Are Amilyar and Inheritance Tax the Same

Vacant Lot in Quezon City

One of my clients asked me a very interesting question regarding estate tax: "Our family pays amilyar every year on our properties. Is that the same as inheritance tax?"

I replied via SMS: Amilyar and inheritance tax are different. Amilyar or real estate tax is an ANNUAL tax imposed by the government for owning land, houses, buildings, etc. The inheritance tax aka estate tax will be paid only ONCE so that the rights to the properties of the deceased can be passed on to his heirs.

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BPI Requirements for Claim to Account of Deceased Depositor

The Bank of the Philippine Islands (BPI) branch at the Philippine Stock Exchange in Ortigas, Pasig City kindly provided me with the list of requirements on how to claim the funds of a depositor who has passed away. Please note that copies of all the listed documents must be submitted to BPI, so, make sure you have xeroxed copies of the originals when you visit the bank.

BDO Requirements for Claim to Account of Deceased Depositor

It is customary for a bank to freeze a depositor's account once the bank officials learn of the depositor's death. This can become a great burden for the family since the funds cannot be withdrawn until certain documentary requirements are met. (And a very good reason to open an ATM account with a co-depositor you trust.) In the event that a Banco de Oro account is frozen due to the death of the depositor, the following are the mandatory documents before the heirs can withdraw from the deceased's BDO account:

Is Tandang Sora Avenue Assigned to BIR RDO 28 or 38

Bureau of Internal Revenue RDO 28 Novaliches at 112 West Ave., Quezon City

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