Lawmakers make it easier for heirs to access bank deposits, sell assets of dearly departed – Recto
Lawmakers tasked to fine tune the proposed comprehensive tax reform program have agreed to “relax” the amount which could be withdrawn from the deceased’s bank deposits, which are automatically frozen upon the demise of the account holder.
Sen. Ralph Recto made the remark on Wednesday as the panel met for the third time to finalize the CTRP.
“We have agreed to allow an heir, or executor, or administrator, to make withdrawals, with no limit, for as long as a withholding tax is paid every transaction,” he said.
“Ang sistema ngayon, hindi maka-withdraw ang mga namatayan sa account niya,” the Senate President Pro-Tempore said.
He added, “Kung kailan kailangan ng perang pambayad ng ospital at palibing, hindi mo magagalaw ang pera sa bangko hanggang hindi nakakapagbayad ng buwis at nasa-submit ang napakaraming papeles at clearances.”