Date 2014-06-26
Title We Would Like to Let you Know How to Pay the Estate Tax!

National Taxation Bureau of Taipei, Ministry of Finance (NTBT) expressed that, there is no need to pay estate tax by the time the heirs file estate tax returns; however, the heirs should wait until the competent tax administration afterwards mail the assessment and payment notice (due date within 2 month) to the heirs. If necessary, the taxpayer may apply for another 2 months payment extension or even payment by the bank deposit among the estate. In case where the estate tax payable is equal to or more than NTD 300,000 and bank deposit among the estate is not enough to pay the full amount, the taxpayer may apply for permission to offset the deficient part of the tax due by surrendering the eligible properties in the estate, such as land, stocks, land reserved for public facilities, or even other easily cashable or storable properties which is owned by taxpayer. In addition, taxpayers may consider applying the installment payment (up to 18 installments with intervals of no more than two months between each installment), and statutory interests shall be added at the rate of one-year term postal savings deposit.

NTBT illustrated that, Mr. Wang’s father deceased on January 1st, 2014 and left behind bank deposit of NTD 400,000 and several real estates. After declaring the estate tax to the tax administration by deadline, the tax administration assessed the estate tax as NTD 1,000,000, and the due date shall be April 20th, 2014. However, Mr. Wang had no sufficient cash in hand, so he claimed to pay the tax by the bank deposit of NTD 400,000 in the estate, offsetting another NTD 500,000 with the real estate from the heritage and applied installment payment to the deficient part of NTD 100,000.

NTBT reminded that, for taxpayer’s conveniences, taxpayer who would like to adopt deferred payment for 2 months, 18 installments, or paying the tax by the bank deposit in the estate or surrendering the tax property, shall submit application within the payment’s due date, otherwise he will be subject to delinquent charges and relevant interests.

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