Duterte's greatest gift to the Marcos political dynasty? -
Opinion (Justice Antonio Carpio):
"The Court of Appeals dismissed Bongbong Marcos’s petition on the ground that the estate tax assessment had already become “final and unappealable.” Twenty-four years after the Supreme Court affirmed the Court of Appeals decision, the Marcos heirs still have not paid the estate tax. There are two consequences to this failure to pay the estate tax.
First, any deficiency estate tax earns 20 percent interest per annum until full payment, in addition to a one-time 25 percent penalty for failure to pay within the prescribed period. Thus, the annual interest payable by the Marcos estate is P4,658,721,527, which 30 years after the finality of the assessment on Oct. 12, 1991 adds another P139,761,645,828 to the principal estate tax of P23,293,607,638. There is still the 25 percent penalty amounting to P5,823,401,909, on which the 20 percent interest per annum is also imposed and now amounts to P34,940,411,454. Second, no property of the deceased can be transferred to any of the heirs until the estate tax is paid. Thus, no Marcos heir can transfer any asset of the Marcos estate in his or her name, or sell such asset until all these taxes are paid.
The BIR must renew written demands on the Marcos heirs to pay these tax liabilities once every five years, otherwise they prescribe and become uncollectable. The Ramos, Arroyo, and Aquino administrations have faithfully issued such written demands. Has the Duterte administration done the same? If not, then it is the greatest gift of President Duterte to the Marcos heirs — waiver of a tax debt to the Filipino people now aggregating P203.819 billion."
Read more:
https://opinion.inquirer.net/144747/tax-debt-of-the-marcos-estate#ixzz77tZ6CgYv
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