BUSINESS TAX

NATURE OF BUSINESS TAX

Relative consumption tax Business tax is a tax on the consumption of goods or s
Indirect Tax tax is collected from the seller
Privilege Tax privilege to do business
National Tax imposed by the national governement

TYPES OF BUSINESS TAX

Percentage Tax
Value Added Tax
Excise Tax

PROCEDURES OF BUSINESS TAXATION

1. Evaluate if the sales activity qualifies as a business business or personal
2. Identify the taxable person sole, corporation
3. Determine the activity type goods, services
4. Classify the sales or receipts exempt , subject to specifi
5. Determine the taxpayer registration type VAT, Non VAT 3M, or less
6. Determine if the goods or service offered is excisable

BASIS OF BUSINESS TAX

Gross Selling Price 10.00 1.20 11.20 goods
Gross Receipts 15,000.00 1,800.00 16,800.00 service
Constructive receipt
Witholding tax 15,000.00 1,800.00 16,800.00 750.00

TYPES OF SALES OR RECEIPTS

Exempt Sales
Receipt specifically subject to percentage tax
Vatable sales

EXEMPT SALES
Sales of certain basic necessities
Sales exempt by law, treaty or contacts
Casual sales or sales by non business sellers
Export sales of non VAT registered persons
agricultural, marine products, health services, educati
cooperatives to members, aircrafts or vesels, printing
not regularly in trade or business, employer-employee
export sales by non vat person

RECEIPTS SPECIFICALLY SUBJECT TO A PERCENTAGE TAX

Banks and non bank financial intermediaries
International carriers
Domestic common carriers
Certain amusement places
PSE ( Phil Stock Exchange)
 Franchise grantees of television or radio and gas or water
Life insurance companies
Franchise grantees of telephone or telegraph on overseas dispatch
Winnings from jai alai and race tracks
BICAP FLOW
percentage tax rates range from 6% - 30%

VATABLE SALES
Non VAT Register 3% general percentage tax
VAT Register 12% VAT

Mandatory Registration
Optional Registration

General Threshold 3 Million

Special Threshold 10 Million - franchise grantees of radion or television

BUSINESS TAX ACCTG PERIOD one quarter

BUSINESS TAX REPORTING 2550M/2550Q - vat , 2551M/2551Q - non vat

TIMING OF VAT REGISTRATION

REVOCABILITY OF VAT REGISTRATION

franchisee of radio/television - irrevocable
voluntary - lock in period of 3 years
VAT , failed to exceed the VAT threshold- can opt to cancel

PENALTY FOR REGISTRABLE PERSONS

VAT REGISTERED
SALES OUTPUT VAT
Regular sales 12 % VAT
Sales to the government
Zero rated sales Export sales, VAT 0% 20,000.00 -
Exempt sales Exempt 10,000.00 -

OUTPUT VAT
1. Regular Output Vat - domestic 12%
2. Zero Output VAT - export or other zero rated sales 0%

INPUT VAT
Transitional Input VAT 2% of beg inventory or actual vat paid whichever is higher
Regular Input VAT 12% VAT
Amortisation of Input VAT 5 yrs or 60 months or useful life, whichever is lower, as pre TRAIN
Presumptive Input VAT 4% of the gross value in money, Sa MaMi Co PaRe
Input VAT Carry over input > output

bag cost 15k , sell it for 30k

jan output 10,000.00

input 25,000.00
vat due - 15,000.00 input vat carryover

feb output 50,000.00

input 25,000.00
vat due 25,000.00
input vat carryover - 15,000.00
vat due 10,000.00
consumption of goods or services and is imposable only when the seller is a business

vernement

business or personal
sole, corporation
goods, services
exempt , subject to specific percentage tax, vatable
VAT, Non VAT 3M, or less than 3M

