How Family Corporations Ease the Burden of Tax on Estates When a man acquires property on account of years of hard work and labor, the tendency is he will strive to preserve the property for the benefit of his family. Filipinos are fond of buying real property as a legacy for their children. But is one actually free to plan and ensure that his assets will be enjoyed by those he chose even after his...
DONOR'S TAX SEC. 98. Imposition of Tax. - (A) There shall be levied, assessed, collected and paid upon the transfer by any person, resident or nonresident, of the property by gift, a tax, computed as provided in Section 99. (B) The tax shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or...
PRESIDENTIAL DECREE 185 BALIKBAYAN ACT PURPOSE OF THE LAW To allow a natural born citizen of the Philippines who has lost his Philippine citizenship to be a transferee of private land, for use by him as his residence. Natural born citizen defined: One who is a citizen of the Philippines from birth without having to perform any act to acquire or perfect his citizenship. WHO MAY AVAIL OF THE...
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