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Tax Law, Estates

The Estate Amnesty Extension Rules are OUT!

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 info@jstplaw.com or check out our Facebook page. Keep safe!

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141 days Before the Estate Tax Amnesty Expires

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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