TITLE III — ESTATE AND DONOR’S TAXES (C) Tax Credit for Donor’s Taxes Paid to a Foreign Country. — (1) In General. — The tax imposed by this Title upon a donor who was a citizen or a resident at the time of donation shall be credited with the amount of any donor’s tax of any character and description imposed by the authority of a foreign country. (2) Limitations on Credit. — The amount of the credit taken under this Section shall be subject to each of the following limitations: (a) The amount of the credit in respect to the tax paid to any country shall not exceed the same proportion of the tax against which such credit is taken, which the net gifts situated within such country taxable under this Title bears to his entire net gifts; and (b) The total amount of the credit shall not exceed the same proportion of the tax against which such credit is taken, which the donor’s net gifts situated outside the Philippines taxable under this Title bears to his entire net gifts. SEC. 102.  Valuation of Gifts Made in Property. — If the gift is made in property, the fair market value thereof at the time of the gift shall be considered the amount of the gift. In case of real property, the provisions of Section 88(B) shall apply to the valuation thereof. SEC. 103.  Filing of Return and Payment of Tax. — (A) Requirements. — Any individual who makes any transfer by gift (except those which, under Section 101, are exempt from the tax provided for in this Chapter) shall, for the purpose of the said tax, make a return under oath in duplicate. The return shall set forth: (1) Each gift made during the calendar year which is to be included in computing net gifts; (2) The deductions claimed and allowable; (3) Any previous net gifts made during the same calendar year; (4) The name of the donee; and (5) Such further information as may be required by rules and regulations made pursuant to law. (B) 114 Time and Place of Filing and Payment. — The return of the donor required in this Section shall be filed within thirty (30) days after the date the gift is made and the tax due thereon shall be paid at the time of filing. Except in cases where the Commissioner otherwise permits, the return shall be filed and the tax paid to an authorized agent bank, the Revenue District Officer, Revenue Collection Officer or duly authorized Treasurer of the city or municipality where the donor was domiciled at the time of Isla Lipana & Co., the Philippine member firm of the PwC network