Republic Acts1 min read
Section 1Sec./Art. 1
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Primary Text
Section 77 of the National Internal Revenue Code, as amended, is hereby further amended to read as follows:
"Section 77.Rates of estate tax. There shall be levied, assessed, collected, and paid upon the transfer of the net estate as determined in accordance with Sections 78 and 79 of every decedent, whether resident or nonresident of the Philippines, a tax based on the value of such net estate, as computed in accordance with the following schedules:
"If the net estate is:
"Over
But Not Over
The Tax Shall Be
Plus
Of Excess Over
--
P 200,000
Exempt
--
--
P200,000
500,000
5%
--
P 200,000
500,000
2,000,000
P 15,000
8%
500,000
2,000,000
5,000,000
135,000
12%
2,000,000
5,000,000
10,000,000
495,000
21%
5,000,000
10,000,000
And Over
1,545,000
35%
10,000,000
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