  |
REPUBLIC ACT NO. 8424, SECTION 3 THE NATIONAL INTERNAL REVENUE CODE OF 1997
| CODE SECTION 98, 99 |
|
REPUBLIC ACT NO. 8424, SECTION 3 THE NATIONAL INTERNAL REVENUE CODE OF 1997
| CODE SECTION 98, 99 |
"CHAPTER II - DONOR'S TAX
"SECTION 98. Imposition of Tax. -
"(A) There shall be levied, assessed, collected and paid upon the transfer by any person, resident or nonresident, of the property by gift, a tax, computed as provided in Section 99.
"(B) The tax shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or intangible.
"SECTION 99. Rates of Tax Payable by Donor. -
"(A) In General. - The tax for each calendar year shall be computed on the basis of the total net gifts made during the calendar year in accordance with the following schedule:
"If the net gift is:
|
"Over |
But Not Over |
The Tax Shall Be |
Plus |
Of the Excess Over P100,000 Exempt |
|
P100,000 |
200,000 |
0 |
2% |
P100,000 |
|
200,000 |
500,000 |
2,000 |
4% |
200,000 |
|
500,000 |
1,000,000 |
14,000 |
6% |
500,000 |
|
1,000,000 |
3,000,000 |
44,000 |
8% |
1,000,000 |
|
3,000,000 |
5,000,000 |
204,000 |
10% |
3,000,000 |
|
5,000,000 |
10,000,000 |
404,000 |
12% |
5,000,000 |
|
10,000,000 |
1,004,000 |
15% |
10,000,000 |
"(B) Tax Payable by Donor if Donee is a Stranger. - When the donee or beneficiary is a stranger, the tax payable by the donor shall be thirty percent (30%) of the net gifts. For the purpose of this tax, a 'stranger' is a person who is not a:
"(1) Brother, sister (whether by whole or half-blood), spouse, ancestor and lineal descendant; or
"(2) Relative by consanguinity in the collateral line within the fourth degree of relationship.
"(C) Any contribution in cash or in kind to any candidate, political party or coalition of parties for campaign purposes shall be governed by the Election Code, as amended.
