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Philippines: Tax reform could lower income, estate taxes
Philippines: Tax reform could lower income, estate taxes
Monday, 15 August 2016 – THE government will soon send a proposal to Congress to lower estate duty to 6 percent as part of a tax reform plan, along with other measures such as the reduction of individual and corporate income tax.
The Department of Finance is expected to meet with the Ways and Means Committee of the House of Representative this week to discuss these proposals.
The estate duty currently ranges from 5 percent to 20 percent of the net asset a person leaves behind upon death, which the heirs of the deceased or chosen beneficiaries will inherit. Thus, the highest amount of estate tax that shall be paid is P1.215 million, plus 20 percent if the net estate is over P10 million.
The idea behind lowering the estate duty to 6 percent across the board is to encourage land development in the country, said Finance Secretary Carlos Dominguez 3rd. Read More?