Lawmaker calls for support for tax amnesty bill

REP. Wilbert T. Lee of AGRI party-list group called for support from lawmakers, especially senators, on the enactment of a bill that expands the coverage and extends the period of availment of the estate tax amnesty for two years.

Lee was referring to House Bill 7909 which was passed at the Lower House last Tuesday.

The bill, once enacted, shall provide taxpayers enough period to settle their tax obligations as the amnesty period is about to lapse on June 14, 2023, under Republic Act (RA) 11569, which amended RA 11213 or the “Tax Amnesty Act.”

According to Lee, the extension will

Nograles backs bill on entrep plan for workers

RIZAL Rep. Fidel Nograles, chair of the House of Representatives Committee on Labor and Employment on Friday expressed hope that a bill that would require employers to provide financial literacy and entrepreneurship programs to their employees would get the nod of Congress.

“As we try to cope with rising prices of goods, the prevalence of financial scams and predatory loaning, such programs could be a big help to employees. I hope that our colleagues will recognize the need for this measure and pass it,” Nograles said.

Nograles’ committee on Wednesday approved and consolidated various bills: House Bills 1633, 4389, and 4752 -- that would mandate employers to provide financial literacy and entrepreneurship programs to their workers.

The financial literacy programs would include 1) behavioral finance, 2) savings, 3) emergency resilience fund development, 4) debt management, and 5) investment, insurance, and retirement planning.

The lawmaker emphasized the importance of financial literacy and an entrepreneurial mindset, as he touted that the measure would also provide a platform for aspiring and deserving employee-entrepreneurs to avail of grants or loans to fund their enterprise.

“Financial literacy will help them identify areas that they can tap to stabilize and improve their family’s finances and avoid crippling debt,” Nograles said.

Earlier, Nograles had expressed support for the Department of Education’s plan to provide teachers legal and financial advice to protect them from falling prey to loan sharks. Maricel V. Cruz also aid our farmers by providing them with additional time in settling their outstanding estate tax liabilities.

“By giving them a fresh start, we put them in a favorable position where there will be no penalties and interest due to non-payment,” Lee, one of the authors of the measure said.

He said he is optimistic that the measure will soon get enacted, and that legislators from both the House and the Senate will fast-track its approval.

Under this measure, the new deadline for filing for those who wish to avail of the Estate Tax Amnesty will be on June 14, 2025.

Another key feature of the bill is amending Sec. 4 of RA 11213—which originally grants amnesty to those who died on or before Dec. 31, 2017—to those who died on or before Dec. 31, 2021, with or without assessments duly issued, whose estate taxes have remained unpaid as of the end of 2021. According to the assessment of the National Tax Research Center (NTRC), “the grant of estate amnesty will unlock assets still registered under unsettled estates so that these may be used for commercial or economic activities that would create investment, jobs, and taxable transactions.” Maricel V. Cruz