Categories
Tax Law, Estates

Congress APPROVES the estate tax amnesty extension!

Great News for Estate Tax Amnesty fans!

The House of Representatives agreed with the Senate version of the Estate Tax Amnesty extension, so no need for bicameral hearing anymore!

Now, it is up to the President.

Once this bill is passed into law, you will have another 2 years to avail of the amnesty!

Though this time, maybe even without the Extrajudicial Settlement that is currently problematic because of all the travel restrictions due to COVID.

You may read the entire Business World article here.

If you have any questions regarding the Estate Tax Amnesty, you may send us a message or email us at info@jstplaw.com

We will let you know when it all happens!

And if Estate Tax Amnesty is extended, we will be again opening our virtual doors for free consultations!

Maybe this time, we all won’t wait until the last minute to work on it again, eh?

Keep safe and God bless.

Categories
Article

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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