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estate taxes

It is always good to know about the things we are not familiar with. A good example would be estate taxes. This is something which usually is something that is seen in many different countries including the Philippines. Here in the Philippines,  it would not matter if you were to be  a citizen of the country, unlike when compared to other countries. A good example of all this would be when a decedent was a resident of a different country like Singapore and the was able to become a citizen before he or she has passed. In the event that this were to happen, the properties which were owned in the Philippines will be subjected to the estate tax. So how exactly is the computed for? The law actually plays a big part here. The estate tax is actually supposed to be appraised at the fair market value. This would be between 2 values and they are known as the fair market value done by the commissioner, including the “zonal value” and the “assessed value”. This then would all be up to which value would come out higher . Most of the time, the zonal value would end up coming out at a higher rate if you put it in to comparison with the assessed value. There are some times where in the zonal value would approximate the high market price as well. We should recognize that during that time, the fair market value is what was prevailing during that time of the decedent’s passing. For the deadline of the tax return, there are numerous ways to extend this deadline. If ever those in charge would then notice that the payment would impose hardship on the estate or the heirs, an extension could be made. Usually, the extension would be from 3-5 years.

 

 

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