ESTATE TAX

OLD TRAIN - 2018

Estate tax rate P200,000.00 & over, 5% - 20% 6%
Deduction of Funeral, Judicial & Allowed Not allowed
Medical Expenses
Standard Deduction 1million – except NRA 5million to RC, NRC, RA & up to
500K to NRA
Family Homes 1million are exempted 10million are exempted
Estate tax returns must be Gross value that exceed Gross value that exceed
certified by CPA P2million P5million
Filling of estate tax returns 1yr 6mos
Payment of Estate tax Not contained 2yrs payment
Withdrawals from Deceased’s Up to P20K Any amount subject to 6% Final
Bank Account Withholding tax

*cash, saving account, bank account - intangible