![[ANALYSIS] The estate tax liability of the Marcos Estate](https://i.headtopics.com/images/2022/4/24/rapplerdotcom/analysis-the-estate-tax-liability-of-the-marcos-estate-1518093646708498432.webp)
Former Supreme Court justice Antonio Carpio lays down the facts and the law on the estate tax liability of the Marcos Estate. Read his analysis here:
We start with the FACTS and the LAW. These are clearly stated in the final, executory and unappealable resolution of the Third Division of the Supreme Court dated January 13, 1999. This resolution is the DENIAL of the second motion for reconsideration of Ferdinand Marcos Jr. and Imelda Marcos involving the P23.3 billion estate tax assessment on the Marcos estate.
Marcos Jr. filed a motion for reconsideration. Imelda Marcos intervened and filed a motion to refer the matter to the Supreme Court en banc. On September 29, 1997, the Third Division DENIED the motion for reconsideration of Marcos Jr. and the motion for intervention of Imelda Marcos for lack of merit.
Taxes are the life-blood of the nation, and the government cannot operate without taxes. That is why under the Tax Code, the BIR is vested with the unique power, without need of court order, to distrain personal property, to levy upon real property, and to sell at public auction these personal and real properties, to collect taxes due the government. The BIR also has the power, without need of court order, to garnish bank accounts to collect taxes.
The interests on the estate tax start to run from the date the estate tax is due, which is six months after the death of the decedent. Ferdinand Marcos Sr. died on September 28, 1989, and so the estate tax return should have been filed, and the estate tax paid, on March 28, 1990. The estate tax rate at the time of the death of Marcos Sr. on September 28, 1989 was 60% for net estates exceeding P3 million. Under the present law, RA 10963 or the Train Law, which took effect on January 1, 2018, the estate tax is a flat rate of 6% regardless of the value of the net estate. However, this new estate tax rate has prospective application only and cannot be made to apply retroactively to the Marcos estate. Thus, the Marcos estate is taxable at 60% of its net estate.
Section 255 of the Tax Code mandates: “Any person required under this Code or by rules and regulations promulgated thereunder to pay any tax xxx who willfully fails to pay such tax, shall, in addition to other penalties provided by law, upon conviction thereof, be punished by a fine of not less than Ten thousand pesos and suffer imprisonment of not less than one year but not more than ten years.”
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