1. EXEMPTIONS ALLOWED TO ESTATES AND TRUSTS AMOUNTING TO P20,000 IS NOW
REPEALED. 2. The rate for ESTATE TAX IS REDUCED TO A FLAT RATE OF 6% BASED ON THE VALUE OF THE NET ESTATE. 3. STANDARD DEDUCTION, FOR PURPOSES OF COMPUTING THE NET ESTATE WAS INCREASED FROM P1,000,000 TO P5,000,000. 4. IF THE CURRENT MARKET VALUE OF THE DECEDENT’S FAMILY HOME IS MORE THAN P10,000,000, THE EXCESS SHALL AUTOMATICALLY BE SUBJECT TO ESTATE TAX. 5. MEDICAL EXPENSES FOR PURSPOSES FO COMPUTING THE NET ESTATE IS NOW REPEALED. 6. Non-Resident Alien Decedent is now entitled to a STANDARD DEDUCTION amounting to P500,000. 7. NON-RESIDENT ALIEN DECEDENT CAN NOW AVAIL THE DEDUCTION PROVIDED FOR UNDER THE LAW EVEN IF THE RETURN DOES NOT INCLUDE HIS GROSS ESTATE NOT SITUATED IN THE PHILIPPINES. 8. By express repeal of Sec.89 of the NIRC, Notice of Death is no longer needed to be filed with the Commissioner. 9. Timing of filing of the estate tax return shall now be filed within 1 year from the decedent’s death. 10. IN CASE THE AVAILABLE CASH OF THE ESTATE IS INSUFFICIENT TO PAY THE TOTAL ESTATE TAX DUE, PAYMENT BY INSTALLMENT SHALL BE ALLOWED WITHIN TWO (2) YEARS FROM THE STATUTORY DATE FOR ITS PAYMENT WITHOUT CIVIL PENALTY AND INTEREST. 11. Withdrawal to the Bank Deposit of the decedent is now allowed subject to the FINAL WITHHOLDING TAX OF 6%.