Section 1.
Section ninety-three of Commonwealth Act Numbered Four hundred
sixty-six otherwise known as the National Internal Revenue Code as
amended, is hereby further amended to read as follow:
"Sec. 93.
Returns —
(a) Requirements. — In all cases of inheritance or
transfers subject to either the estate tax or the inheritance tax, or
both, or where, though exempt from both taxes, the gross value of the
estate exceeds three thousand pesos, the executor, administrator, or
anyone of the heirs, as the case may be, shall file a return under oath
in duplicate, setting forth (1) the value of the gross estate of the
decedent at the time of his death, or, in case of a non-resident not a
citizen of the Philippines of part of his gross estate in the
Philippines; (2) the deductions allowed from gross estate in
determining net estate as defined in section eighty-nine; (3) such part
of such information as may at the time be ascertainable and such
supplemental data as may be necessary to establish the correct taxes:
Provided, however, That estate returns showing a gross value of fifty
thousand pesos or more shall be accompanied with a statement of (1)
itemized assets of the estate of the decedent with their corresponding
gross value at the time of his death, or, in case of a nonresident not
a citizen of the Philippines, of that part of his gross estate situated
in the Philippines; (2) itemized deductions allowed from gross estate
allowed in section eighty-nine; and, (3) the amount of taxes due
whether paid or still due and outstanding duly certified to by
certified public accountants."
Sec. 2. This Act shall take effect upon its
approval.cralaw
Approved: June 12, 1954
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