Assets kpmgcontentdamRepublic of the Philippines For BIR BCS Use Only Estate Tax 2025

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The document is the Estate Tax Amnesty Return (BIR Form No. 2118-EA) for the Republic of the Philippines, which allows taxpayers to declare and settle estate taxes under Republic Act No. 11213, as amended by R.A. No. 11569. It includes sections for taxpayer information, total tax payable, details of property, and schedules for various types of assets and deductions related to the estate.

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What are the requirements to avail estate tax amnesty in the Philippines?

What are the documentary requirements to avail for Estate Tax Amnesty (ETA)? Certified and true copy of the death certificate. Taxpayer Identification Numbers (TIN) for both decedent and heirs. Any claims against the estate (promissory notes for loans) if applicable. Proof of properties previously taxed.

What assets are subject to estate tax in the Philippines?

It includes real properties, personal property, tangible and intangibles. However, for non-resident aliens (NRA), only properties situated in the Philippines are included, provided that, with respect to intangible personal property, its inclusion in the gross estate is subject to the rule of reciprocity.

Who are qualified for tax exemption in the Philippines?

Individuals with no income, minimum wage earners, and those whose taxable income does not exceed PHP 250,000. Non-stock, nonprofit educational institutions. Non-stock, nonprofit corporations that fall under Section 30 of the National Internal Revenue Code.

How to determine gross value of estate in the Philippines?

The first step in calculating the estate tax is to determine the gross estate of the decedent. The gross estate includes all properties and assets owned at the time of death, such as: Real property: Land and any structures on it, including residential homes, commercial buildings, and agricultural land.

What documents are needed to file an estate tax return?

What other information do I need to include with the return? Copies of the death certificate. Copies of the decedents will and/or relevant trusts. Copies of appraisals. Copies of relevant documents regarding litigation involving the estate.

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Who is qualified for estate tax amnesty in the Philippines?

The Estate Tax Amnesty shall cover the estate of decedent/s who died on or before May 31, 2022, with or without assessments duly issued therefor, whose Estate Tax/es have remained unpaid or have accrued as of May 31, 2022.

What is the penalty for not paying estate tax in the Philippines?

Late Payment and Penalties If the estate tax is not paid within the one-year period, the BIR imposes the following penalties: Surcharge: A surcharge of 25% of the unpaid tax is imposed if the return is filed late, even if the estate tax is paid within 30 days of the deadline.

Assets kpmgcontentdamRepublic of the Philippines For BIR BCS Use Only Estate Tax 2025

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