Tag Archives: House of Representatives

Proposed Amnesty for Unpaid Estate Taxes

We’ve been consulted on a number of real estate transactions that had to be shelved because of unsettled estate taxes. It’s not because the owners — who inherited the properties — have the intention of evading taxes; it’s just that a lot of people do not know about, or do not give much importance to, the settlement of estate taxes immediately after the death of the original owner. The rule is: if a real estate owner dies, the heirs (spouse, children, etc.) must file the appropriate tax return with the Bureau of Internal Revenue (BIR) and pay the corresponding estate taxes. Unless the estate tax is paid and the BIR issues a Certificate Authorizing Registration (CAR), the Register of Deeds will not allow the transfer of the title to the real estate. The difficiculty of complying with this requirement discourages transactions involving the property, like partition among the heirs and sale of the property itself. There are estate taxes that remain unpaid after decades, with the basic tax, plus interest, penalties and surcharges, potentially exceeding the value of the property. Continue reading

PNoy Made a Mistake in Vetoing the P2,000 SSS Monthly Pension Increase?

Congress passed a bill proposing an increase in the monthly Social Security System (SSS) pension by P2,000. President Aquino vetoed the proposed law because, according to him, the increase will result to the bankruptcy of the SSS in the next 11 years. On the other hand, there seems to be nothing erroneous in the statements of Senator Cynthia Villar in her sponsorship speech of Committee Report 213 (incidentally, the speech also addresses the “scary” scenario that the SSS will go bankrupt). Incidentally, there’s another piece of legislation under watch by female employees — the 100-day maternity leave. Full text of the speech reproduced below. Feel free to express your thoughts on the matter through the comment section below. Continue reading

5th State of the Nation Address (SONA) of President Benigno S. Aquino III

[State of the Nation Address of President Benigno S. Aquino III, fifth of sixth for his 6-year term, delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City, on 28 July 2014. Reproduced here for easy reference. See the official English translation. Feel free to express your reactions and opinions through the comment section below.] Continue reading