View
223
Download
0
Category
Preview:
Citation preview
8/6/2019 ESTATE TAX Zxced Presentation
1/12
ESTATE TAX
also known as inheritance tax
it is levied on a person who inheritsmoney or property, or a tax on the
estate of a person who has died.
8/6/2019 ESTATE TAX Zxced Presentation
2/12
is a tax on the right of the
deceased person to transmit his
estate to his lawful heirs and
beneficiaries.
8/6/2019 ESTATE TAX Zxced Presentation
3/12
Properties Includable In Gross
EstateorGross Gift:
1. Citizen or resident decedent or donor
2. Non-resident alien
8/6/2019 ESTATE TAX Zxced Presentation
4/12
C.PropertiesConsidered
Situated in thePhilippines1. Franchise which must be exercised in the Philippines.
2. Shares, obligations or bonds issued by corporation or
sociedad anonima organized or constituted in the Philippines.
3. Shares, obligations or bonds issued by a foreign corporationeighty- five per centum ofthe business of, which is located inthe Philippines.
4. Shares, obligations or bonds issued by a foreign corporation if
such shares, obligations or bonds have acquired a businesssitus in the Philippines.
5. Shares or rights in any partnership, business orindustryestablished in the Philippines.
8/6/2019 ESTATE TAX Zxced Presentation
5/12
D. ProceedsofLife
Insurance:
1. Includable in gross estate:
a) Revocable beneficiary.
b) Appointed beneficiary is the estate,
executor or administrator.
2. Notincludable in gross estate:a) Received from the GSIS and SSS.
8/6/2019 ESTATE TAX Zxced Presentation
6/12
E. Personal Properties:
1. Shares of stocks, bonds and securities.
2. Interestin partnerships, business orindustry.
3. Cash on hand and in banks.
4. Machineries, transportation equipments, farm implements,tools,
farm animals, etc.
5. Antiques, jewelry, silverware, paintings, etchings,
engravings, books,statues, vases, oriental rugs, collection of stamps and
coins.
8/6/2019 ESTATE TAX Zxced Presentation
7/12
6. Household furnitures, fixtures, appliances
and other personal effects.
7. Usufruct, annuities, use or habitation.
8. Mortgage notes, participation certificates,judgements, obligationsand action which have fortheir object
movables or demandablesums.
9. Goodwill, patents, and trademarks.
8/6/2019 ESTATE TAX Zxced Presentation
8/12
Documentary Requirements
1. Notice of Death duly received by the BIR, ifgrossestate exceeds P20,000 for deaths occurring on or afterJan. 1, 1998; orifthe gross estate exceeds P3,000 fordeaths occurring priorto January 1, 1998
2. Cer tified true copy ofthe Death Certificate
3. Deed of Extra-Judicial Settlement ofthe Estate, iftheestate is settled extra judicially
4. Court Orders/Decision, ifthe estate is settled judicially;
5. Aff idavit of Self-Adjudication and Sworn Declaration ofall properties ofthe Estate
8/6/2019 ESTATE TAX Zxced Presentation
9/12
6. A cer tified true copy ofthe schedule of partition oftheestate and the order ofthe court approvingthe same, ifapplicable
7. Cer tified true copy(ies) oftheTransfer/Original/Condominium Certificate of Title(s) of realproperty(ies) (front and back pages), if applicable
8. Cer tified true copy ofthe latest Tax Declaration of realproperties atthe time of death, if applicable
9. "Certificate of No Improvement" issued by theAssessor's Office declared properties have no declaredimprovement or Sworn Declaration/Affidavit of NoImprovement by at least one (1) ofthe transferees
10. Cer tificate of Deposit/Investment/Indebtedness ownedby the decedent and the surviving spouse, if applicable
8/6/2019 ESTATE TAX Zxced Presentation
10/12
11. Photo copy of Certificate of Registration of vehicles and other proofsshowingthe correct value ofthe same, ifapplicable
12. Photo copy of certificate of stocks, if applicable
13. Proof of valuation of shares of stocks atthe time of death, ifapplicable
y For listed stocks - newspaper clippings or certification from the StockExchange
y For unlisted stocks - latest audited Financial Statement ofissuingcorporation with computation of book value per share
14. Proof of valuation of othertypes of personal property, if applicable
15. Proof of claimed tax credit, if applicable
16. CPA Statement on the itemized assets ofthe decedent, itemizeddeductions from gross estate and the amount due ifthe gross value ofthe estate exceeds two million pesos, if applicable
8/6/2019 ESTATE TAX Zxced Presentation
11/12
17. Cer tification of Barangay Captain for claimedFamily Home
18. Duly notarized Promissory Note for "Claimsagainstthe Estate" arising from Contract of Loan
19. Accounting ofthe proceeds of loan contracted
within three (3) years priorto death ofthe decedent
20. Proof ofthe claimed "Property Previously Taxed"
21. Proof of claimed "Transfer for Public Use"
22. Copy of Tax Debit Memo used as payment, ifapplicable
8/6/2019 ESTATE TAX Zxced Presentation
12/12
Recommended