IDEIN Services & Consulting

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Discussion on One Person Corporation
26/03/2019

Discussion on One Person Corporation

19/02/2019

The Estate Tax Amnesty has passed into law under Republic Act 11213 which was signed by President Duterte last February 14. Now is the time to settle estates of the long dead, and to transfer titles to properties which have never been passed on to the heirs.

The estate tax is a flat 6% of the net estate based on values of the assets as of the time of death. Moreover, the manner of computation of the net estate and the deductions allowed will also be based on the law applicable at the time of death.

The estate tax is 6% based on the net estate (after deductions and after removing the conjugal./communal share of the spouse) and is taxed without any penalties, surcharge or interest. Without the amnesty the tax would have been 20% of the net estate (as of the latest estate tax prior to January 1, 2018), 25% surcharge and 20%/12% interest on the unpaid tax. So this is a bargain not to be missed.

The amnesty period is 2 years from the time the Implementing Rules and Regulations (IRR) become effective. As of now, the BIR is still drafting the IRR.

The amnesty only covers people who died on or before December 31, 2017.

BE PREPARED OR LOSE THE OPPORTUNITY!

FYI, there is no presumption of correctness of the estate tax return. Also, the provisions on the general tax amnesty on income and other internal revenue taxes were vetoed by the President.

Address

Makati
1209

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 6pm

Telephone

8162998

Website

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