16,050.00 net cash proceeds

ts, health services, educational, housing or residential

aircrafts or vesels, printing of books, magazines, newspapers
siness, employer-employee, services rendered by headquarter of multinational company
 output vat input vat vat due
JAN 20-Feb 10,000.00 7,000.00 3,000.00
FEB 20-Mar 15,000.00 10,000.00 5,000.00
MAR 25-Apr quarterly 20,000.00 13,000.00
output 45,000.00 30,000.00
input 30,000.00
vat due 15,000.00
less jan - 3,000.00
feb - 5,000.00
vat due 7,000.00
TIMING OF VAT REGISTRATION
general business Mar 3,500,000
monitor monthly Apr should register as VAT taxpayer
20-May - 2550M

franchisee 2020 10,500,000.00

monitor yearly 2021 January - should register as VAT taxpayer

general business below threshold but opt to register as VAT taxpayer

- not later than 10days before beg of the taxable quarter

failed to register as VAT taxpayer

gross sales inclusive 3,500,000.00 375,000
output vat 375,000.00 420,000
input vat -
vat due 375,000.00

OUTPUT VAT INPUT VAT VAT DUE

EXEMPT SALES 10,000.00 - - -
ZERO RATED 20,000.00 - 1,071.43 - 1,071.43 input tax credit , can be refunded from B
RAW MATS 10,000/1.12*.12
Sales to the government 30,000.00
witheld 5% 1,339.29
30,000/1.12=26.785.71*.05
net cash proceeds 28,660.71

output vat 3,214.29 as is at 12%

actual input vat 2,678.57
standard input vat 1,875.00 - 803.57 gain/loss - cost of sales
7% of the gross sales ex VAT
redit , can be refunded from BIR
PAGE 236
Transfer and Business Taxation Tabag.pdf
A VAT taxpayer billed to the client 150,000 for professional services rendered. The client

Output VAT 16,071.43

Total cash collected 136,607.14 133,928.57 13,392.86

Mr Quezon a Non Vat taxpayer, had the following vatable receipts from his service busin

Vatable receipts Cumulative receipts Cost and Expenses Input Vat

Jan 1 - Sept 30 2,250,000.00 2,250,000.00 1,200,000.00 -
October 1,000,000.00 3,250,000.00 500,000.00 -
November 1,000,000.00 4,250,000.00 700,000.00 74,000.00
December 1,000,000.00 5,250,000.00 800,000.00 62,000.00

Required returns tax due

October 30,000.00
November 2550M 46,000.00 120,000.00
December 2550Q 58,000.00 240,000.00

failed to register as VAT

Required returns tax due
November 30,000.00
December 58,000.00 120,000.00
120,000.00

Special Care Store, is a business catering for the needs of seniors and persons with disabilities. It had the

Senior Citizen PWDs

Vitamin supplements 300,000.00 100,000.00
Medical drugs 100,000.00 140,000.00
Eye glasses 80,000.00 120,000.00
Kitchen supplies 200,000.00 100,000.00
Caskets and urns 240,000.00 120,000.00
Memorial lot 300,000.00 200,000.00

Determine which of the following are vat exempt

Monte Rey had the following sales in his store

Sales of meat cuts 400,000.00

Sales of hotdogs 100,000.00
Cup noodles 10,000.00
Canned sardines and beans 40,000.00
 Determine which of the following are vat exempt

Cordillera Courier publishes a weekly newspaper. During the month, it had the following
Sale of newspapers 500,000.00
Fees from advertisements 300,000.00
Rent from lessess of vacant spaces 50,000.00

Determine which of the following are vat exempt

Baguio Printing Press reported the following receipts from printing services:
Books 300,000.00
Newspapers 200,000.00
Tarpaulins and campaign ads 200,000.00

Determine which of the following are vat exempt

Mr. Horace opted to be registered as VAT taxpayer. He had the following inventory

VAT exempt goods 80,000.00 x

Vatable goods (purchased from non VAT suppli 40,000.00 800.00
Equipment (purchased from a VAT supplier) 112,000.00 x
Total beginning inventory 232,000.00

How much is the transitional input VAT 800.00

Alexander became liable to VAT after exceeding the VAT threshold in November 2020.
Alexander had the following beginning inventory for December 2020.

