Posted byobalo_developerPosted inUncategorized

Estate Tax Amnesty

Posted byobalo_developer 182 Comments on Estate Tax Amnesty

Through the estate tax amnesty program, the government can collect taxes and the heirs can transfer the registration of the properties of the decedent without paying a hefty amount of interest, surcharge and compromise penalty. Clearly, a win-win situation.

There are properties which are still registered in the name of a deceased person. These properties cannot be transferred to the heirs if the estate tax is not paid. If the heirs decide to sell these properties, they will be required to settle the estate and pay the estate tax. If the decedent died before 01 January 2018, the administrator of the estate should have filed the tax return and paid the tax within six (6) months from the date of death. The failure to pay the tax on time will result to the imposition of interest, surcharge and compromise penalties. Thank heavens for this estate tax amnesty program. The government will no longer collect interest, surcharge and compromise penalties, notwithstanding the belated payment of tax. This is a one-time opportunity to settle the estate tax obligations of the estate of a decedent who died before 1 January 2018.

If you want to avail the estate tax amnesty program, consult your tax lawyer. Any application must be filed not later than 14 June 2021 (two years from the effectivity of Revenue Regulation 6-2019). As of 31 March 2021, there is yet no extension of this period.

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