Is it time to revive the estate tax?

When our loved ones pass away, we do not concern ourselves immediately with the transfer of properties they left behind. We tend to forget the obligation to settle the so-called “estate tax” with the Bureau of Internal Revenue (BIR) until we intend to sell or transfer these properties. As a result, we will have incurred penalties such as surcharges, interest and compromise penalties. The lack of interest in the estate tax is mirrored in its very low revenue performance.