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Invited to Give My Thoughts on the Estate Tax Amnesty Extension

Today was quite a day. I am relieved that the Senate Hearing together with Chair Sen. Pia Cayetano, Sen. Frank Drilon, Sen. Aimee Marcos and Sen. Sherwin Gatchalian ended up well.

My three points during the hearing were as follows:

  1. Allow one Estate Tax form for multi generational deaths for example 6% one generation, 8% two generations, 10% three generations and so fourth
  2. Check the timing of the Local Government Code’s transfer taxes because the LGU Code Provides a 60 day period of payment from date of death of decendent whereas the train law provides a 1 year period.
  3. Allow heirs to process the payment by giving passes to visit the LGU of the location of the property

A copy of the livestream can be found here at : https://www.youtube.com/watch?v=e26I5_R44rM

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