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Other Percentage
Taxes
Gera ldine J a d e F . Pa p a , C PA

Sec. 116. Persons Exempt from VAT

Any person exempt from VAT under Section
109 (BB) of the Tax Code and who is not a
VAT-registered person shall pay a tax
equivalent to 3% of his gross quarterly sales
or receipts.

Section 109 (BB):

3%
“Sale or lease of goods or properties or the performance of
services other than the transactions mentioned in the
preceding paragraphs, the gross annual sales and/or
receipts do not exceed the amount of Three million pesos
(P3,000,000)”
GJFP

Sec. 116. Persons Exempt from VAT

General Rule Exception
Subject to 3% OPT if: Exempt from 3% OPT if:
1. Not VAT-registered 1. Cooperative; or
person; and 2. Self-employed individual
2. Gross sales/receipts who availed 8% income
does not exceed P 3M. tax rate option

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Sec. 117. Domestic Carriers and

Keepers of Garages
Cars for rent or hire driven by the lessee, transportation
contractors, including persons who transport passengers for
hire, and other domestic carriers by land, for the transport
of passengers [except owners of bancas] and owners of
animal-drawn two wheeled vehicle), and keepers of
garages shall pay a tax equivalent to three percent (3%) of
their quarterly gross receipts.

GJFP

Sec. 117. Domestic Carriers and

Keepers of Garages
1. Cars for rent or hire driven by the lessee
2. Transportation contractors
3. Persons who transport passengers for hire
3% 4. Other domestic carriers by land, for the
transport of passengers [EXCEPT: owners
of bancas and owners of animal-drawn two
wheeled vehicle]
5. Keepers of garages

GJFP

Minimum quarterly gross

receipts
Jeepney for hire
Manila and other Cities 2,400
Provincial 1,200

Minimum quarterly gross

receipts
Taxis
Manila and other Cities 3,600
Provincial 2,400

Minimum quarterly gross

receipts
Public utility bus
0-30 passengers 3,600
31-50 passengers 6,000
51 and above 7,200

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Minimum quarterly gross

receipts
Cars for hire (without chauffeur) 3,000

Minimum quarterly gross

receipts
Cars for hire (with chauffeur) 1,800

Filing and Payment

Quarterly
GJFP

Transport Network Company

?
With Certificate of Public Convenience Without Certificate of Public Convenience
Subject to 3% common carrier’s tax Subject to 12% VAT

GJFP

Transport Network Company (TNC) – A pool of land
transportation vehicles whose accessibility to the
riding public is facilitated through the use of a
common point of contact which may be in the form
of text, call, e-mail or mobile application.
Certificate of Public Convenience (CPC) – issued by
the Land Transportation Franchising and
Regulatory Board (LTFRB) granting land
transportation vehicles for hire a franchise to
operate as such and shall be evidenced by the
issuance of a certificate with the same title.

Partner – people and/or entities who own the A mere accreditation given by LTFRB is not an
vehicles used in transporting passenger and/or equivalent to a CPC and will not make said holder a
goods other than the TNC common carrier.

Common carrier – a holder of a valid and current

Certificate of Public Convenience (CPC) and whose
gross receipts are subject to 3% common carriers
tax

Land transportation service contractor – not a

holder of a valid CPC and is subject to 12% Value
Added Tax (VAT) under the NIRC

RMC 70-2015
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Summary Holder of CPC?

Yes No

Common Land transportation

carrier service contractor

Gross receipts
3% Common
exceed VAT
Carriers Tax
threshold?

Yes No

12% VAT 3% OPT

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Sec. 118. International Carriers

(A) International air carriers doing; business in
the Philippines on their gross receipts derived
from transport of cargo from the Philippines to
another country shall pay a tax of three percent
(3%) of their quarterly gross receipts.
(B) International shipping carriers doing
business in the Philippines on their gross receipts
derived from transport of cargo from the
3%
Philippines to another country shall pay a tax
equivalent to three percent (3%) of their quarterly
gross receipts.

