Philippine E-Journals

The Recent Amendments on Transfer Taxes

Ruben E. Karunungan

Discipline: Economics, Taxation

 

Abstract:

Shortly before the synchronized national and local elections were held, the outgoing Congress of the Philippines enacted Republic Act. No. 7499 which amended the provisions of the National Internal Revenue Code on transfer taxes. The foucs of attention being on the electoral scene, this statute, which drastically revised the schedule of rates both for estate and donor taxes,was signed into law sans fanfare by then President Corazon Aquino before she bowed out of office. (At the same time she signed into law, Rep. Act. Nos. 7496 and 7497 amending provisions on income tax.) Highlights of this tax legislation are summarized below.