Vat exempt goods 20,000.00 x

Vatable goods
'-purchased from non vat sellers 60,000.00 1,200.00
-purchased from vat sellers 11,200.00 200.00
Total Dec 31 2020 inventory 91,200.00 1,400.00

How much is the transitional input VAT 1,400.00

Isulan Company, a VAT registered taxpayer, purchased the following capital goods in Ma

Capital goods Price Input Vat Useful life

 Equipment 600,000.00 72,000.00 4 years
Truck 700,000.00 84,000.00 10 years
1,300,000.00 156,000.00

How much is the input vat for March 2020 2,900.00

Isulan Company, a VAT registered taxpayer, purchased the following capital goods in Ma

Capital goods Price Input Vat Useful life

Equipment 450,000.00 54,000.00 4 years
Truck 550,000.00 66,000.00 10 years
1,000,000.00 120,000.00

How much is the input vat for March 2020 120,000.00

Bilimo Oil Corporation, a VAT registered cooking oil manufacturer, purchased the followi
in the processing of cooking oils, during the month
COST INPUT VAT
COPRA 1,200,000.00
X HEXANE SOLVENT 50,000.00 6,000.00
X CANS AND BOTTLES 200,000.00 24,000.00
X SODIUM HYDROXIDE 80,000.00 9,600.00
X ACTIVATED CARBON 100,000.00 12,000.00
1,630,000.00 51,600.00

During the month, Bilimo produced 1000 cans, 1500 bottle of cooking oils, and sold 800 cans and 1200 bottles to va
wholesalers for 2,800,000.00

How much is the presumptive input vat 48,000.00

How much is the vat payable 236,400.00 2,040.00
284,400.00
output vat 336,000.00
input vat 99,600.00
vat due 236,400.00

cost input vat

x Fresh sardines 800,000.00 -
Hot chili 50,000.00 -
tomatoes 400,000.00 -
ordinary salt 20,000.00 -
x tin can 120,000.00 14,400.00
x labels 60,000.00 7,200.00

18,000.00
How much is the presumptive input vat 18,800.00 18,800.00
50,800.00
50,000.00
endered. The client witheld 10% creditable witholding tax

136,607.14

om his service business since his start of business in January 1 2020

136,000.00 104,000.00 58,000.00

58,000.00

th disabilities. It had the following sales of goods during the month

 it had the following receipts

wing inventory

n November 2020.

10,000.00 1,200.00 actual input

capital goods in March 2020

 1,500.00 48months
1,400.00 60months

capital goods in March 2020

1,125.00
1,100.00

2,225.00

urchased the following materials

ans and 1200 bottles to various

336,000.00 300,000.00 252,000.00

288,000.00 236,000.00
output vat -
input 60,000.00
vat payable - 60,000.00 tax refund/tax credit

exempt

30,000.00

20,000.00

output vat 1,200,000.00

input vat 40,000.00
24,000.00
15,000.00
79,000.00
vat due 1,121,000.00
1,121,000.00 1121000
1,041,000.00
1,146,600.00
1,161,000.00
1,213,392.86
1,018,028.57
 PERCENTAGE TAX
1. SERVICES SPECIFICALLY SUBJECT TO PERCENTAGE TAX
2. GENERAL PERCENTAGE TAX

B BANKS AND NON BANKS FINANCIAL INTERMEDIARIES

I INTERNATIONAL CARRIERS - CARGOES, EXCESS BAGGAGE, MAILS
C COMMON CARRIERS - TRANSPORT OF PASSENGER BY LAND AND KEEPER
A AMUSEMENT PLACES
P BROKERS - SALE OF STOCK THROUGH PSE, AND CORPORATIONS/SHAREHO

F FRANCHISE GRANTEES
L LIFE INSURANCE COMPANIES AND AGENTS OF FOREIGN INSURANCE
O OVERSEAS COMMUNICATION OF TELEPHONE COMPANIES
W WINNINGS - JAI ALAI AND COCKPIT OPERATORS