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Sec. 118. International Carriers

Who: Air carriers or shipping carriers

What: Transport of cargo

3%
Where: From the Philippines to another
country

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Sec. 119. Franchises

Any provision of general or special law to the contrary
notwithstanding, there shall be levied, assessed and
collected in respect to all franchises on radio and/or
television broadcasting companies whose annual
gross receipts of the preceding year do not exceed
Ten million pesos (P10,000,000), subject to Section
236 of this Code, a tax of three percent (3%) and on Multiple
gas and water utilities, a tax of two percent (2%) on
the gross receipts derived from the business covered Rates
by the law granting the franchise: Provided, however,
That radio and television broadcasting companies
referred to in this Section shall have an option to be
registered as a value added taxpayer and pay the tax
due thereon: Provided, further, That once the option is
exercised, said option shall be irrevocable.

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Tax on Franchises 2% Water Utilities

3% Radio/ Television
Broadcasting
If their annual gross receipts in the
preceding year do not exceed P
10,000,000
12% If their gross receipts exceed P
10,000,000 or they opted to register under
VAT (irrevocable).
With regard to the business
covered by the law granting the
franchise
2% Gas Utilities
With regard to the business
covered by the law granting the
franchise

12% Telecommunication 12% Electric utilities

companies They are VAT-able including electric
They are VAT-able except for receipts for cooperatives.
overseas communications from the The universal charge shall be excluded.
Philippines which is subject to 10% OCT.
Filing and Payment
Quarterly
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Sec. 120. Overseas Dispatch, Message of

Conversation Originating from the
Philippines
There shall be collected upon every overseas
dispatch, message or conversation transmitted
from the Philippines by telephone, telegraph,
telewriter exchange, wireless and other
communication equipment services, a tax of ten
percent (10%) on the amount paid for such
services. The tax imposed in this Section shall be
payable by the person paying for the services
10%
rendered and shall be paid to the person
rendering the services who is required to collect
and pay the tax within twenty (20) days after the
end of each quarter.

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10% Overseas Communications Tax

Imposed on message transmitted from the Philippines to another
country.

Filing and Payment

Who pays for the tax? Who are exempted from payment
OCT is filed and paid on a
Effectively, it is the person paying of OCT?
quarterly basis. The form used is
for the services (passed-on tax). Diplomatic Services
BIR Form 2551 Q. The deadline is
The seller of the services is International Organizations
twenty (20) days after each
required to remit the payment. News Services
quarter.
Government

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Telecommunication Companies

Domestic calls within Overseas calls from foreign

They are VAT-able. customers billed locally
They are VAT-able.

Overseas calls from local customers billed locally

They are subject to 10% Overseas Communications Tax.

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Telecommunication Companies
Overseas calls from foreign
callers billed abroad Data Services
They are VAT-able.
through a foreign
administration
They are VAT-exempt. They are also
not subject to 10% Overseas
Communications Tax. The share of Deposits for Telephone
the foreign telecommunications Instruments
administration from the payment
They are not subject to VAT
received by the local telecom
unless the deposits are forfeited.
company is not subject to VAT
because the services are rendered
outside the Philippines. These should
be separately shown in the billings to
customer as VAT-exempt.

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Gross Receipts Tax

SEC. 121. Tax on Banks and Non-bank Financial
Intermediaries Performing Quasi-Banking Functions
SEC. 122. Tax on Other Non-Bank Financial
Intermediaries

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DEFINITIONS
Banks or banking institutions - shall refer to those entities as defined under
Section 3 of RA 8791, otherwise known as the General Banking Law of 2000,
or more specifically, to entities engaged in the lending of funds obtained in
the form of deposits

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DEFINITIONS
Non-bank financial intermediaries - persons or entities whose principal
function include the lending, investing or placement of funds or evidence of
indebtedness or equity deposited with them, acquired by them, or otherwise
coursed through them, either for their own account or for the account of
others. These do not have a full banking license but they facilitate bank-
related financial services, i.e., investment, risk pooling, contractual savings
and market brokering.
In the Philippines, NBFIs are composed of non-banks with quasi-banking
functions and non-banks without quasi-banking functions

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DEFINITIONS
Quasi-banking functions - refer to the borrowing of funds from twenty (20)
or more personal or corporate lenders at any one time, through the
issuance, endorsement or acceptance of debt instruments of any kind, other
than deposits, for the borrower’s own account or through the issuance of
certificates of assignment or similar instruments, with recourse, or of
repurchase agreements for purposes of relending or purchasing
receivables or other similar obligations.

