.e. babalik po kayo)

It also seems that there is a direction to issue just one eCAR for all properties although we are not there yet. (one property, one eCAR for now)

Lastly, should there be properties not covered by the deed of extra judicial settlement or court order, only those properties covered shall be issued eCAR. I hope this means that they will issue eCAR at least for those indicated.

Full rules are here

For more information you may email us at in**@*****aw.com or check out our Facebook page. Keep safe!

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141 days Before the Estate Tax Amnesty Expires

death and taxes, tax amnesty, estate taxes

Do you have a house or land that could not be transferred because of estate taxes? For those who died before 2018, you can save a lot on estate taxes under the estate tax amnesty law which will expire on June 14, 2021.

This will be the last chance to avail of the 6% tax on the net estate or a minimum of only PHP 5,000 for loved ones who died before the year 2018. If not, estate tax rates can go up to as much as 20% PLUS interest and penalties.

For more information, see https://www.bir.gov.ph/images/bir_files/internal_communications_1/Digest%20RR%202019/RR%206-2019.pdf


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