Tax Credit for Estate Tax Paid by the Foreign Country

Who can claim Tax credit for Estate Tax? Only Citizen or resident alien decedent.

Limitations on Tax Credit:

  1. First Limitation:

Net Estate per Foreign Country / Total Net Estate x Philippine Estate Tax

2.  Second Limitation:

Net Estate(All Foreign Countries) / Total Net Estate x Philippine Estate Tax

 

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About Jonathan Ruiz CPA

Entrepreneur, CPA Mentor, Stock market Newbie Mentor, Influential Author and Master's Degree in International Business graduate in Hult International Business School, UK. A father of two lovely daughters.
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