REVENUE MEMORANDUM CIRCULAR NO. 62-2018 issued on July 10, 2018 clarifies the requirements on the withdrawal from the bank deposit account/s of a deceased depositor/joint depositor without the required Electronic Certificate Authorizing Registration (eCAR).

      The executor, administrator, or any of the legal heir/s of a decedent who, prior to death, maintained bank deposit/s may be allowed withdrawal from the said bank deposit account/s within one (1) year from the date of death of the depositor/joint depositor but the amount withdrawn shall be subject to six percent (6%) Final Withholding Tax (FWT). For joint account,  the FWT shall be based on the share of the decedent in the joint bank deposit/s.

      Prior to such withdrawal, the bank shall require the executor, administrator, or any of the legal heir/s withdrawing from the deposit account to present a copy of the Tax Identification Number (TIN) of the estate of the decedent and BIR Form No. 1904 of the estate, duly stamped received by the concerned BIR Revenue District Office (RDO).

      The bank shall issue the corresponding BIR Form No. 2306 certifying the withholding of 6% final tax, file the prescribed quarterly return on the final tax withheld and remit the same on or before the last day of the month following the close of the quarter during which the withholding was made. All withdrawal slips shall contain a sworn statement by any one of the surviving joint depositor/s to the effect that all the other joint depositor/s is/are still living at the time of withdrawal, and a statement that the withdrawal is subject to 6% FWT.

      Bank deposit/s already declared for Estate Tax purposes and is/are indicated in the eCAR issued by the concerned RDO to the executor, administrator, or any of the legal heir/s of the decedent, presented to the bank for withdrawal of the said bank deposit/s, shall no longer be subject to the 6% FWT.