Tax Updates July 2021 (SyCipLaw Tax Issues And Practical Solutions (T.I.P.S.) Vol. 11)

1. What is the extended period for availing yourself of the Estate Tax Amnesty?

Taxpayers now have until June 14, 2023, to avail themselves of the Estate Tax Amnesty. Republic Act No. 11569, titled "An Act Extending the Estate Tax Amnesty and for Other Purposes, Amending Section 6 of Republic Act No. 11213, otherwise known as the 'Tax Amnesty Act'" was signed into law by President Rodrigo Duterte on June 30, 2021.

Section 6 of the Tax Amnesty Act now states that "[t]he executor or administrator of the estate, or if there is no executor or administrator appointed, the legal heirs, transferees, or beneficiaries, who wish to avail of the Estate Tax Amnesty shall, within June 15, 2021 or until June 14, 2023, file with the Revenue District Office of the Bureau of Internal Revenue, which has jurisdiction over the last residence of the decedent, a sworn Estate Tax Amnesty Return, in such forms as may be prescribed in the Implementing Rules and Regulations." Pursuant to