THE Quezon City Council passed a resolution urging congress to pass a law exempting the Community Mortgage Program (CMP) and socialized housing projects from paying of estate taxes.
City Resolution SP 7622-2018 recently introduced by Councilor Marivic Co-Pilar states the grant of estate tax exemptions to the properties will give relief especially to heirs that belong to middle class Filipino families who are mostly wage earners.
The release the properties to development and commercial circulation through the CMPs and socialized housing programs by the local and national government will benefit the on-site occupants, revealing that a substantial number of Filipinos may not be familiar with the payment of estate taxes.
As a result, the tax liabilities that accrued may have accumulated huge penalties and surcharges that became burdensome to the family members and heirs of the deceased.
The heirs often have to sell properties to the on-site occupants who could fund the estate tax including interest and penalties to the disadvantage of informal settler families.
Non-payment by the heirs of the estate tax after death of the registered owners of the properties will result in the locking up of the properties for development and limit the implementation of CMP, socialized housing projects and direct sale to the community associations.
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