Estate Tax Notice, Filing and Payment

 Place of Filing – Authorized agent bank, RDO, Collection Agent, duly authorize treasurer of the city and municipality in which the decedent was domiciled at the time of his death, or if there is no legal residence at the Office Commissioner.

Notice of Death required :

a. When the transfer is subject to TAX.

b. When the gross value of the estate exceeds 20,000 even if exempt from tax.

When filing of return required?

a. When the transfer is subject to Tax.

b. When the gross value of the estate exceeds 20000 even exempt from tax.

c. Irregardless of gross value of the estate, where gross estate consists of registered or registrable property such as real property, motor vehicles, shares of stock or other similar property for which a clearance from the BIR is required as condition precedent for the transfer of ownership in the name of the transferee.

Statement must be accompanied by CPA when the gross value of the Estate is more than 2, 000,000.

Included in the information of Certified Statement:

a. Itemized assets of the decedent with valuations.

b. Itemized deductions.

c. Tax due and payable.

 

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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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