B BANKS AND QUASI BANKS

GROSS RECEIPT TAX 1 INTEREST INCOME, COMMISSIONS AND DISCOUNTS FROM LEND
ON THE BASIS OF REMAINING MATURITIES
A. MATURITY - 5 YEARS OR LESS
B. MATURITY - MORE THAN 5 YEARS
2 DIVIDEND AND EQUITY SHARES IN THE INCOME OF SUBSIDIARY
3 ROYALTIES, RENTALS OF PROPERTY, REAL OR PERSONAL, PROF
FROM EXCHANGE
4 NET TRADING GAINS WITHIN TAXABLE YEAR ON FOREIGN CU
DERIVATIVES

B NON BANK FINANCIAL INTERMEDIARIES - WITHOUT QUASI BANKING

PAWNSHOPS
MONEY CHANGERS

1 INTEREST INCOME, COMMISSIONS AND DISCOUNTS FROM LEND

ON THE BASIS OF REMAINING MATURITIES
A. MATURITY - 5 YEARS OR LESS
B. MATURITY - MORE THAN 5 YEARS

2 GROSS RECEIPTS FROM ALL OTHER ITEMS

PRE TERMINATION
NET TRADING GAINS
FINANCE LEASE
OPERATING LEASE

I INTERNATIONAL CARRIERS - CARGOES, EXCESS BAGGAGE, MAILS ONLY

AIR OR SEA INTERNATIONAL CARRIERS
FROM PHILS TO ABROAD (OUTGOING)
REGARDLESS OF THE PLACE WHERE THEY ARE ACTUALL BILLE

TAX RATE : 3% OF GROSS RECEIPTS

 C COMMON CARRIERS - TRANSPORT OF PASSENGER BY LAND AND

COMMON CARRIER TAX TAXI CABS

CARS FOR HIRE OWNED BY RENT A CAR COMPANIES
TOURIST BUSES USED TO TRANSPORT PASSENGER

EXEMPT
OWNERS OF BANCA
OWNERS OF ANIMAL DRAWN TWO WHEELED VEHICLE

TAX RATE : 3% OF ACTUAL QUARTERLY GROSS RECEIPTS OR MINIMUM

MINIMUM PRESUMPTIVE GROSS RECEIPTS (QUARTERLY)

A AMUSEMENT PLACES

AMUSEMENT TAX

P BROKERS - SALE OF STOCK THROUGH PSE, AND CORPORATIONS/SHAREHO

A SALE OF STOCK THROUGH PSE
STOCK TRANSACTION TAX TAX RATE : 60% OF 1% BASED ON GROSS SELLING PRICE OF THE SHAR

B SALE OF CLOSELY HELD CORPORATIONS/SHAREHOLDERS -

 PRIMARY OFFERING ( SELLING OF UNISSUED SHARES)
SECONDARY OFFERING (SELLING OF ISSUED SHARES)

