Good news to people who have received inheritance in the past but have not transferred the same in their own names.
President Rodrigo Duterte signed RA 11213 or the Estate Tax Amnesty Law on February 14, 2019.
Among the salient features of the Estate Tax Amnesty Law are the following:
President Rodrigo Duterte signed RA 11213 or the Estate Tax Amnesty Law on February 14, 2019.
Among the salient features of the Estate Tax Amnesty Law are the following:
- The law covers estates of decedents who died on or before December 31, 2017, with or without assessments issued, whose estate taxes remained unpaid as if December 31, 2017.
- The estate to pay an estate amnesty tax at the rate of 6% based on the decedent's total net estate at the time of death. If the estate return was previously filed with the BIR, the estate tax rate of 6% of the net undeclared estate shall be payable.
- If the allowable deductions applicable at the time of the death of the decedent exceed the value of the gross estate, the benefits of the tax amnesty can be availed of, and the estate will just pay an estate amnesty tax of Php 5,000.
- Settle your estate amnesty tax within 2 years from the effectivity of the IRR of the law
- Living abroad, no problem, file the estate amnesty tax at the Revenue District Office No. 39 in Quezon City
Talk to an Estate Settlement professional near you and take advantage of this new law.
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