MANILA, Philippines — The House of Representatives approved four bills on third and final reading on Monday, led by a measure that seeks to extend until June 2025 the estate tax amnesty as the original deadline has been set on June 14 this year.
House Bill 7909 principally authored by Speaker Ferdinand Martin Romualdez seeks to give Filipinos sufficient time to avail themselves of the amnesty and lower tax rates so they could use the properties and assets they inherited from their deceased relatives.
Albay Rep. Joey Salceda, chair of the House committee on ways and means that approved the bill, reported that up to one million families could benefit from the extension of the estate tax.
“They have barely recovered from the pandemic and the amnesty deadline, which had been extended once, is just a month away. It’s on June 14. Thus, the need for another extension,” Romualdez said.
HB 7409 will exempt heirs from paying donor’s tax if the property donated by their parents is worth P1 million and below.
If signed into law by President Marcos, this will exempt heirs from paying the flat or fixed rate of six percent if the estate is worth a million or less.
Other bills
The bills redefining the crime of illegal recruitment (HB 7718), mandating TESDA to institutionalize technical-vocation education for former drug dependents (HB 7721) and enhancing the Continuing Professional Development of professionals (HB 7744) have also been approved on third and final reading.
HB 7718 makes it easier to prosecute the crime of illegal recruitment and give justice to vulnerable overseas Filipino workers (OFWs), since this has now reduced the number of persons among syndicates, especially if committed by non-licensee or non-holders of authorities.
“We see this proposed law as an added protection for our hardworking OFWs and an effort to strengthen further our efforts in deterring illegal recruitment and giving justice to OFWs who fall prey to illegal recruitment,” Romualdez said.
Under the law, the penalty for illegal recruitment is imprisonment of not less than 12 years and one day but not more than 20 years, and a fine from P1 million to P2 million.
If the illegal recruitment constitutes economic sabotage, the penalty of life imprisonment and a P2-million to P5-million fine will be imposed.
Illegal recruitment by a syndicate or on a large scale (committed against three or more persons) is considered economic sabotage.
The TESDA or Technical Education and Skills Development Authority bill (HB 7721) will help provide livelihood programs and training for former drug dependents who have undergone rehabilitation.
“Many of our citizens who have fallen victim to illegal drugs and have successfully undergone rehabilitation find it very difficult to reintegrate into society as productive citizens not only because of the stigma but also due to the lack of skills,” Romualdez said.