Do you have a house or land that could not be transferred because of estate taxes? For those who died before 2018, you can save a lot on estate taxes under the estate tax amnesty law which will expire on June 14, 2021.
This will be the last chance to avail of the 6% tax on the net estate or a minimum of only PHP 5,000 for loved ones who died before the year 2018. If not, estate tax rates can go up to as much as 20% PLUS interest and penalties.
For more information, see https://www.bir.gov.ph/images/bir_files/internal_communications_1/Digest%20RR%202019/RR%206-2019.pdf
#TaxAmnestyLaw #RA11213
