Mister President, with the indulgence of the good gentleman from Valuenzuela, Senator Sherwin Gatchalian, I would like to be made co-sponsor of Senate Bill No. 2219 under Committee Report No. 68, entitled further amending Republic Act No. 11213, otherwise known as the “Tax Amnesty Act”, as amended by Republic Act No. 11569, by extending the period of availment of the estate tax amnesty until June 14, 2025, and for other purposes.
Under the guidance of the good sponsor, this measure does not simply extend the period of availment of estate tax amnesty for another two years, this bill also simplifies the process and requirements for availment. furthermore, the bill allows for the manual and electronic filing of estate tax amensty returns and payment of taxes with any authorized agent bank, revenue district office through revenue collection officer, or authorized tax software provider.
In this way Mr. President, we will ensure the increase in the tax collection of the government, which will help fund priority projects and fund our investment in human capital and allow the better provision of services for our citizens.
Under the bill, the coverage has also been expanded to include the estate of decedents who have passed away on or before December 31, 2021.
With the deadline of the estate tax amnesty less than a month away, it is important that we extend the period of availment especially for those who want to avail of the amnesty but are still reeling from financial woes brought on by the Covid-19 pandemic. In line with this, the bill also allows payment by installment within two years.
We laud the sponsor for the speedy, yet thorough action on this very important measure.
Maraming Salamat, Mr. President.