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By Lina P. Figueroa



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Matters apropos to afterlife are usually not a acceptable affair to discuss. However, what is worse is not alive what to do back one is faced with death-related situations, such as back the ancestors of the asleep needs to pay the hospital bills or burial expenses, or back funds are bare to carriage or repatriate the deceased.

Unpleasant as the affair may be, I am administration with you the clarifications issued by the Bureau of Centralized Revenue (BIR) on the requirements for abandoning from the coffer annual of a asleep depositor.



Most of us are already acquainted that the Tax Reform for Acceleration and Inclusion (TRAIN) Law has opened a window area the acreage tax acknowledgment will not be a prerequisite to abjure funds from the coffer annual of a deceased. The old law adapted acreage taxes to be aboriginal acclimatized and a BIR approval anchored above-mentioned to the absolution of the funds. There were abounding instances in the accomplished back families of the asleep were in abysmal debt or allurement for advice to pay for their expenses, while the coffer annual of the asleep remained arctic awaiting the adjustment of the acreage tax.

Now, the TRAIN Law alone requires that the 6% acreage tax is paid on the bulk withdrawn. Families of the asleep charge not delay for the acreage tax to be candy afore accepting funds from the coffer account. Based on the BIR clarifications, though, the brood cannot aloof go to the coffer and appeal the absolution of the funds. The BIR clarifications issued beneath Revenue Memorandum Circular (RMC) No. 62-2018 are as follows:



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1. A TIN FOR THE ESTATE
RMC No. 62-2018 mandates the coffer to crave the executor, administrator, or any of the acknowledged brood applying for the abandonment to present a archetype of the Tax Identification Number (TIN) of the acreage of the decedent and BIR Anatomy No. 1904 of the acreage appropriately formed accustomed by the anxious Revenue District Appointment (RDO) of the BIR in accordance with the absolute guidelines on the arising of TIN. The archetype of the TIN, at this point, could artlessly accredit to the adapted BIR anatomy for applying for registration, which the BIR would brand as accustomed and area the BIR would address the assigned TIN. BIR Anatomy 1904 is the appliance for allotment for ancient aborigine and being registering beneath EO 98 (securing a TIN to be able to transact with any government office). For acreage tax purposes, the Afterlife Certificate should be attached.

Where shall the TIN of the acreage be secured? The allotment of the acreage is activated in the RDO accepting administration over the abode of the asleep at the time of death. If the asleep is a nonresident, the TIN shall be anchored from the RDO area the abettor or ambassador is registered. If the abettor or ambassador is not a registered taxpayer, the allotment of the acreage shall be fabricated with the RDO accepting administration over the abode of abode of the abettor or administrator.

The TIN is commonly issued aural an hour at the time of application, if the abstracts are in adjustment and there is an accessible approver or signatory.

2. PERIOD TO WITHDRAW FROM THE BANK ACCOUNT
Withdrawing from the coffer annual after aboriginal clearing the acreage tax and the BIR approval shall be accustomed alone aural one year from the date of the depositor’s death. This decree aeon complements the one-year borderline for filing the acreage tax return. Beyond the one-year period, the brood would accept no added way of abandoning the coffer deposits, except to book the acreage tax acknowledgment and defended the BIR clearance. The accepted aeon for the abandonment will abash abundance on the allotment of the brood in clearing the acreage tax.

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3. IF THE ACCOUNT IS A JOINT BANK ACCOUNT
If the annual is in the name of two or added depositors, the 6% denial tax shall alone be imposed on the allotment of the asleep in the collective coffer account.

One of the actual collective depositors will additionally be adapted to assurance a affidavit account in the abandonment blooper to the aftereffect that all the added collective depositors are still active at the time of withdrawal, and that the abandonment is accountable to 6% final denial tax.

RMC No. 62-2018 acknowledges that banks are not precluded from acute pertinent abstracts to ascertain the character and the appropriate to affirmation of the brood or its accustomed adumbrative afore acceptance any abandonment from the coffer drop accounts. Banks would accept their own behavior in this regard, whether centralized or in acquiescence with requirements beneath applicative laws, rules, and regulations.

The heirs, nonetheless, should buck in apperception that it is best to aboriginal appraise if the coffer drop can be absolved from tax, if the acreage tax acknowledgment will be processed. If the taxes are paid through the acreage tax return, there is a P5-million accepted answer and a answer of up to P10 actor of the amount of the ancestors home. A best of P300,000 in acreage taxes can be saved, if the banknote of up to P5 actor is included in the acreage and subjected to tax as allotment of the acreage tax return. Likewise, claims of debtors adjoin the estate, as able-bodied as contributed mortgages, are still deductible costs beneath the TRAIN Law. These reliefs, if existing, can alone be availed of if the acreage will be acclimatized by filing an acreage tax return.

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There are aloof a few of the accessible reliefs from taxes. For acreage taxes, these reliefs can be availed of alone already in the activity and afterlife of a person. Our legislators accept fought adamantine so that these reliefs can be allotment of our laws. The befalling should be enjoyed back it comes.

 

Lina P. Figueroa is a arch of the Tax Advising and Acquiescence of P&A Grant Thornton. P&A Grant Thornton is one of the arch audit, tax, advisory, and outsourcing casework firms in the Philippines.

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