Monthly Archives: March 2017

Estate Tax Credit

Tax credit for estate tax paid to a foreign country Who can claim? Only citizen or resident alien decedent. Limitations on tax credit: 1st Limitation Net estate (per Foreign Country) / Total Net Estate x Philippine Estate Tax 2nd Limitation … Continue reading

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Schedule of Estate Tax Return

SCHEDULE IN ESTATE TAX RETURN OF THE BIR – IF NET ESTATE IS:        Over   Not Over         P     200,000   Exempt     P   200,000        500,000 P             0 plus   5% of excess over P     … Continue reading

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Characteristics or nature of the State’s power to tax

It is inherent in sovereignty, hence, it may be exercised although not expressly granted by the Constitution. It is legislative in character, hence, only the legislature can impose taxes (high prerogative of sovereignty). It is subject to constitutional and inherent … Continue reading

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Theory and basis of taxation

The power of taxation proceeds upon the theory that the existence of the government is a necessity, that it cannot continue without means to pay its expenses and that for this means it has a right to compel all its … Continue reading

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Family Home

Defined – The family home is the dwelling house where a person and his family reside, and the land on which it is situated. Value included in the gross estate. The current fair market value or zonal value of the … Continue reading

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How taxation came to life?

Co-exists with the creation of government. It is an inherent power by which the sovereign state raises revenues for the use and support of the government. Taxation is the lifeblood of the government without it the nation will die. Taxation … Continue reading

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Vanishing Deduction

PROPERTY PREVIOUSLY TAXED (VANISHING DEDUCTION) Purpose – to minimize the effects of a double tax on the same property within a short period of time. Conditions for allowance: There is a property forming a part of the gross estate of … Continue reading

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