Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 86 views

    REVENUE MEMORANDUM CIRCULAR NO. 62-2018 Issued On July 10, 2018 Clarifies

    Uploaded by

    Ramon Eldono
    This revenue memorandum clarifies the requirements for withdrawing funds from a deceased depositor's bank account without an electronic certificate of registration. It allows legal heirs to withdraw funds within one year of the depositor's death, subject to a 6% final withholding tax. The bank must obtain the estate's tax identification number and form 1904 before withdrawal and issue form 2306 certifying the tax withholding. Funds declared for estate tax and indicated in an electronic certificate are not subject to the 6% tax.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    REVENUE MEMORANDUM CIRCULAR NO. 62-2018 Issued On July 10, 2018 Clarifies

    Uploaded by

    Ramon Eldono
    86 views1 page
    This revenue memorandum clarifies the requirements for withdrawing funds from a deceased depositor's bank account without an electronic certificate of registration. It allows legal heirs to withdraw funds within one year of the depositor's death, subject to a 6% final withholding tax. The bank must obtain the estate's tax identification number and form 1904 before withdrawal and issue form 2306 certifying the tax withholding. Funds declared for estate tax and indicated in an electronic certificate are not subject to the 6% tax.

    Original Title

    RMC 62-2018

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This revenue memorandum clarifies the requirements for withdrawing funds from a deceased depositor's bank account without an electronic certificate of registration. It allows legal heirs to withdraw funds within one year of the depositor's death, subject to a 6% final withholding tax. The bank must obtain the estate's tax identification number and form 1904 before withdrawal and issue form 2306 certifying the tax withholding. Funds declared for estate tax and indicated in an electronic certificate are not subject to the 6% tax.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    86 views1 page

    REVENUE MEMORANDUM CIRCULAR NO. 62-2018 Issued On July 10, 2018 Clarifies

    Uploaded by

    Ramon Eldono
    This revenue memorandum clarifies the requirements for withdrawing funds from a deceased depositor's bank account without an electronic certificate of registration. It allows legal heirs to withdraw funds within one year of the depositor's death, subject to a 6% final withholding tax. The bank must obtain the estate's tax identification number and form 1904 before withdrawal and issue form 2306 certifying the tax withholding. Funds declared for estate tax and indicated in an electronic certificate are not subject to the 6% tax.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    REVENUE MEMORANDUM CIRCULAR NO.

    62-2018 issued on July 10, 2018 clarifies


    the requirements on the withdrawal from the bank deposit account/s of a deceased
    depositor/joint depositor without the required Electronic Certificate Authorizing Registration
    (eCAR).
    The executor, administrator, or any of the legal heir/s of a decedent who, prior to death,
    maintained bank deposit/s may be allowed withdrawal from the said bank deposit account/s
    within one (1) year from the date of death of the depositor/joint depositor but the amount
    withdrawn shall be subject to six percent (6%) Final Withholding Tax (FWT). For joint account,
    the FWT shall be based on the share of the decedent in the joint bank deposit/s.
    Prior to such withdrawal, the bank shall require the executor, administrator, or any of the
    legal heir/s withdrawing from the deposit account to present a copy of the Tax Identification
    Number (TIN) of the estate of the decedent and BIR Form No. 1904 of the estate, duly stamped
    received by the concerned BIR Revenue District Office (RDO).
    The bank shall issue the corresponding BIR Form No. 2306 certifying the withholding of
    6% final tax, file the prescribed quarterly return on the final tax withheld and remit the same on
    or before the last day of the month following the close of the quarter during which the
    withholding was made. All withdrawal slips shall contain a sworn statement by any one of the
    surviving joint depositor/s to the effect that all the other joint depositor/s is/are still living at the
    time of withdrawal, and a statement that the withdrawal is subject to 6% FWT.
    Bank deposit/s already declared for Estate Tax purposes and is/are indicated in the
    eCAR issued by the concerned RDO to the executor, administrator, or any of the legal heir/s of
    the decedent, presented to the bank for withdrawal of the said bank deposit/s, shall no longer be
    subject to the 6% FWT.

    You might also like