Draft estate tax amnesty rules releasedhome/Business/Top Business/Draft estate tax amnesty rules releasedDraft rules for an estate tax amnesty have been released by the Bureau of Internal Revenue (BIR), which expects to collect some P6.28 billion once the program is implemented. Also excluded from the estate tax amnesty are properties involved in pending cases under the jurisdiction of the Presidential Commission of Good Government, the Anti-Graft and Corrupt Practices Act and Plunder Law, Anti-Money Laundering Act, National Internal Revenue Code and the Revised Penal Code. In general, the estate’s value will be based on the fair market rate at the time of the decedent’s death. Delinquent taxpayers who wish to avail of the amnesty will be given two years to file their applications. The estate tax amnesty was among the provisions retained by President Rodrigo Duterte when he partially vetoed Republic Act 11213 or the Tax Amnesty law earlier this year.
Source: Manila Times April 24, 2019 16:18 UTC