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Estate Tax Issue? Recovery of Marcos Inheritance Destroyed by Aquino is Uncertain

recovery




By: Elena Grace Flores




BATASnatin

[VIDEO]: BBM’s Estate Tax according to the law.



BBM Avoids Inheritance Recovery Issue

The good nature of Bongbong Marcos is evident in the way he handles controversies over the recovery of his inheritance. While other politicians are banking on the alleged non-payment of the Marcos estate taxes, he avoids going to details. This is to avoild speaking ill against the Aquino administration.


Estate Tax vs. Real Estate Tax Simplified

You own a piece of land, and you don’t pay the taxes on these, called “real estate” taxes. You’ll be losing that lot when government sequesters it and sells it to pay for the amilyar. Contrast this to an estate tax. Your ancestor dies, you inherit his property (not necessarily real property but shares of stocks for example). The BIR says it’s worth P10 million. But you don’t have the P2 million (20 percent of the property’s value) to pay the inheritance tax. It needs to be paid for it to be transferred to you. You said thanks but I don’t want it. BIR can’t do anything if you won’t claim it. They can’t collect the real estate tax from you.



Destroyed by the Aquino Administration

BBM may be vague on the real estate tax issues let alone the recovery of his inheritance. But his detractors should thank him. His good nature is very clear to those who understand the issue very well. How could you pay the estate and real estate taxes on properties or shares that may not exist anymore? There are videos of accounts being frozen and Marcos’s houses demolished by the Cory Aquino administration. Imelda Marcos cries over it. So, why send a demand letter when the court’s judgment is already executory? Why can’t BIR just execute it?




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