Академический Документы
Профессиональный Документы
Культура Документы
Roxas, Edwin G. Valencia and Gregorio F. Transfer and Business Taxation: Principles and Laws with Accounting Applications. 6th. Vol. 1. Baguio: Valencia Educational Supply, 2013. 1 vols.
DEFINITION
These are general consumption taxes imposed to Non-VAT registered business.
Gross Receipts or sales subject to 12% output VAT and a benefit of Input VAT on purchases
Ye s
No Gross Receipts or sales subject to 3% percentage tax and no input tax allowed
Gross Receipts or sales subject to 12% output VAT but no benefit of Input VAT
Amusement Places
Franchise
A percentage tax of 5% of the total premium collected shall be imposed on collection from every person.
EXEPTIONS
Required to be It is the expense collected and paid of the caller to by the person rendering the be withheld by services within 20 the service days after the end provider. of each quarter
Government
Exemptio ns
Amt. paid for messages transmitted by the Govt. of the Phil or any of its political subdivisions or instrumentalities.
Diplomatic Services
Exemptio ns
Amt. paid for messages transmitted by any embassy and consular offices of a foreign government.
International Organizations
Exemptio ns
Amt. paid for messages transmitted by a public international organization or any of its agencies based in the Philippines enjoying privileges, exemptions, and immunities w/c the Govt. of the Philippines granted.
News Services
Exemptio ns
Amt. paid for messages fro any newspaper, press association, radio or television news, broadcasting agency, or news stickers services, to any other newspaper, radio or television newspaper, to a bonafide correspondent, which messages deal exclusively with the collection of news item for the dissemination of news item through public press, radio or television broadcasting or a news sticker service furnishing a general news service similar to that of the public press.
OPT
30%
18%
18% 15% 10%
Boxing Exemption
10 %
Winnings or dividends derived from horse races based on the actual amount paid to person for every winning ticket after deducting the cost of the ticket.
4%
Formula:
Item Prize Less: Cost of Ticket Net Winnings Multiply by amusement tax rate Amusement Tax
A percentage tax of 2% on gross receipts derived from the business covered by the law granting franchise on gas and water utilities.
Radio and/or Television Broadcasting Subject to 3% tax if gross receipts Companies do not exceed P10,000,000.00
May opt to register as VAT Taxpayer. Registration is irrevocable
Other Franchi se
0%
7% On net trading gains within the taxable year on foreign currency, debt securities, derivatives and other similar financial instruments
7%
From interest, commissions, discounts and all other items treated as income under the code:
5%
Pre Termination
The maturity period shall be reckoned to the end as of the date of pre termination for purposes of classifying the transaction and applying the correct rate of tax.
A non VAT business with annual gross sales or gross receipts of P1,919,500 and below is subject to 3% OPT on its transactions.
Keepers of garages.
IPO
Tax Rate
4% 2%
1%
Tax Base
Higher between the Gross Selling Price or Gross Value in money of the shares of stock sold, bartered or exchanged.
Reminder:
In general, every person subject to the percentage tax shall file a quarterly return of the amount of his gross receipts, sales, or earnings and pay the tax due thereon w/in 25 days after the end of each taxable quarter.
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