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Lending Investor vs. Those Performing Quasi-

Banking Functions
Lending Investors Banks, etc.
• They include all persons other • They perform quasi-banking
than banks, financial functions.
intermediaries, finance • They lend money to 20 or more
companies, etc. that do not persons.
perform quasi-banking • They are subject to GRT.
functions
• They lend money to less than
or equal to 19 persons
• They are subject to VAT

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SEC. 121. Tax on Banks and Non-

bank Financial Intermediaries
Performing Quasi-Banking
Functions
There shall be collected a tax on gross receipts
derived from sources within the Philippines by all
banks and non-bank financial intermediaries in
accordance with the following schedule:

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Income Rate
Interests, commissions and discounts

Gross from lending activities

Income from financial leasing, with

Receipts
remaining maturities of

5 years or less
Tax of 5%
more than 5 years
Banks And Non-
1%
Bank Financial Dividends, equity shares and net
Intermediaries income of subsidiaries 0%
Performing Royalties, rentals of property, other
Quasi-Banking income 7%
Functions Net trading gains on foreign currency,
debt securities, derivatives and other 7%
financial instruments (gain only)

Filing and Payment

Quarterly The income of BSP and rural banks
are not subject to GRT.
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SEC. 122. Tax on Other

Non-Bank Financial
Intermediaries
There shall be collected a tax of five percent (5%) on the gross receipts derived
by other non-bank financial intermediaries doing business in the Philippines,
from interest, commissions, discounts and all other items treated as gross
income under this Code: Provided, That interests, commissions and discounts
from lending activities, as well as income from financial leasing, shall be taxed
on the basis of remaining maturities of the instruments from which receipts
are derived, in accordance with the following schedule:

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Income Rate
Interests, commissions and discounts

Gross from lending activities

Income from financial leasing, with

Receipts
remaining maturities of

5 years or less
Tax of Non-Banks 5%
more than 5 years
Other Non-Bank
1%
Financial Interests, commissions, discounts and
Intermediaries other gross income not covered above 5%

Filing and Payment

Quarterly
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The shifting of the 5% GRT to the client would incur tax

on the bank’s part, as it is considered a form of “other
fees and charges” and is thus subject to 7% GRT.
The “passed on” GRT and the GRT itself may be claimed as a
deductible business expense.

P asse d-on Gr oss R e c e ipt s T ax

RMC 62-2016

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Microfinancing
• Defined by Republic Act 8425 as a credit and savings mobilization
program exclusively for the poor to improve the asset base of
households and expand the access to savings of the poor.
• It is exempt from income tax but not from VAT.
• Since microfinancing is an act of lending money at interest, then it
is a lending investor, subject to the imposition of VAT (CTA 8480).

M i c r ofinancing
RA8425, CTA 8480

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Loans to affiliates
• The CTA en banc ruled that interest on loans extended to affiliates
is subject to value added tax (VAT), even if the loans are for
accommodation only and the taxpayer did not realize profit from
the transactions.
• Basis of CTA: Section 105, 108 of Tax Code

Vat on loans t o affi liates

Sec. 108 of NIRC, CTA

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Pawnshops
• Defined as a person or entity engaged in the business of lending
money under PD 114
• Prior to EVAT Law, they were treated as lending investors subject
to lending investor’s tax.
• They are treated as non-bank financial intermediaries

P awnshops
RR 10-2004

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Insurance
SEC. 123. Tax on Life Insurance Premiums
SEC. 124. Tax on Agents of Foreign Insurance
Companies

GJFP

32

Definitions
Life Insurance Non-life insurance
premiums Property insurance
Insurance on human lives, health,
accidents, etc.
Non-life insurance
Gross receipts of companies
insurance companies Companies engaged in the
Total premiums collected whether business of property insurance
paid in money, notes, credits or any They include surety, fidelity,
substitute for money
indemnity and bonding
companies

