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However, with the passage of RA No. 10963 (TRAIN Law), effective on January 1, 2018, the relationship between the donor and donee(s) is no longer considered in the computation of donor’s tax. 6. For purposes of Donor’s Tax, are donations between businesses considered donations made between strangers?
Oct 7, 2021 · In its Revenue Memorandum Circular 94-2021, dated July 21, 2021, the Bureau of Internal Revenue clarified the proper computation of Donor’s Tax in case there is a partial renunciation of inheritance.
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 in the Philippines for donations to strangers is at 30% of the gross amount of taxable donation and the tax is paid every after donation without need of the aggregation as compared to donations to relatives.
Oct 7, 2021 · However, unlike income tax which is based on the income received by a person, donor’s tax is imposed on the liberality of the transferor to dispose freely of an identified property as a gift in favor of another, whether directly or indirectly.
Aug 24, 2021 · When a person transfers property to anyone without consideration during his lifetime, the act of transfer is subject to a tax called the donor’s tax. Donor’s tax is not a tax on properties, but on the action of transmission or by way of a gift. For more updates visit the BIR homepage!
Apr 18, 2023 · As of recent updates, the donor’s tax rate is set at a flat rate of 6% for donations exceeding ₱250,000 annually. This threshold applies cumulatively over the course of a calendar year, meaning that the first ₱250,000 of your total donations is not subject to the donor’s tax.
