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By: LJC
I.
I.
A. Fiscal Adequacy
B. Equality or Theoretical justice
C. Administrative feasibility
II.
II.
DONORS TAX
CONTRIBUTIONS
ON
CASH
AND
CAMPAIGN
III.
IV.
year prescriptive period. (Aichi) 2. The proper reckoning date for the
two-year prescriptive period is the close of the taxable quarter when
the relevant sales were made. (San Roque)
3. The only other rule is the Atlas ruling, which applied only from 8
June 2007 to 12 September 2008. Atlas states that the two-year
prescriptive period for filing a claim for tax refund or credit of
unutilized input VAT payments should be counted from the date of
filing of the VAT return and payment of the tax. (San Roque)
V.
1. The taxpayer can file an appeal in one of two ways: (1) file the
judicial claim within thirty days after the Commissioner denies the
claim within the 120-day period, or (2) file the judicial claim within
thirty days from the expiration of the 120-day period if the
Commissioner does not act within the 120-day period.
V.
SMUGGLING
Is committed by any person who shall fraudulently
IMPORT or bring into the Philippines, or assist in so
doing, any article, contrary to law, or shall receive,
conceal, buy, sell or any manner facilitate the
transportation, concealment or sale of such article after
importation, knowing the same to have been imported
contrary to law.
VII.
VIII.
VIII.
IX.
IX.
Tax
consequences
indebtedness
of
CANCELLATION
of
EXCLUSIONS:
1. Proceeds of life insurance policy
2. Amount received by the insured as return of
premium
3. Gifts, bequests, devises or descent
4. Compensation for injuries or sickness
5. Income exempt under treaty
6. Retirement benefits, pensions, gratuities and
others
a. retirement benefits received from foreign
institutions whether public or private
b. veterans benefits
c. retirement benefits received from private firms
whether individual or corporation
d. separation pay
e. SSS
f. GSIS
XI.
SITUS OF TAXATION
-
10
XII.
11
XIV.
12
XIV.
13
applies
to
DOMESTIC
CORPORATIONS
and
RESIDENT
FOREIGN CORPORATIONS;
XV.
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XV.
Optional
Standard
Deduction
(OSD);
When a discrepancy has been determined between the tax
Taxpayer is a Doctor; Expenses not entirely "(b)
withheld and the amount actually remitted by the withholding agent; or
covered by receipts; Options
-
XVI.
"(c)
When a taxpayer who opted to claim a refund or tax credit of
excess creditable withholding tax for a taxable period was determined to
have carried over and automatically applied the same amount
claimed against the estimated tax liabilities for the taxable quarter or
quarters of the succeeding taxable year; or
"(d)
When the excise tax due on excisable articles has not been
paid; or
XVI.
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XIX.
18
XX.
XXI.
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XXI.
TAX EVASION
-
23
XXIV. TAXABILITY
OF
PARTNERSHIP
GENERAL
PROFESSIONAL
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(C) If ABC Law firm earns net income in 2012, what, if any, is
the tax consequence on the part of ABC Law Firm insofar as
the payment of income tax is concerned? What, if any, is the
tax consequence on the part of A, B, and C as individual
partners, insofar as the payment of income tax is concerned?
- Pursuant to Section 26 of the Tax Code, a GPP is not subject to
income tax. However, the partners shall be liable to pay income tax
on their separate and individual capacities for their respective
distributive share in the net income of the GPP.
XXV. VAT-able transactions
-
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XXVIII.
-
the taxes withheld from his salaries will NOT affect his
taxable income because they are not allowed as tax
deductions but as tax credits. Tax deductions reduce
the taxable income while tax credits reduce the tax
liability. (CIR vs. Central Luzon Drug Corporation,
April 15, 2005)
TAX LAWS; Characteristics
adhere to uniformity and equality when all taxable
articles or kinds of property of the same class are
taxable at the same rate
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YES
Section 34 (C) of the TAX CODE: Taxes allowed
under this Subsection, when refunded or credited,
shall be included as part of the gross income in the
year of receipt to the extent of the income tax benefit
of said deduction.
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