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SEC. 123. Tax on Life

Insurance Premiums
There shall be collected from every person, company or corporation (except purely cooperative companies or
associations) doing life insurance business of any sort in the Philippines a tax of two percent (2%) of the total premium
collected, whether such premiums are paid in money, notes, credits or any substitute for money; but premiums refunded
within six (6) months after payment on account of rejection of risk or returned for other reason to a person insured shall
not be included in the taxable receipts; nor shall any tax be paid upon reinsurance by a company that has already paid the
tax; nor upon premiums collected or received by any branch of a domestic corporation, firm or association doing business
outside the Philippines on account of any life insurance of the insured who is a nonresident, if any tax on such premium is
imposed by the foreign country where the branch is established nor upon premiums collected or received on account of
any reinsurance , if the insured, in case of personal insurance, resides outside the Philippines, if any tax on such premiums
is imposed by the foreign country where the original insurance has been issued or perfected; nor upon that portion of the
premiums collected or received by the insurance companies on variable contracts, in excess of the amounts necessary to
insure the lives of the variable contract owners.

‘Cooperative companies or associations’ are such as are conducted by the members thereof with the money collected from
among themselves and solely for their own protection and not for profit.

GJFP

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Life Insurance Premiums

of the total premium collected, whether
such premiums are paid in money,
2% notes, credits or any substitute for
money shall be collected from every
person company or corporation doing
life insurance business

Exception: Purely cooperative companies or associations

‘Cooperative companies or associations’ are such as are conducted by the members thereof with the
money collected from among themselves and solely for their own protection and not for profit.

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Not Part of Gross Receipts subject to OPT

Refunded within 6 months Non-resident insured
On account of rejection of risk or a) Any branch of a domestic
returned for other reason to a person corporation, firm or association doing
insured business outside the Philippines on
account of any life insurance of the
insured who is a nonresident, if any
tax on such premium is imposed by
Reinsurance premiums the foreign country where the branch
If the tax was already paid in the original is established nor upon premiums
insurance contract collected or received on account of
any reinsurance
b) If the insured, in case of personal
Variable portion
insurance, resides outside the
of the premiums collected or received by
Philippines, if any tax on such
the insurance companies on variable
premiums is imposed by the foreign
contracts in excess of the amounts
country where the original insurance
necessary for insurance
has been issued or perfected

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Non-life Insurance and Insurance

Commissions
1. Non-life insurance companies are subject to VAT.
2. Non-life reinsurance premiums are subject to VAT.
3. Insurance and reinsurance commissions, whether life or non-life, are
subject to VAT.

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SEC. 124. Tax on Agents of

Foreign Insurance Companies
Every fire, marine or miscellaneous insurance agent authorized under the Insurance Code to
procure policies of insurance as he may have previously been legally authorized to transact on
risks located in the Philippines for companies not authorized to transact business in the
Philippines shall pay a tax equal to twice the tax imposed in Section 123: Provided, That the
provision of this Section shall not apply to reinsurance: Provided, however, That the provisions
of this Section shall not affect the right of an owner of property to apply for and obtain for
himself policies in foreign companies in cases where said owner does not make use of the
services of any agent, company or corporation residing or doing business in the Philippines. In
all cases where owners of property obtain insurance directly with foreign companies, it shall be
the duty of said owners to report to the Insurance Commissioner and to the Commissioner each
case where insurance has been so effected, and shall pay the tax of five percent (5%) on
premiums paid, in the manner required by Section 123.

