Law governing estate taxation
It is a well-settled rule that estate taxation is governed by the statute in force at the time of death of the decedent. The estate tax accrues as of the death of the decedent and the accrual of the tax is distinct from the obligation to pay the same. Upon the death of the decedent, succession takes place and the right of the State to tax the privilege to transmit the estate vests instantly upon death.
Accordingly, the tax rates and procedures prescribed under these Regulations shall govern the estate of decedent who died on or after the effectivity date of the TRAIN Law. (Section 3, Revenue Regulation No. 12-2018. January 25, 2018)
Accordingly, the tax rates and procedures prescribed under these Regulations shall govern the estate of decedent who died on or after the effectivity date of the TRAIN Law. (Section 3, Revenue Regulation No. 12-2018. January 25, 2018)
