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Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
Jun 15, 2024 · Donor's tax in the Philippines is an excise tax imposed on gifts transferred between living persons. It's not about owning property but about the act of giving it away, whether that's real estate, cash, or other assets. You're required to pay this tax if you donate property during your lifetime.
Feb 5, 2019 · The Bureau of Internal Revenue (BIR) has recently issued the implementing guidelines covering Donor’s Taxes in the Philippines, applicable starting 2018 under the TRAIN tax bill signed into law by Pres. Rodrigo Duterte. Here’s a copy of the relevant BIR Revenue Regulation on Donor’s Taxes.
Donor’s tax is imposed upon any person, natural or juridical, resident or non-resident, who transfers or causes to transfer by gift or donation, whether direct or indirect, in trust or otherwise, real, personal, tangible or intangible property.
Oct 7, 2021 · This situation is discussed in Revenue Memorandum Circular (RMC) No. 94-2021 dated July 21 which was issued by the Bureau of Internal Revenue on Aug. 10, clarifying the donor’s tax treatment of an heir’s renunciation of his share from the specific property forming part of the estate of the decedent.
Apr 15, 2020 · RR No. 9-2020 covers the full deductibility, exemption from donor’s tax and value-added tax (VAT) treatment of the following donations given for the sole and exclusive purpose of combatting COVID-19 during the period of the state of national emergency under RA No. 11469: Cash donation;
Apr 21, 2020 · RR 9-2020 provides that donations or gifts made for the sole and exclusive purpose of combating Covid-19 during the state of national emergency shall be exempt from donor’s tax and shall be considered fully deductible against the gross income of the donor-corporation or donor-individual, granted that documentary evidence of such is ...
