I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
This is related to the article donor's tax rates. The following may be deducted from gross gift taxes:
1.) Wedding gifts -up to Php10,000 worth may be deducted from gifts given by virtue of marriage before the celebration of the wedding (beginning with the engagement) or 1 year afterwards by each parent to his/her child regardless of adoption, legitimacy or illegitimacy. This is not available to donors who aren't residents of the Philippines.
2.) Gifts made to the government -obviously!
3.) Gifts to charitable, educational, cultural, philanthropic, research or social welfare institutions.
4.) Amount of mortgage assumed by the donee (receiver of the gift.)
5.) Amount specifically provided by the donor as a diminution of the donated property.
Remember also: you can deduct Php100,000 worth of donor's tax every calendar year.
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