Any amount paid after the statutory date but within

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 6
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
Any amount paid after the statutory date but within the extension period is subject to interest and not to surcharge Same Posting of bond in case of extension Not exceeding double the amount of estate tax and with such sureties as the CIR deems necessary Not exceeding double the amount of estate tax and with such sureties as the CIR deems necessary No extension Due to fraud Intentional disregard of the rules Negligence Due to fraud Intentional disregard of the rules Negligence CPA Certificate Gross value of estate exceeds Php 2 Million Gross value of estate exceeds Php 5 Million Information in CPA Certificate Itemized assets Itemized liabilities Estate tax due Itemized assets Itemized liabilities Estate tax due Installment payment No provision in Tax Code but RDO practices the following rule: In case the available cash of the estate is not sufficient to pay its total estate tax liability, the estate may be allowed to pay the tax by installment, provided that: 1. A clearance shall be released only with respect to the property the corresponding/computed tax on which has been paid. 2. Any amount paid after the statutory due date of the tax shall be imposed the corresponding applicable penalty thereto. However, if the Commissioner or his duly authorized representative approves the payment of the tax after the due date, the imposable penalty thereon shall only be interest In case the available cash of the estate is insufficient to pay the total estate tax due, payment by installment shall be allowed within two (2) years from the statutory date of payments, without civil penalty and interest File return within the 1 year period
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South-Western Federal Taxation 2020: Comprehensive
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Chapter 27 / Exercise 6
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
14 Total foreign net estate Net world estate x Philippine estate tax Net estate on a foreign country Net world estate Section 97 - Payment of tax antecedent to the transfer of shares, bonds, or rights If a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow withdrawal from the said deposit account unless the Commissioner has certified that the taxes imposed thereon have been paid. No transfer of shares, obligations, or bonds without e-CAR If a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall allow any withdrawal from the said deposit account, subject to a final withholding tax of (6%). Requirement for withdrawal: duly stamped received BIR Form 1904 (Application for TIN of Estate) Enforce Action The Commissioner may enforce action against the estate after the due date of the estate tax provided that all the applicable laws and required procedures are observed. Same Liability of beneficiary Beneficiary shall to the extent of his distributive share of the estate, be subsidiarily liable for the payment of such portion of the estate tax as his distributive share bears to the value of the total net estate. Same TAX CREDIT FOR ESTATE TAX PAID TO A FOREIGN COUNTRY: -Can be claimed only by individual whose taxable estate comprise of properties within and outside the Philippines (citizens and resident alien) -the deductible tax credit shall be any

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