Those who inherited property from loved ones who died in or before 2017 better avail themselves of the estate tax amnesty while there is still time. The amnesty period is to end on June 14, unless the government extends the deadline anew. An estate tax is a levy on the privilege of transmitting property upon...
Tag: tax
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Wealth tax now: an argument by numbers
In August 2022, the Philippine Statistics Authority (PSA) revealed that the poverty incidence rose to 18.1% in 2021 from 16.7% in 2018. Completely understandable, our technocrats said: After all, we all bore the brunt of the pandemic-driven recession. Philippine gross domestic product (GDP) shrank by 9.5% from 2020 to 2021, the worst since 1947. Of...
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Tax the rich: 9 reasons for a wealth tax
Rising inequality has been an inescapable phenomenon of global economic development over the past 200 years. Per the United Nations’ Sustainable Development Goals, growing inequality affects 70% of the global population and threatens “long-term social and economic development, [harming] poverty reduction and [destroying] people’s sense of fulfillment and self-worth,” all of which “can breed crime,...