Philippines MOF Announces Support of Bill on Proposal to Extend Estate Tax Amnesty

The Philippine Department of Finance Dec. 9 announced its support of House Bill No. 6614, on a proposal to extend the estate tax amnesty until Dec. 31, 2028. The announcement includes that: 1) the proposal covers estates of descendants who passed on or before May 31, 2022, and includes protections to prevent potential misuse of the measure; 2) applicants must comply with documentary requirements and pay the amnesty tax by Dec. 31, 2028; 3) the proposal allows installment payments for the amnesty tax, spread over one year from the issuance of the acceptance payment form; and 4) noncompliance with the ...