Do your family and kin suffer the burden of paying escalating estate taxes of your deceased relatives?
Worry no more. Under the Tax condonation program, the Bureau of Internal Revenue with RR No. 6-2019 hereby implement the provision of Republic Act No. 11213, otherwise known as the “Tax Amnesty Act”.
The Estate Tax Amnesty is now computed at 6% based on the decedent’s total Net Estate at the time of death. This is a far cry, away from the old rate which is as high as 32%. Take note that a minimum payment of P5,000 is required should allowable deductions exceed the gross estate.
Net Estate as noted refers to the Gross Estate minus the allowable deductions as provided by the Tax Code and applicable state laws prevailing at the time of death.
Tax Amnesty availment period
The tax amnesty is being offered for filing from June 15, 2019, until June 24, 2021, or a period of two (2) years.
Where to file for tax amnesty
You may now file your application for Tax Amnesty at the BIR Revenue District Office (RDO) having jurisdiction over the last residency of the decedent.
In the case of a non-resident decedent, with executor or Administrator in the Philippines, the return shall be filed at the RDO where Executor or Administrator is registered.
In cases of the non-resident decedent and with no Executor or Administrator in the Philippines, returns shall be filed at RDO 39 South Quezon City.
Who can avail of the tax amnesty act
Estate of the decedents who died on or before December 31, 2017, with or without tax assessments issued.
The Tax Amnesty Act or RR 6-2019 is one opportunity given to taxpayers to settle estate tax obligations through an estate tax amnesty program which gives relief to outstanding estate tax liabilities.
So what are you waiting for? Grab this chance to clear the properties entrusted to you as heirs.
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