House committee OKs bill extending estate tax amnesty to 2028

The House Ways and Means Committee approved an unnumbered substitute bill consolidating five measures to extend the estate tax amnesty until December 31, 2028.

This extension will cover decedents who died on or before December 31, 2024.

Eligible taxpayers will be required to make an initial payment of at least 25% of their outstanding balance, with the Bureau of Internal Revenue (BIR) setting the settlement percentage schedules for the remaining balance over up to two years.

Committee chairperson Romero Federico S. Quimbo stated that this aims to give Filipinos the opportunity to settle family documents and property for personal or economic purposes and expand the country's tax base.

The estate tax amnesty extension is one of President Ferdinand R. Marcos, Jr.'s legislative priorities.