F FRANCHISE GRANTEES
FRANCHISE TAX
RADIO OR TELEVISION BROADCASTING COMPANIES (SALES<10
GAS AND WATER UTILITIES
PAGCOR

L LIFE INSURANCE COMPANIES AND AGENTS OF FOREIGN INSURANCE

A LIFE INSURANCE COMPANIES

TAX RATE : 2% ON THE PREMIUMS COLLECTED

B AGENTS OF FOREIGN INSURANCE

EQUAL TO TWICE THE TAX IMPOSED ON LIFE INSURANCE
TAX RATE : 4% ON THE PREMIUMS COLLECTED

C INSURANCE OBTAINED DIRECTLY FROM FOREIGN INSURANCE

TAX RATE : 5% ON THE PREMIUMS PAID

O OVERSEAS COMMUNICATION OF TELEPHONE COMPANIES

OVERSEAS COMMUNICATION TAX CALL FROM PHILS TO ABROAD
TAX RATE : 10%

W WINNINGS - JAI ALAI AND COCKPIT OPERATORS, HORSE RACE

SELF EMPLOYED AND OR PROFFESSIONALS WHO OPTED TO THE 8% INCOME TA
 VARIOUS TAX RATES
3%

AGGAGE, MAILS ONLY

BY LAND AND KEEPERS OF GARAGE

RPORATIONS/SHAREHOLDERS - IPO

REIGN INSURANCE

DISCOUNTS FROM LENDING ACTIVITIES AND INCOME FROM FINANCIAL LEASING

5%
1%
NCOME OF SUBSIDIARY 0%
AL OR PERSONAL, PROFITS
7%
E YEAR ON FOREIGN CURRENCY, DEBT SECURITIES 7%

UT QUASI BANKING

DISCOUNTS FROM LENDING ACTIVITIES AND INCOME FROM FINANCIAL LEASING

5%
1%

5%

AGGAGE, MAILS ONLY 3%

EY ARE ACTUALL BILLED

BY LAND AND KEEPERS OF GARAGE 3%

3%
COMPANIES 3%
3%

ELED VEHICLE

SS RECEIPTS OR MINIMUM QUARTERLY GROSS RECEIPTS ( WHICHEVER IS HIGHER)

IPTS (QUARTERLY)

RPORATIONS/SHAREHOLDERS - IPO 60% OF 1%

LING PRICE OF THE SHARES OF STOCKS 10,000.00 SHARES

5.00
50,000.00
NS/SHAREHOLDERS - IPO (INITIAL PUBLIC OFFERING) 1%
500
60%
4% 300.00 TAX DUE
 2%
1%

SSUED SHARES) =(10,000/(30,000+20,000) 50,000 SHARES

SSUED SHARES) =(25,000/30000) 30,000 SHARES
20,000 SHARES

COMPANIES (SALES<10M) 3%
2%
5%

REIGN INSURANCE

2%

4%
LIFE INSURANCE

FOREIGN INSURANCE COMPANIES

10%

ORSE RACE
O THE 8% INCOME TAX
@5.00 AUTHORIZED SHARES
ISSUED SHARES
UNISSUED SHARES
 1 ON JANUARY 1 2015, PINOY BANK LOANED 1,000,000.00 TO A CLIENT PAYABLE WITHIN 10
THE LOAN PAYS 10% INTEREST PAYABLE EVERY DECEMBER 15 WITH THE INTEREST PAYME

JUNE 30 2021 THE CLIENT PRE TERMINATED THE LOAN BY REPAYING THE PRINCIPAL IN FU

COMPUTE FOR THE GROSS RECEIPT TAX

REMAINING
YEAR MATURITY INTEREST INCOME TAX RATE
2015 9 YRS 100,000.00 1%
2016 8 YRS 100,000.00 1%
2017 7 YRS 100,000.00 1%
2018 6 YRS 100,000.00 1%
2019 5 YRS 100,000.00 5%
2020 4 YRS 100,000.00 5%
2021

pretermination COMPUTE FOR THE GROSS RECEIPT TAX

REMAINING
YEAR MATURITY INTEREST INCOME TAX RATE
31-Dec 2015 5.5 100,000.00 1%
31-Dec 2016 4.5 100,000.00 5%
31-Dec 2017 3.5 100,000.00 5%
31-Dec 2018 2.5 100,000.00 5%
31-Dec 2019 1.5 100,000.00 5%
31-Dec 2020 0.5 100,000.00 5%
31-Dec 2021 0 50,000.00 5%

TAX PAID
31-Dec 1 TAX DUE

2 MIA IS AN OPERATOR OF FIVE JEEPNEYS AND TWO BUSES. THE MONTHLY RECEIPTS OF HIS

COMMON CARRIER TAX PASSENGER CARGOES TOTAL

TRICYCLE 20,000.00 - 20,000.00
JEEPNEYS 150,000.00 10,000.00 160,000.00
BUSES 200,000.00 40,000.00 240,000.00
TOTAL 370,000.00 50,000.00 420,000.00

