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The Senate and House conferees to the panel finalizing President Rodrigo Duterte’s proposed new taxes have agreed “to cut the rates and the requirements” on the estate tax, which is levied on a deceased person’s assets.
Senate President Pro Tempore Ralph Recto said “billions in properties left behind by hundreds of thousands of departed Filipinos” remain in limbo for the failure of their heirs to pay the estate tax, “either for lack of knowledge or lack of money or both.”