BIR Ruling [UN-009-96]

January 2, 1996 BIR RULING [UN-009-96] 1st Indorsement Referred to the Revenue District Officer, Revenue District Office No. 31, Sta. Cruz, Manila, the herein request of Atty. Biddy Tiu Tan in behalf of the heirs of the late Ong Tiac Ming, who died on May 29, 1994 on the following: 1. Extension of time within which to pay estate taxes sans surcharges and penalties, subject however to interest at 20% per annum from the date the estate taxes accrue as the heirs do not have the financial means to liquidate the taxes due; and 2. To instruct the PhilTrust Bank Bindono Branch to directly release to the Bureau of Internal Revenue the deceased's peso and dollar deposits, and, if inadequate, to authorize the sale through the Philippine Stock Exchange of the deceased's shares of stock of listed companies. Please conduct a verification on the estate left by the decedent, to determine the estate tax due, after which authority to withdraw from bank deposits and/or sale of shares of stock could be issued to cover payment. cdtech LIWAYWAY VINZONS-CHATO Commissioner of Internal Revenue