TWO bills have lapsed into law last August 5, including the measure which extended the amnesty period for estate taxes until 2025.
The Official Gazette posted in its website and Facebook account a copy of Republic Act No. (RA) 11956, which amends RA 11213 or the Tax Amnesty Act, and extends the period to avail the estate tax amnesty until June 14, 2025.
Under the new law, the estate tax amnesty shall cover the estates of those who died on or before May 31, 2022.
It also allows payment of taxes by installment within two years from the original payment date without civil penalty and interest.
The secretary of the Department of Finance, in coordination with the commissioner of the Bureau of Internal Revenue, shall issue the necessary rules and regulations for RA 11213 within 30 days from its effectivity.
The other measure that lapsed into law was Republic Act 11957, or “An Act recognizing the municipality of Baler in the province of Aurora as the ‘Birthplace of Philippine Surfing.”
RA 11957 recognizes Baler as one of the premier surfing sites in the country and its role in the tourism industry as a driver of economic growth and development.
The law directs the State to “pursue policies to cultivate, strengthen and promote the heritage of tourism destinations and underscore and feature historical significance and origins of world-renowned tourism destinations.”
Measures ratified by Congress lapses into law 30 days after they are transmitted to Malacañang “if the President does not act” on them.
