Dr. Eduardo G. Ong
Our featured Broker is known to almost everyone who is practicing real estate in the Philippines. He...
House Ways and Means Chair Jose Ma. Clemente “Joey” S. Salceda (Albay, 2nd district) said he will recommend the adoption by the House plenary of the Senate version of the Estate Tax Amnesty Extension bill once it is approved on third reading on Monday, according to a report by BusinessMirror.
“No more bicam for that one; no need, anyway: [the] House Ways and Means Committee concurs with the provisions of the Senate version,” Salceda said.
On top of the House version’s provisions—which extends the estate tax amnesty period to June 2025—the Senate version also extends the period of debts covered to May 2022.
The Senate version also provides for the electronic filing of estate tax amnesty applications. Senate Bill (SB) 2219 also limits the number of documents required for filing.
“We agree; so, we will move for adoption. If they can transmit by Monday, we will ratify by Monday. Anyway, I expect the House to wait for the Senate’s formal transmittal the whole day Monday,” Salceda added.
The lawmaker added “this is a most urgent priority for the House leadership.”
“So, you can count on immediate adoption by the House once we receive the formal transmittal from the Senate,” Salceda said adding he has also been in constant communication with his Senate counterpart, Senator Sherwin T. Gatchalian “to hammer out any style issues.”
The Senate also shortened the period for issuing the implementing rules and regulations from 60 days to 30 days.
Salceda earlier estimated that as much as 920,000 Filipino families have unsettled estates that could benefit from the amnesty.
The lawmaker explained that the amnesty is also consistent with the full estate tax forgiveness envisioned under the New Agrarian Emancipation Act, “set to be [President Ferdinand R. Marcos’s] most significant legislative accomplishment on his first year,” Salceda said.
Asked about the exchange of statements between Salceda and the Senate leadership days prior regarding the need to rush the bill, Salceda said, “Well, that’s part of the job. And it looks like we will get this job done by Monday—House and Senate.”
“We will get what we want—enactment before [the day of the] SONA [State of the Nation Address]. And they will get what they want: their additional provisions. All’s well that ends well: a congressional majority working for the people.”
Leave a Comment