ASSUMING MIA IS VAT REGISTERED, HOW MUCH IS THE PERCENTAGE TAX DUE?
350,000.00 50,000.00
3% 10,500.00

ASSUMING MIA IS A NON VAT REGISTERED, HOW MUCH IS THE PERCENTAGE TAX DUE?
350,000.00
3% 10,500.00 3%
3 NORTH DOME OPERATES A COLISEUM WHICH CATERS TO VARIOUS ATHLETIC AND ARTIST
DURING THE QUARTER, NORTH DOME REPORTED RECEIPTS OF THE FOLLOWING EVENTS:

PROFESSIONAL NON TITLED BOXING BOUTS

PHIL. CHAMPIONSHIP BOXING BOUTS
PROFESSIONAL BASKETBALL GAMES
AMATEUR BASKETBALL GAMES
CONCERT OF VARIOUS MUSICAL ARTISTS
TOTAL RECEIPTS

HOW MUCH IS THE AMUSEMENT TAX DUE?

IF NORTH DOME IS A VAT TAXPAYER, HOW MUCH IS THE TOTAL TAX DUE?

IF NORTH DOME IS A NONVAT TAXPAYER, HOW MUCH IS THE TOTAL TAX DUE?

4 LA VENICE HOTEL INC OPERATES A HOTEL WITH A DISCO AND RESTAURANT.

THE FOLLOWING WERE ITS SALES AND RECEIPTS DURING A PARTICULAR QUARTER.

ROOM RENTALS
PARKING RENTALS
SALES FROM HOTEL RESTAURANT
SALE OF FOOD AND BEVERAGES FROM DISCO
GATE RECEIPTS FROM DISCO
TOTAL RECEIPTS

HOW MUCH IS THE AMUSEMENT TAX DUE?

5 QUEEN CORPORATION IS OWNED BY THE FOLLOWING SHAREHOLDERS:

MR. ALMANAC 25,000 shares

MR. BOAR 20,000 shares
MRS CAT 40,000 shares
MS. DONKEY 10,000 shares
MR. EAGLE 5,000 shares
TOTAL SHARES 100,000 shares
 QUEEN CORPORATION CONDUCTED AN IPO INVOLVING 40,000 UNISSUED SHARES TO BE
SOLD TO THE PUBLIC AT P5.00 PER SHARE. MR BOAR DECIDED TO SELL 15,000 OF HIS SHAR
TO THE PUBLIC DURING THE IPO AT P5.00 PER SHARE

HOW MUCH IS THE IPO TAX FOR PRIMARY OFFERING?

HOW MUCH IS THE IPO TAX FOR SECONDARY OFFERING?

15,000.00
5.00
75,000.00
4%
3,000.00

6 ORION SECURITIES EFFECTED THE SALE OF THE FOLLOWING STOCKS DURING A TRADING D

TRADING THROUGH PSE

TYPE OF STOCKS OWNER
PREFERRED STOCK CLIENT
COMMON STOCK CLIENT
STOCK OPTIONS CLIENT
COMMON STOCK ORION SECURITIES

DIRECTLY TO BUYER
PREFERRED STOCK CLIENT
COMMON STOCK ORION SECURITIES

HOW MUCH IS THE STOCK TRANSACTION TAX?

60% of 1%

7 ABSOLUTE INSURANCE UNDERWRITES BOTH LIFE AND NON LIFE INSURANCE POLICIES.
THE FOLLOWING WERE THE PREMIUMS COLLECTED IN A MONTH

LIFE POLICIES
CASH COLLECTIONS 2,000,000.00
CHECKS 400,000.00
PROMISSORY NOTE 500,000.00
TOTAL 2,900,000.00
2%
58,000.00
HOW MUCH IS THE PREMIUMS TAX?

8 QUICK TELECOM HAD THE FOLLOWING RECEIPTS DURING THE QUARTER

 CALL ORIGIN CALL DESTINATION
PHIL PHIL
ABROAD PHIL
PHIL ABROAD

HOW MUCH IS THE OVERSEAS COMMUNICATION TAX?

