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Estate: NIRC of 1997 TRAIN Law of 2017

The document compares the estate tax provisions under the NIRC of 1997 and the TRAIN Law of 2017. It shows that the TRAIN Law implemented a flat 6% estate tax rate, increased standard deductions to PHP 5M and family home exemptions to PHP 10M, and allowed installment payments for estate tax obligations over 2 years without penalties. It also introduced a 6% final withholding tax on withdrawals from deposits of the decedent.

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17 views

Estate: NIRC of 1997 TRAIN Law of 2017

The document compares the estate tax provisions under the NIRC of 1997 and the TRAIN Law of 2017. It shows that the TRAIN Law implemented a flat 6% estate tax rate, increased standard deductions to PHP 5M and family home exemptions to PHP 10M, and allowed installment payments for estate tax obligations over 2 years without penalties. It also introduced a 6% final withholding tax on withdrawals from deposits of the decedent.

Uploaded by

Anonymous DJzDBdkR
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ESTATE

NIRC of 1997 TRAIN Law of 2017


§ Progressive at 5% to 20% § Flat rate of 6%
§ Standard deduction at Php 1M § Php 5M
§ Family home Php 1M § Php 10M
§ CPA Certification needed at Php 2M § Php 5M
§ None § Final withholding tax at 6% on
withdrawals on deposits of decedent
§ Estate tax return filing deadline-within 6 § 1 year
months from the date of death
§ No counterpart provisions § Payment by installment in 2 years in case
of insufficient cash without civil penalty
& interest

Progressive rate

Over But Not Over Tax Due Plus Of Excess Over

PHP 2000,000 Exempt

PHP 200,000 500,000 0 5% PHP 200,000

500,000 2,000,000 PHP 15,000 8% 500,000

2,000,000 5,000,000 135,000 11% 2,0000,000

5,000,000 10,000,000 456,000 15% 5,000,000

10,000,000 ABOVE 1,215,000 20% 10,000,000

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