Amnesty for Estate Tax June 15,2019 – June 15,2021

BIR Revenue Regulation 6-2019 implementing the Tax Amnesty Act granting estate tax amnesty (RA No.11213) will take effect on June 15, 2019. This is good news! Puwede nang ma-settle ngayon ang estate o mga naiwang ari-arian ng mga matagal nang yumao nating mahal sa buhay para mahati na ito sa kanyang mga heir o tagapagmana. This applies to the estates of all those who died ON OR BEFORE DECEMBER 31, 2017. The law resolves the common problem of most Filipinos who have not been able to settle the estates of their predecessors because of the high penalties, surcharge and interest na kailangang bayaran sa BIR. The estate tax will now be computed at 6% based on the net estate WITHOUT PENALTIES, SURCHARGE and INTEREST. Without the amnesty, the estate tax would have been computed at the maximum amount of 20% of the net estate plus 25% surcharge and interest at 20% and/or 12% per annum.