9 GAMBY OPERATES A RACE TRACK. IT HAD THE FOLLOWING DIVIDENDS FOR WINNING TICK

TOTAL WINNINGS ON STRAIGHT BETS

COST OF TICKETS 10,000

TOTAL WINNINGS ON DAILY DOUBLE, FORECAST AND QUINELLA

COST OF TICKETS 600

WINNER OF TRIFECTA COST OF TICKET 200

PRIZE OF THE OWNER OF WINNING HORSES

TOTAL PRIZES, WINNINGS OR DIVIDENDS

HOW MUCH IS THE TOTAL TAXES TO BE WITHELD BY GAMBY?

10 JAY, AN OPERATOR OF JAI ALAI REPORTED A TOTAL RECEIPTS OF 1,000,000 FROM JAI ALAI
THERE WAS A TOTAL 650,000 TOTAL WINNINGS OF VARIOUS PICKS MADE BY BETTORS.
THE COST OF WINNING PICKS WAS 50,000.00.

HOW MUCH IS THE PERCENTAGE TAX ON WINNINGS?

650,000.00
- 50,000.00
600,000.00
10%
 60,000.00

HOW MUCH IS THE AMUSEMENT TAX DUE?

1,000,000.00
30%
300,000.00

11 DIAK RESTAURANT HAD ANNUAL RECEIPTS OF 1.5M.

DURING THE MONTH, DIAK RESTAURANT GENERATED 200,000 GROSS RECEIPTS.

HOW MUCH IS THE BUSINESS TAX DUE?

200,000.00
3% 6,000.00
.00 TO A CLIENT PAYABLE WITHIN 10 YEARS
MBER 15 WITH THE INTEREST PAYMENT DUE DEC 31 2015.

N BY REPAYING THE PRINCIPAL IN FULL.

GROSS RECEIPT TAX RAIZA MARJON

1,000.00 ?
1,000.00 ?
1,000.00 ?
1,000.00 ?
5,000.00 ?
5,000.00 ?
14,000.00 ?
AJIE JIECEL

GROSS RECEIPT TAX RAIZA MARJON

1,000.00 ?
5,000.00 ?
5,000.00 ?
5,000.00 ?
5,000.00 ?
5,000.00 ?
2,500.00 ?
28,500.00 AJIE JIECEL
- 14,000.00
14,500.00

USES. THE MONTHLY RECEIPTS OF HIS VEHICLES WERE SUMMARIZED BELOW:

EXEMPT

THE PERCENTAGE TAX DUE? KATE

VAT

UCH IS THE PERCENTAGE TAX DUE? GERALYN

50,000.00
1,500.00
 12,000.00

S TO VARIOUS ATHLETIC AND ARTISTIC COMPETITIONS OR EVENTS.

CEIPTS OF THE FOLLOWING EVENTS:

200,000.00 10% 20,000.00

300,000.00 10% 30,000.00
400,000.00 15% 60,000.00
vatable 500,000.00 3% 15,000.00
vatable 400,000.00 3% 12,000.00
1,800,000.00

110,000.00

THE TOTAL TAX DUE?

CH IS THE TOTAL TAX DUE? 137,000.00

CO AND RESTAURANT.
ING A PARTICULAR QUARTER.

vatable 2,000,000.00
vatable 100,000.00
vatable 1,200,000.00
opt 1,000,000.00 18% 180,000.00
opt 200,000.00 18% 36,000.00
4,500,000.00 216,000.00

216,000.00

G SHAREHOLDERS:

issued shares
NG 40,000 UNISSUED SHARES TO BE
DECIDED TO SELL 15,000 OF HIS SHARES

40,000.00
4,000.00 40,000.00 unissued shares 5.00
140,000.00 total shares 200,000.00
28.57% 2%
3,000.00 4,000.00
15,000.00 issued shares (Mr Boar)
100,000.00 total issued shares
15.00%

OWING STOCKS DURING A TRADING DAY

SELLING PRICE COST

3,000,000.00 2,900,000.00
2,800,000.00 3,000,000.00
400,000.00 450,000.00
N SECURITIES 4,000,000.00 vatable 300,000.00

800,000.00 excluded 500,000.00

N SECURITIES 2,000,000.00 excluded 2,100,000.00

6,200,000.00
1%
62,000.00
60%
37,200.00

D NON LIFE INSURANCE POLICIES.

