Composition of the gross estate

The gross estate of a decedent shall be comprised of the following properties and interest therein at the time of his/her death, including revocable transfers and transfers for insufficient consideration, etc.:

[1] Residents and citizens – all properties, real or personal, tangible or intangible, wherever situated.

[2] Non-resident aliens – only properties situated in the Philippines provided, that, with respect to intangible personal property, its inclusion in the gross estate is subject to the rule of reciprocity provided for under Section 104 of the NIRC.

Provided, That amounts withdrawn from the deposit accounts of a decedent subjected to the 6% final withholding tax imposed under Section 97 of the NIRC, shall be excluded from the gross estate for purposes of computing the estate tax. ( Section 4, Revenue Regulation No. 12-2018. January 25, 2018)