Death dutiies

Hi,
  I am also interested in this topic however have no information, look forward to hearing any reponses

that is wrong information.

in the philippines, there is no such thing as inheritance tax as that of UK and other countries. we only have what we call an estate tax. if your wife dies, her net estate will be computed and a schedule of rates will apply depending on the net amount.

this is also true to non-resident aliens but the estate will be computed only based on the values of their properties situated in the philippines.

The only tax that I pay is what they call a "foreigners tax" which is Php310 (4.22 GBP) Four Pounds Twenty Two @ todays rate.This I have to pay this annually otherwise if I am  late,I have to pay a fine/penalty of Php2000 (27.24 GBP) on top of the tax

Neil9011 wrote:

The only tax that I pay is what they call a "foreigners tax" which is Php310 (4.22 GBP) Four Pounds Twenty Two @ todays rate.This I have to pay this annually otherwise if I am  late,I have to pay a fine/penalty of Php2000 (27.24 GBP) on top of the tax

2000 such BS...that is almost 700% penalty...Peso is King...

vetretreat wrote:

Neil9011 wrote:

The only tax that I pay is what they call a "foreigners tax" which is Php310 (4.22 GBP) Four Pounds Twenty Two @ todays rate.This I have to pay this annually otherwise if I am  late,I have to pay a fine/penalty of Php2000 (27.24 GBP) on top of the tax

2000 such BS...that is almost 700% penalty...Peso is King...

And we all know how important it is in the Philippines to be on time.

iceman_reman wrote:

that is wrong information.

in the philippines, there is no such thing as inheritance tax as that of UK and other countries. we only have what we call an estate tax. if your wife dies, her net estate will be computed and a schedule of rates will apply depending on the net amount.

this is also true to non-resident aliens but the estate will be computed only based on the values of their properties situated in the philippines.

i agree. furthermore, its not flat rate but schedular. you may check the rates in bir website. if things need further information, ill explain it for you.

hi

professor cebu wrote:

iceman_reman wrote:

that is wrong information.

in the philippines, there is no such thing as inheritance tax as that of UK and other countries. we only have what we call an estate tax. if your wife dies, her net estate will be computed and a schedule of rates will apply depending on the net amount.

this is also true to non-resident aliens but the estate will be computed only based on the values of their properties situated in the philippines.

i agree. furthermore, its not flat rate but schedular. you may check the rates in bir website. if things need further information, ill explain it for you.

Just another reason not to invest in anything in the Philippines..You use your capital to buy property, open a business, buy furniture, car, etc all of which was initially taxed and put in your FILIPINO WIFE'S NAME...Now you say when she dies they want to tax all which is in your wife's name which was truly yours to begin with...I SAY WITH THAT INFO ANYONE INVESTING IN THE PHILIPPINES NEEDS TO HAVE THEIR HEAD EXAMINED...PESO IS KING...

you have no estate planning bro. hehehe