Incoming Finance Sec. Diokno says ‘unfair’ to put Marcos estate tax burden on him

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Incoming Finance Secretary Benjamin Diokno on Monday said it is ‘unfair’ to put the burden on him regarding the estate tax of the heirs of the late dictator Ferdinand Marcos, noting that it will be up to the courts to decide.

According to the BIR, estate tax is on the right of the deceased to transmit estate to lawful heirs and beneficiaries at the time of death and on certain transfers equivalent to testamentary disposition.

"The estate tax is based on the laws in force at the time of death notwithstanding the postponement of the actual possession or enjoyment of the estate by the beneficiary,” it added.amid the EDSA Revolution in 1986, bringing with them 22 crates of cash valued at $717 million; 300 crates of assorted jewelry with undetermined value; $4-million worth of unset previous gems; and $7.7 million worth of jewelry, among others.

 

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