[TOPIC 20] ESTATE TAX COMPUTATION | How to Compute Estate Tax Credit?
Filipino residents and non-residents as well as foreigners who have gained residency in the Philippines are taxed on their estates whether situated in the Philippines or abroad. As a consequence, their properties which are located outside of the Philippines are still subject to the 6% estate tax in the Philippines despite the fact that those properties may have been subjected already to estate tax in the foreign country. With this, an estate tax credit is allowed to reduce their estate tax dues in the Philippines by reducing the supposed estate tax in the Philippines with the actual estate tax paid abroad.
But, certain conditions are required prior to an allowance for deduction for the estate tax credit. These conditions are discussed in this video, and a practical problem is given to illustrate the computation of estate tax credit.
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If you want to learn more about income taxes, please open this playlist and enjoy every video: • Income Taxation (Philippines)
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Also, if you want to learn more about business and transfer taxes, watch the following videos:
1. Estate Tax for Single and Unmarried Decedents: • [TOPIC 17] ESTATE TAX COMPUTATION | H...
2. Estate Tax for Married Decedents: • [TOPIC 18] ESTATE TAX COMPUTATION | H...
3. Estate Tax for Non-Resident Aliens: • [TOPIC 19] ESTATE TAX COMPUTATION | H...
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