Tuesday, June 4, 2019
Estate tax amnesty
See - https://news.mb.com.ph/2019/05/31/bir-releases-regulations-on-estate-tax-amnesty/
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BIR releases regulations on estate tax amnesty
Published May 31, 2019, 11:48 AM
By Jun Ramirez
The Bureau of Internal Revenue (BIR) released Friday the much-awaited guideline on the estate tax amnesty in a bid to collect some P6 billion in back taxes from the heirs of decedents.
In signing Revenue Regulations No. 6-2019, Finance Secretary Carlos G. Dominguez said the law provides “taxpayers a one-time opportunity to settle estate tax obligations through the program that will give reasonable tax relief to estate with outstanding estate tax liabilities.”
The amnesty covers the estate of the deceased who died on or before Dec. 31, 2017 which liabilities remained unpaid.
Taxpayers are given two years from the effectivity of the guideline to file the Estate Tax Amnesty Return (ETAR), or BIR Form No. 2118-EA in triplicate copies at the revenue district office (RDO) having jurisdiction over the last residence of the deceased.
If the decedent has no legal residence in the country, the return shall be submitted at RDO 39 (South Quezon City).
The amnesty rate of six percent shall be imposed on each decedent’s total net taxable estate at the time of death, without penalties at every stage of transfer of property.
To illustrate, if the original owner of the property died and subsequently his heir also died without paying the estate tax, the surviving heir shall pay both the two cascading six percent amnesty rate.
The rate shall be based on the fair market value of the property at the time of death.
The BIR stressed that the privilege will not be extended to delinquent estate tax liabilities which have become final and executory, in which case the tax amnesty on delinquent accounts may be applied.
Likewise, properties involving unexplained wealth, anti-money laundering and fraud are also excluded.
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Duterte Supreme Court
See - https://www.philstar.com/headlines/2019/05/29/1921803/duterte-appoint-5-more-sc-justices-2019
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Duterte to appoint 5 more SC justices in 2019
Edu Punay (The Philippine Star) - May 29, 2019 - 12:00am
MANILA, Philippines — The Supreme Court (SC) will be dominated by appointees of President Duterte later this year.
With the latest appointment of Associate Justice Henri Jean-Paul Inting, the high court currently has seven appointees of Duterte among its 15 members.
The other six are Associate Justices Andres Reyes Jr., Alexander Gesmundo, Jose Reyes Jr., Ramon Paul Hernando, Rosmari Carandang and Amy Lazaro-Javier.
But later this year, the President is expected to appoint five more magistrates in the SC due to the retirement of both Chief Justice Lucas Bersamin and Senior Associate Justice Antonio Carpio in October and Associate Justices Mariano del Castillo and Francis Jardeleza in July and September, respectively.
There is also an expected vacancy once Bersamin’s replacement from the high court is appointed.
By that time, there will be a total of 12 Duterte-appointed justices – a clear majority – sitting in the high tribunal that will decide on crucial cases involving the administration, including the Chico River and Kaliwa Dam loan projects with China.
The SC, sitting as Presidential Electoral Tribunal, is also expected to act on the election protest of former senator Ferdinand Marcos Jr. against Vice President Leni Robredo from their 2016 vice presidential face-off.
Duterte has actually appointed nine associate justices in the SC so far, but two of them are no longer with the Court.
Samuel Martires was appointed ombudsman in July last year while Noel Tijam retired from the judiciary last January.
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Read more at https://www.philstar.com/headlines/2019/05/29/1921803/duterte-appoint-5-more-sc-justices-2019#30QG82G1kDrLYkkr.99
Thursday, May 16, 2019
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