estate tax

“Estate Tax”

ESTATE TAX ( Updated as of February 2017 ) On February 13, 2017, the House of Representatives approved on 3rd and final reading two bills granting amnesty in the payment of estate taxes and simplifying the estate tax rate at 6% on Monday, February 13. Congressmen approved estate tax measures HB 4814 and HB 4815 through viva voce voting. HB 4814 got a vote of 216-0-0, while HB 4815 received a vote of...

How Family Corporations Ease the Burden of Tax on Estates

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

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...

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