Section 3Sec./Art. 3

Definition of Terms. - As used in this Act:

(a) Basic tax assessed refers to the latest amount of tax assessment issued by the Bureau of Internal Revenue against the taxpayer, exclusive of interest, penalties, and surcharges.

(b) Net estate refers to the gross estate less all allowable deductions as provided in the National Internal Revenue Code of 1997, as amended, or the applicable estate tax laws prevailing at the time of death of the decedent;

(c) Net undeclared estate refers to the difference between the total net estate valued at the time of death and the net estate previously declared with the Bureau of Internal Revenue, if any;

(d) Statement of Assets, Liabilities, and Networth refers to a declaration of the assets, liabilities, and networth. as of December 31, 2017, as follows:

(1) Assets within or without the Philippines, whether real or personal, tangible or intangible, whether or not used in trade or business: Provided, That property other than money shall be valued at the cost at which the property was acquired: Provided, further That foreign currency assets and/or securities shall be valued at the rate of exchange prevailing as of the date of the Statement of Assets, Liabilities, and Net worth;

(2) All existing liabilities which are legitimate and enforceable, secured or unsecured, whether or not incurred in trade or business; and

(3) The networth of the taxpayer, which shall be the difference between the total assets and total liabilities.

(e) Total asset refers to the amount of the aggregate assets whether within or without the Philippines, real or personal, tangible or intangible, or ordinary or capital.

TITLE II

ESTATE TAX AMNESTY