REVENUE REGULATIONS NO. 5-2022 issued on June 20, 2022 implements the Estate
Tax exemption under Republic Act (RA) No. 11597 (An Act Providing for the Revised Charter
of the Philippine Veterans Bank, Repealing for the Purpose Republic Act No. 3518, as
Amended, Otherwise Known as ‘An Act Creating the Philippine Veterans Bank, and for Other
Purposes’).
All transfers, by way of succession or donation mortis causa, made by a veteran of
his/her shares of stock, common or preferred, with the Philippine Veterans Bank shall not be
subject to Estate Tax, provided that the same was made in favor of the veteran’s widow, orphan
or compulsory heir as determined by existing laws.
For purposes of availing the Estate Tax exemption, the term “veteran or veterans” shall
include primarily any person or persons who served in the regularly constituted air, land, or
naval services or arms, or in such non-regularly organized military units in the Philippines
during World War Il, and whose services with such units are duly recognized by the Republic
of the Philippines or by the government of the United States of America, and those veterans
referred to under RA No. 6948, as amended by RA No. 7696 and RA No. 9396. The term also
includes the widow, orphan or a compulsory heir of a deceased veteran, as determined by
existing laws.
An electronic Certificate Authorizing Registration (eCAR)/Tax Clearance Certificate
(TCC) must be secured with the Revenue District Office where the estate of the decedent is
registered before any transfer of share/s is registered in the books of the Philippine Veteran’s
Bank.