Showing posts with label Tax Amnesty. Show all posts
Showing posts with label Tax Amnesty. Show all posts

Monday, September 28, 2020

Why You Need Estate Planning Now!

Estate Planning is part of life planning. This is the period when you create a strategy ahead of time on one's possible demise leaving behind a legacy that could has bear fruit and will be picked up by the loved ones (heirs) of the estate.

What is an Estate?

An estate may composed of land (lot with improvements such as buildings, homes, farm, etc), personal belongings (e.g.s.  jewelries, fine arts, cars or antiques) or possessions with financial or monetary value such as money deposited on bank,s stocks from listed companies or shares from non-listed companies or corporations the decedent owns when they were still alive.

Monday, September 16, 2019

Why You Should Avail Tax Amnesty Now For Your Real Estate Properties!

People think that paying estate tax is a burdensome process but to relieve yourself from stress one should pay the right amount just to comply tax law's of the land.  The prior to the implementation of Republic Act 11213 (Tax Amnesty Act of 2019), payment of estate tax is at a rate of up to 60% and is very steep for many ordinary Filipinos.

By definition,  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. It is not a tax on property. It is a tax imposed on the privilege of transmitting property upon the death of the owner.