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SEC. 124. Tax on Agents of Foreign Insurance

Companies
4% Insurance obtained through agent

5% Insurance obtained directly from foreign insurance company

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Summary: Insurance
2% Life Insurance Non-life 4% Agent of Foreign
Insurance Company
premiums insurance If done for an insurance
They may be VAT-able company not authorized
Except if paid to
Except crop insurance to transact in the
cooperatives for their own
Philippines
protection
Life insurance is VAT- Insurance Agent
exempt but subject to 2% Commissions 5% Foreign
percentage tax They may be VAT-able. This Insurance
includes both insurance and
Reinsurance reinsurance commissions. Companies
If the insured directly
Premiums transacts with such without
Not taxable, if already Insurance Agents the use of an agent, company
Of foreign insurance or corporation doing business
taxed companies for non-life in the Philippines; property
Non-life insurance services are insurance for property in
Reinsurance VAT-exempt. However Phils.
they may be subject to
Premiums OPT (see next)
Subject to VAT
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Other Income of Insurance

Companies
Direct writings/premiums
Subject to premium tax at 2%
Reinsurance fees, reinstatement
fees, renewal fees and penalties
incidental to insurance policy are
akin to premiums
Subject to premium tax at 2%
Investment income realized from investment of
premiums earned
Not subject to premium tax at 2% nor subject to VAT because
the premiums have already been taxed
Investment income realized from investment of
funds obtained from others
This qualifies as a quasi-banking function, subject to Gross
Receipts Tax

Management fees, rental income,

etc. that can be pursued
independently of the insurance
business RMC 30-2008
Not subject to premium tax at 2%, subject
to VAT
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SEC. 125. Amusement Tax

There shall be collected from the proprietor, lessee or operator of cockpits, cabarets, night
or day clubs, boxing exhibitions, professional basketball games, Jai-Alai and racetracks, a
tax
For the purpose of the amusement tax, the term ‘gross receipts’ embraces all the receipts of
the proprietor, lessee or operator of the amusement place.
Said gross receipts also include income from television, radio and motion picture rights, if
any.
A person or entity or association conducting any activity subject to the tax herein imposed
shall be similarly liable for said tax with respect to such portion of the receipts derived by
him or it.

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Amusement Tax

15% 18% Cabarets,

Professional day and night
basketball clubs 10% Boxing
games Exhibitions
Except when one of the
contenders in a World
30% Jai-Alai or Oriental
18% Cockpits and racetracks Championship is a
Filipino citizen if
promoted by a Filipino
citizen or a corporation
at least 60% owned by
Filipinos

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15% Professional basketball games

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18% Cockpits

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18% Cabarets, day and night clubs

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10% Boxing Exhibitions

Requirements for Exemption:
1. World or Oriental Championships
2. Any division is at stake
3. At least one of the contenders is a
Philippine citizen
4. Exhibitions are promoted by a Philippine
citizen or by a corporation at least 60% of
its shares are owned by Philippine
citizens

Did you know?

In boxing, if a boxer is knocked down and is unable to continue the fight within a ten-second
count, they are counted as having been knocked out and their opponent is awarded the KO victory.
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30% Jai-alai and Race Tracks

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SEC. 126. Tax on Winnings

Every person who wins in horse races shall pay a tax equivalent to ten percent (10%) of his winnings or
'dividends’,
In the case of winnings from double, forecast/quinella and trifecta bets, the tax shall be four percent
(4%). In the case of owners of winning race horses, the tax shall be ten percent (10%) of the prizes.
The tax is based on the actual amount paid to the winner for every winning ticket after deducting the
cost of the ticket
The tax herein prescribed shall be deducted from the 'dividends' corresponding to each winning ticket
or the 'prize' of each winning race horse owner and withheld by the operator, manager or person in
charge of the horse races before paying the dividends or prizes to the persons entitled thereto.

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Horse Races 30% on gross

receipts
Of operators of racetracks
with or without entrance
fee
Operator
withholds
the tax Operator
withholds
the tax
10% on winnings
Of a person who bets in a
horse race, based on the
dividends less cost of the
4% on winnings ticket
10% on winnings
If winnings are from
double, forecast/quinella of the owner of
and trifecta bets the winning horse

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SEC. 127. Tax on Sale, Barter or

Exchange of Shares of Stock Listed
and Traded through the Local Stock
Exchange or through Initial Public
Offering.
A) Tax on Sale, Barter or Exchange of Shares of Stock Listed and
Traded through the Local Stock Exchange.
B) Tax on Shares of Stock Sold or Exchanged Through Initial Public
Offering.

