Amid noise online Marcoses owe P200B+ estate tax to the government, ordinary netizen’s simple explanation of estate tax goes viral

The buzzword in the internet lately is estate tax.

Netizens have been talking about it since the rivals of BBM raised the issue during one of the Presidential debates.

Mayor Isko Moreno, if I was not mistaken raised the issue in a GMA News article dated February 28, 2022, vowed to collect the Marcos family’s estate tax debt of P200 billion if elected President while proposing to use the money for aid.

In the subsequent debate, particularly the Comelec-sponsored debate, presidential candidates like Pacquiao, Lacson and Robredo echoed Moreno’s sentiment on the Marcos estate taxes.

However, let us not dwell on the case but let us know what is estate tax. Go to the Luminous FB page if you want to know more about the Marcos estate tax case. They are the experts on the issue.

Don’t worry! It is not as complicated as you think.

Netizen Joanna Bacani Sison posted on her FB wall an easy to understand explanation of estate tax. Sison’s post on estate tax has generated quite reaction since she published it on March 19, 2022, eliciting 5,000 reactions and 8,300 shares and counting.

You may now read Sison’s explanation on estate tax below.

Mag aral muna tayo ng konti…

1. What is Estate Tax

– . Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. IT IS NOT A TAX ON PROPERTY. It is a tax on RIGHT of TRANSFERING THE PROPERTY.

*In Tagalog, ito ay buwis para sa ari arian ng namayapang tao upang maisalin sa kanyang Tagapag mana ang pagmamay ari nito.

2. What is the effect if you do not pay Estate tax upon the death of the person owning the estate?

– An ASSET will not be distributed accordingly until the payment of ESTATE tax. It is imperative that payment and filings of Estate tax return be made six months after the death of the decedent.Otherwise, surcharge and penalty will be incurred and THE PROPERTIES WILL NOT BE TRANSFERRED TO THE HEIR OR THIRD PARTY.

** Sa tagalog, sa loob ng anim na buwan, matapos mamatay ang nagpapamana, kailangan mong bayadan ang estate tax. Kung hindi mo nabayadan sa loob ng palugit,magkakaroon ng kaukulang penalty at lalaki ang buwis mo. Hanggat hindi mo to nababayaran, ito ay mananatili sa pangalan ng namatay na may ari at hindi maisasalin sa tagapag mana at hindi rin maisasalin sa pangalan ng ibang tao, lalo na kung may intensyon na ibenta.

*** Ito ang dahilan kung bakit madami sa Pilipino, isang daang taon ng patay ang mga ninuno, pero sa kanila pa din nakapangalan yung mga tinitirahan nyong bahay. May pananagutan ka ba sa batas kung ganun ang sitwasyon? WALA. Hindi mo lang talaga yan maisasalin sa pangalan mo at hindi mo siya maibebenta.

****Hindi ka tax evader, kung sakaling namatay ang lolo at lola mo, at iniwanan ka ng ekta ektarayang lupain pero wala kang cash sa bulsa para bayadan ang estate tax, or kung may pera ka nga pero ayaw mong bayadan ang estate tax dahil wala ka naman pake kung sa lolo at lola mo pa din nakapangalan ang titulo. Pwede mo siyang patuloy na gamitin, taniman, tirahan, gawing pang hanap buhay at kung ano ano pa, hanggang sa ka apu apuhan mo ng hindi nagbabayad ng estate tax.

Hope this enlighten everyone.

Reaction?

Source: Joanna Bacani Sison

One Response

  1. Danilo Dela Cruz March 30, 2022

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