A Gift Return relating to the gift must be filed by the donor within 30 days following the date of the transfer. The return is filed at the NTA office having jurisdiction over the place of the donor's household registration. The donee may be liable for the gift tax if the donor has disappeared or has failed to make timely payment of the tax due and has no assets in ROC available for execution. The Taxable amount is based upon the value of the gifts, and permits deductions from the gross gift any amount of transferred liabilities relating to the asset. Estate Tax 1.
Estate tax is levied on properties owned by the decedent at the time of death.
An Estate Tax Return is required to be filed within 6 months after the date of death. The return is filed at the NTA office having jurisdiction over the place of the decedent's household registration. The statute also provides for tax credits relating to investment in automation equipment or technology, investment relating to research, development, professional training, and creation of international brands of products. It also provides for exemption from foreign exchange controls relating to repatriation of capital and profit. Exchange Controls 1.