My mom died in the Philippines three years ago. Like others who live abroad, I did not have the luxury to go home and fix her estate titles. Then on February 2019, I heard about the Philippine Estate Tax Amnesty. It included all who had died before December 2017. So my mom qualified. You can avail it for two years from June 15, 2019 to June 15, 2021. My HS reunion was supposed to happen on February 2021 so I planned to travel by that time and do the paperwork with some months to spare. Then the 2020 pandemic happened.
Extended from Two to Four Years
Good news! Business Inquirer and CNN Philippines just reported that the Philippine congress extended this tax amnesty from two to four years. That means I and others like me will be able to avail it up to June 2023! That is indeed good news.
Details
If you want to read the exact details about this amnesty here are some links:
- Exact Wording of the Law from Arellano Law Lawphil Project
- Tax Amnesty Digest and Full text from Bureau of Internal Revenue
- Discussion about it for non-resident Pinoys like us published by Business World
- How to Apply for Tax Amnesty by P&A GrantThornton
- A Deeper Understanding of the Estate Tax Amnesty from Business Mirror
My Input
This is good news! Yet as I look at the articles and its requirements, I cringe on the number of paperwork needed. Well, we just need to chip away. My recommendation is to figure out what it will cost for you to do this. Remember, I am not a lawyer. It is better to double check all information and have legal advise.
Note: My relatives and I started to work on our inheritance from our grandmother. I realized that in the course of fixing our paperwork, I have something to give. So I started this Pilipinas Information Exchange to document and share what I and my relatives learn while figuring out paperwork needed to straighten Nanay Mena's Legacy.