MANILA, Philippines — The Supreme Court (SC) has ruled that foreign currency deposit accounts are exempt from estate tax under Republic Act 6426, also known as the Foreign Currency Deposit Act of the Philippines.
The decision, penned by Associate Justice Ramon Paul Hernando, came from the High Court's First Division, which upheld an estate tax refund claim filed by the estate of Charles Marvin Romig, an American who resided in Puerto Galera, Oriental Mindoro, until his death in 2011.
