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Estate tax

By Jennifer Ambanta | Posted on Jun. 24, 2013 at 12:00am |
[ manilastandardtoday.com ]
The Bureau of Internal Revenue will tap estate tax to generate more revenues for the government, commissioner Kim Henares said over the weekend.
Henares said the government plans to look into the estate of those who died five years ago.
“We want to see the deposit, so that we can also determine whether they are compliant, that they do not do withdrawal transactions using the name of the deceased,” Henares said.
Henares said the BIR will write to the concerned parties and require them to submit bank records. “If they do not comply, we will subpoena,” Henares said.
She said the government will assess all the accounts handed over to the government.
She said banks might incur criminal liability once proven that withdrawal transactions were made under the name of the deceased account holders.
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