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Shares Listed and Traded in the

Stock Exchange Duties of the stock broker:
60% of 1 % on gross
selling price or gross
value in money of the
shares of stock sold,
exchanged or disposed
The tax is paid by the
seller or transferor.
1. Remit the tax within 5 banking
days
2. Submit a declaration of all
transactions during the week
on the next Monday to the
secretary of the stock
exchange
Filing and Payment
5 banking days from date of
collection

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Shares Sold or Exchanged Through

Initial Public Offering
There shall be levied, assessed and collected on every
sale, barter, exchange or other disposition through
initial public offering of shares of stock in closely held
corporations, as defined herein, a tax at the rates # of shares sold
provided hereunder based on the gross selling price
or gross value in money of the shares of stock sold, # of shares
bartered, exchanged or otherwise disposed in
= %
accordance with the proportion of shares of stock outstanding after
sold, bartered, exchanged or otherwise disposed to sale
the total outstanding shares of stock after the listing
in the local stock exchange.

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This section has been repealed by RA

11494 or the Bayanihan to Recover as
One Act

See also RR 23-2020

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Shares Sold or Exchanged Through

Initial Public Offering
IPO on gross selling price Filing and Payment
Of shares held by a non-dealer in a closely
held corporation or by the issuing • Primary offering – 30
corporation depending on % of sold shares days from date of listing
to total outstanding shares after in PSE
• Secondary offering – 5
banking days from date
4% if up to 25% of collection

2% more than 25% but not over 33 1/3%

1% over 33 1/3%
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DEFINITIONS
Initial public offering - refers to public offering of shares of stock made for the first time in the Local Stock
Exchange. [Sec. 2 (j), RR 6-2008]
Primary offering - refers to the original sale made to the investing public by the issuer corporation of its
unissued Shares of Stock
Secondary offering - refers to an offer for sale to the investing public by the existing shareholders of their
securities which is conducted during an IPO or a follow-on/follow-through offering.
Follow-on/follow-through - the issuance of shares to investors by a public company that is currently listed
on a stock market exchange.
"Closely-held Corporation" means corporation at least fifty percent (50%) in value of the outstanding capital
stock or at least fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote
is owned directly or indirectly by or for not more than twenty (20) individuals.

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Common Provisions for Sale of

Shares
1. Any gain derived from the sale, barter, exchange or other disposition of
shares of stock under this Section shall be exempt from the tax imposed
in Sections 24(C), 27(D)(2), 28(A)(8)(c), and 28(B)(5)(c) (Capital Gains Tax)
of this Code and from the regular individual or corporate income tax.
2. Tax paid under this Section shall not be deductible for income tax
purposes.

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Returns and Payment of Percentage Taxes

All other OPT Sale of listed shares and through Sale of shares through primary
secondary public offering offering
BIR Form 2552
BIR Form 2551Q BIR Form 2552
Within 30 days from
Manual Within 5 days from date date of listing in PSE
Within 25 days from of collection
quarter end
EFPS
Within 25 days from
quarter end

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Transaction Rate Transaction Rate

Persons exempt from Boxing exhibition

VAT
Gas utilities Overseas dispatch,
message from the
Philippines
Electric utilities
Professional basketball
game
Cockpits
On interest earned by a
NBFI where the maturity
On dividends received period is 7 years
by a bank
All other income of
Life insurance other NBFI
premiums
All other income of a
Non-life insurance bank or NBFI
premiums performing quasi-
Insurance agent of a banking functions
foreign insurance Transport network
company company without a CPC GJFP

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Transaction Rate Transaction Rate

Persons exempt from 3% OPT Boxing exhibition It depends (lol)

VAT
Gas utilities 2% OPT Overseas dispatch, 10% OPT
message from the
Philippines
Electric utilities 12% VAT
Professional basketball 15% OPT
game
Cockpits 18% OPT
On interest earned by a 1%
NBFI where the maturity
On dividends received 0% OPT period is 7 years
by a bank
All other income of 5%
Life insurance 2% OPT other NBFI
premiums
All other income of a 7%
Non-life insurance 12% VAT bank or NBFI
premiums performing quasi-
Insurance agent of a 4% OPT banking functions
foreign insurance Transport network 12% VAT
company company without a CPC GJFP

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