The Senate has given its approval to Senate Bill (SB) 2219, granting a two-year extension to the estate tax amnesty period until June 14, 2025. The decision was made in response to the concerns of taxpayers who were unable to utilize the initial extension due to the pandemic.
According to the Senate, House Bill 7907 broadens the scope of amnesty coverage for estates of Individuals who passed away until December 31, 2021. In contrast, the Senate version extends the coverage until May 31, 2022.
The bill not only widens the scope of estates covered by the amnesty but also addresses issues related to tax payment, simplifying requirements, facilitating easier filing, and providing an installment option. SB 2219 permits both electronic and manual filing and allows tax payments through authorized agents, revenue offices, or tax software providers.
The objective is to simplify the tax payment process and enhance tax collections for the benefit of the nation.
