PANO BA: How Filipinos abroad can pay Estate Tax on inherited properties in the Philippines?

In this episode of "Pano Ba?", we break down what Estate Tax is and how Filipinos overseas can manage their obligations, with tips and guidance from Philippine Tax Whiz Mon Abrea.

As estate tax continues to confuse many Filipino families during times of loss, tax reform advocate and Asian Consulting Group founder Mon Abrea is calling for greater public awareness and early estate planning. Image credit: ASG/Mon Abrea/Canva

Key Points

• Estate Tax is the tax imposed on all assets left behind by a deceased person, before these assets can be officially transferred to the heirs. This includes land, houses, vehicles, bank accounts, and other properties owned by the deceased.
• With the implementation of the TRAIN Law in 2018, from a previous graduated rate of up to 20%, the estate tax is now a flat 6% of the net estate.
• Filing estate tax requires proper documentation, valuation, and accurate forms from BIR.

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The information provided in this episode is for general informational purposes only and does not constitute legal or financial advice. Viewers are encouraged to consult with the Bureau of Internal Revenue (BIR) or a licensed tax professional, accountant, or lawyer to address their specific circumstances or concerns regarding estate tax and other related matters.