03/06/2019
FYI. BIR Revenue Regulation 6-2019 implementing the Tax Amnesty Act granting estate tax amnesty (RA No.11213) will take effect on June 15, 2019. This is good news!
Pwede nang ma-settle ngayon ang estate o mga naiwang ari-arian ng mga matagal nang yumao nating mahal sa buhay para mahati na ito sa kanyang mga heirs o tagapagmana. This applies to the estates of all those who died ON OR BEFORE DECEMBER 31, 2017.
The law resolves the common problem of most Filipinos who have not been able to settle the estates of their predecessors because of the high penalties, surcharge and interest na kailangang bayaran sa BIR.
The estate tax will now be computed at 6% based on the net estate WITHOUT PENALTIES, SURCHARGE and INTEREST. Without the amnesty, the estate tax would have been computed at the maximum amount of 20% of the net estate plus 25% surcharge and interest at 20% and/or 12% per annum.
Please share this for the information of your friends, families and colleagues. Advise them to take advantage of the amnesty law because it will only last until June 15, 2021.Thanks!
*Reposted from a friend.
