What is inheritance tax?
Inheritance tax is the tax on the privilege to receive property from a deceased person. Due to perceived administrative difficulties in collecting the tax, it was abolished by Presidential Decree 69 passed on November 24, 1972, which took effect on January 1, 1973.
An inheritance or estate tax is a tax paid by a person who inherits money or property or a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. SOURCE: Inheritance tax. From Wikipedia, the free encyclopedia. https://en.wikipedia.org/wiki/Inheritance_tax
At present, there is no inheritance tax imposed by Philippine laws. However, there is estate tax.
An inheritance or estate tax is a tax paid by a person who inherits money or property or a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. SOURCE: Inheritance tax. From Wikipedia, the free encyclopedia. https://en.wikipedia.org/wiki/Inheritance_tax
At present, there is no inheritance tax imposed by Philippine laws. However, there is estate tax.
