Podcast
Questions and Answers
What is the new estate tax rate established by RA 10963?
What is the new estate tax rate established by RA 10963?
How many brackets were eliminated in the estate tax schedule by RA 10963?
How many brackets were eliminated in the estate tax schedule by RA 10963?
What was the range of rates in the previous estate tax schedule before RA 10963?
What was the range of rates in the previous estate tax schedule before RA 10963?
What is the basis for determining the estate tax rate under RA 10963?
What is the basis for determining the estate tax rate under RA 10963?
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Which of the following best describes the filing process for estate taxes after RA 10963?
Which of the following best describes the filing process for estate taxes after RA 10963?
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Flashcards
RA 10963
RA 10963
The new law that simplifies the estate tax calculation.
Estate Tax
Estate Tax
The tax levied on the value of a deceased person's assets after all deductions.
Net Estate
Net Estate
The total value of a person's assets less any debts and expenses.
Six-Bracket Schedule
Six-Bracket Schedule
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6% Single Rate
6% Single Rate
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Study Notes
Summary of RA 10963 Estate Tax Changes
- Republic Act 10963 (RA 10963) alters the estate tax system.
- The previous system had a six-bracket schedule, with rates varying from 5% to 20%.
- The new system simplifies this to a single, fixed rate of 6%.
- The rate is applied to the net value of the estate.
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Description
This quiz explores the significant changes brought about by Republic Act 10963 regarding estate tax. It highlights the transition from a multi-bracket system to a simplified single rate of 6% applied to the net estate value. Test your understanding of these changes and their implications for estate planning.
