It’s Your Money > Securing Your Family's Financial Future
Estate planing-wealth distribution
suzukig1:
--- Quote from: suzukig1 on March 01, 2018, 12:33:24 PM ---
That table on the BIR website is not up to date....
(I will look for a link to this info later and post.)
--- End quote ---
https://businessmirror.com.ph/estate-tax-changes-under-train-law/
Estate-tax changes under TRAIN law
January 14, 2018
Lee2:
--- Quote from: suzukig1 on March 01, 2018, 02:15:50 PM ---https://businessmirror.com.ph/estate-tax-changes-under-train-law/
Estate-tax changes under TRAIN law
January 14, 2018
--- End quote ---
Thank you for posting that.
iamjames:
Just a point in passing: I was informed by an expert that there is no such thing as a tax refund or rebate in the Philippines. That is why people are reluctant to part with any funds to the BIR. You can never get anything back no matter what the circumstances.
BudM:
--- Quote from: iamjames on March 01, 2018, 06:14:56 PM ---Just a point in passing: I was informed by an expert that there is no such thing as a tax refund or rebate in the Philippines. That is why people are reluctant to part with any funds to the BIR. You can never get anything back no matter what the circumstances.
--- End quote ---
James...The don't take excess tax paid away from people. If an employee over withholds during a year, I am pretty sure, it is the employer who is responsible for refunding it to the employee by the end of the year and then the employer. The employee gets their money back. As far as self earners and individual filers, again, they just do not get their money taken away. Unless they are hit with a penalty for not filing on time or under filing or whatever. I am not sure if those people can actually get a refund or not. I know, if they do, it takes time and they are better off and easier just getting the credit for next time.
I am no tax expert like the tax expert you have but if you ask your expert if a Philippine citizen stands to lose their money to the BIR if it is overpaid, then I imagine you would hear a different way then you are currently interpreting what they are saying.
I am not looking it all up for you but you can find out what you want to know on the BIR website. I don't know why the term rebate is being tossed around in their either.
bigrod:
--- Quote from: iamjames on March 01, 2018, 06:14:56 PM ---Just a point in passing: I was informed by an expert that there is no such thing as a tax refund or rebate in the Philippines. That is why people are reluctant to part with any funds to the BIR. You can never get anything back no matter what the circumstances.
--- End quote ---
Actually Iamjames I posted the following FYI last month in the Estate Tax section:
The following seems so refute your claim of no tax refund...actually the employer refunds the over payment in your Jan pay check.
http://primer.com.ph/tips-guides/2016/12/29/expats-guide-to-tax-refund-in-the-philippines/
Chuck
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