The Senate on Monday approved on the third and final reading a bill that would extend the period of availing the government’s estate tax amnesty program until June 14, 2025.

The bill, Senate Bill No. 2219, was approved by a vote of 24-0. It amends Republic Act 11213, or the Tax Amnesty Act, which originally set the deadline for availing of the amnesty program on June 14, 2023.

The new law will allow those whose estate taxes have remained unpaid or have accrued as of May 31, 2022, to avail of the amnesty program. The relief will only cover the estate of those who died on or before May 31, 2022.

The executor or administrator of the estate who would avail of the amnesty program can make the necessary filings either electronically or manually. Legal heirs, transferees, and beneficiaries may also do this if there is no executor or administrator appointed.

The amnesty program offers a 60% discount on estate taxes, as well as a waiver of surcharges and interest. The program is expected to generate billions of pesos in revenue for the government.

The passage of the bill was welcomed by the Department of Finance, which said it would help the government raise much-needed revenue and boost economic recovery.