Estate Tax Philippines

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 Estate Tax | ESTATE TAX 5 things you should need to know | CebuBai

Do you have Properties still under the name of your departed loved one's (Grandfather, Grandmother,  Father, Mother, or Siblings? If Yes, then you need to file the Estate Tax Return (ETR) of the decedent.

What is Estate Tax? 

A tax paid on the right of the deceased person to transfer his/her estate to his/her lawful heirs and beneficiaries at the time of death.

When to pay for the Estate Tax?

The Estate Tax Return of the decedent is filed within six months, for those who died from 2017 or prior years. And Within one year for those who died from 2018 onwards. 

What if the Executor, Administrator, or the Heirs failed to file Estate Tax Return (ETR) within the prescribed period? 

On February 14, 2019, President Rodrigo R. Duterte signed Republic Act No. 11213, otherwise known as the Tax Amnesty Act. The Estate Tax Amnesty covers the estate of decedents who died on or before 31 December 2017, with or without assessments duly issued, whose estates taxes have remained unpaid or have accrued as of 31 December 2017. 

To avail of the Tax Amnesty, how much should I pay now?

For those who are qualified to avail of the Estate Tax Amnesty, a rate of six percent 6% based on the decedent's NET TAXABLE ESTATE determined at the time of death without penalties. 

How to pay the Estate Tax in the Philippines? 

The Estate Tax Amnesty Return, together with the complete documentary requirements, shall be filled within June 2019 to June 2021 to the Revenue District Office (RDO) having jurisdiction over the last residence of the decedent/s at the time of his death. 

The Mandatory Requirements:

  1. PSA Certified true copy of Death Certificate (DC);
  2. Tax identification no. (TIN) of decedents and heirs;
  3. Filled up Estate Tax Amnesty Return (ETAR);
  4. Estate Tax Acceptance payment form;
  5. Notarized Extra-Judicial Settlement among heirs;
  6. Certification of the Barangay Captain for the last residence of the decedent;
  7. Valid ID of the authorized representative;
  8. Certificate of Landholdings;
  9. NSO/PSA certified true copy of the Marriage Certificate;
  10. NSO/PSA certified true copies of the Birth Certificates;
  11. Publication in a newspaper of general circulation;
  12. Photocopy owner’s duplicate copy and certified true copy of TCT;
  13. A Certified true copy of Tax Declaration and/or the tax declaration at the time of death or the succeeding available tax declaration issued nearest to the time of death of the decedent;
  14. Certified true copy of Tax Declaration Building) and the tax declaration at the time of death or the succeeding available tax declaration issued nearest to the time of death of the decedent;
  15. Original copies of the Real Property Tax Clearance(s) and the improvement constructed thereon;

 Don't wait for the deadline to avail of the Tax Amnesty. If you don’t have time to prepare the documents and process, We can do it for you.

Email us at inquiry@cebubai.com or Call MC dela Fuente Realty at 0917.7965825