Inheritance Tax in Philippines!

[LEAHnew]

Hi ate Tish sorry to hear about it

Is this referring to Estate tax? from Phil.Gov. BIR (Bureau of Internal Revenue) means Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers which are made by law as equivalent to testamentary disposition.

And this is the link of Estate Tax law

http://www.bir.gov.ph/taxcode/1889.htm
I hope you will sort it out soon

Wow Sir PeterB very well said, impress me alot for Phil Taxation

[Tish]

[QUOTE=kukurokuk;85617]Hi ate Tish sorry to hear about it

Hi Kukurokuk, thanks for sympathizing with me and also for the link.

The whole situation regarding the purchase of this land for me is a nightmare

I just have to thinks that there's always light at the end of the tunnel.

Tish

[LEAHnew]

[QUOTE=Tish;85682]

Hi ate Tish sorry to hear about it

Hi Kukurokuk, thanks for sympathizing with me and also for the link.

The whole situation regarding the purchase of this land for me is a nightmare

I just have to thinks that there's always light at the end of the tunnel.

Tish

I sympathesize you coz I can relate a bit oh but not exactly me, my dad
I know how's the feeling of it My Dad never realise that the tax
he paid was nearly the cost of the land he purchased

from this chart http://www.bir.gov.ph/taxinfo/tax_estate.htm#20138
Just to give u brief idea of computation for example:
Let say After July 28, 1992 up to December 31, 1997
net estate= 700,000
500,000 = 15,000
200,000= 16,000 (8% of excess over)
Total = 31,000

I am not good in Taxation been aware just for my Dad concern, i think i might help him to undergo proper procedure and need good CONNECTION to the local government

Goodluck ate Tish, it will be alright and in brightside it's good investment

[vbkelly]

[QUOTE=kukurokuk;85738]

I sympathesize you coz I can relate a bit oh but not exactly me, my dad
I know how's the feeling of it My Dad never realise that the tax
he paid was nearly the cost of the land he purchased

from this chart http://www.bir.gov.ph/taxinfo/tax_estate.htm#20138
Just to give u brief idea of computation for example:
Let say After July 28, 1992 up to December 31, 1997
net estate= 700,000
500,000 = 15,000
200,000= 16,000 (8% of excess over)
Total = 31,000

I am not good in Taxation been aware just for my Dad concern, i think i might help him to undergo proper procedure and need good CONNECTION to the local government

Goodluck ate Tish, it will be alright and in brightside it's good investment

yeah sis leah you right i paid the tax nearly high as the lands i bought and last april i paid £400 for penalty for 3years...

[LEAHnew]

[QUOTE=vbkelly;85742]

yeah sis leah you right i paid the tax nearly high as the lands i bought and last april i paid £400 for penalty for 3years...