N A MONTH

NON LIFE POLICIES

1,500,000.00
600,000.00
400,000.00
2,500,000.00

RING THE QUARTER

 AMOUNT COLLECTED
20,000,000.00 12% vatable
8,000,000.00 0% vatable
5,000,000.00 opt

5,000,000.00
10%
500,000.00

WING DIVIDENDS FOR WINNING TICKETS DURING AN EVENT

tax base tax rate
80,000.00 70,000.00 10% 7,000.00 73,000.00
-
-
40,000.00 39,400.00 4% 1,576.00 38,424.00
-
-
30,000.00 29,800.00 4% 1,192.00 28,808.00
-
100,000.00 100,000.00 10% 10,000.00 90,000.00
250,000.00 19,768.00 230,232.00

230,232.00

ECEIPTS OF 1,000,000 FROM JAI ALAI BETS.

ARIOUS PICKS MADE BY BETTORS.
D 200,000 GROSS RECEIPTS.
EXCISE TAX
LEVIED AT THE POINT OF PRODUCTION OR IMPORTATION
COLLECTED BEFORE GOODS ARE REMOVED AT THE POINT OF PRODUCTION
OR BEFORE THE REMOVAL OF THE GOODS FROM CUSTOM
EXCEPTION
COSMETIC SURGERY AND MINERAL PRODUCTS ARE TAX AT THE POINT OF SALE

ALCOHOL PRODUCTS HEALTH TAX ( SIN TAX)

TOBACCO PRODUCTS HEALTH TAX ( SIN TAX)
PETROLEUM PRODUCTS GREEN TAX (ENVIRONMENTALTAX)
MINERAL PRODUCTS GREEN TAX (ENVIRONMENTALTAX)
MISC ARTICLES VANITY TAX (SUMPTUARY TAX)
NON ESSENTIAL SERVICES VANITY TAX (SUMPTUARY TAX)
DONOR'S TAX
Requisites of Donation required formality
Real Property public instrument ( notarized)
Tangible or personal property
' more than 5,000 written
less than 5,000 oral
Intangible personal property public instrument ( notarized)

Resident or Citizen - taxable on global donations

resident citizen, non-resident citizen, resident alien

Non Resident Alien - tax on Phil. Donation except intangible personal property to reciprocity conditions

direct donation
indirect donation
' revocable - exempt from donor's tax
irrevocable - subject to donor's tax

EXEMPT GIFTS
1. donations to exempt donees under NIRC and special laws
2. donations for election campaign
3. transfers for insufficient consideration involving real property classified as capital assets
4. general renunciations of inheritance - (in favor of no one)
5. donations with reserved powers
6. donations to government for public use
7. donations to accredited non profit institution
8. quasi transfers
9. void donations
10. foreign donations of non resident alien donors
11. donations of property exempt under reciprocity

TAXABLE DONATIONS
1. Direct donation of property
2. Donation in trust - irrevocable
3. Specific renunciation of inheritance , unless there are only 2 heirs
4. Renunciation by the surviving spouse of his share in the conjugal or community property
5. transfer inter vivos for insufficient consideration of any property other than real property capital a

DONOR'S TAX

Gross gift xxxx jan

Less : exempt donation 250,000
Net gift subject to tax xxxx
Tax rate 6% may
Donor's tax

Valuation of property donated

 real property - zonal or fair value whicever is higher
personal properties
1. shares of stock
if listed in PSE - average of high and low price at the date of donation
if not listed sept
preferred stock - par value
common stock - book value in financial statement
2. other properties
newly purchased - purchase price
old items - second hand value
monetary claims - amount fixed in the contract donor's tax
tax already paid
donor's tax

2,000,000.00 oct
20,000,000.00

equity 15,000,000.00
preference 4,000,000.00
common 11,000,000.00
common sha 1,000,000.00
book value 11.00 donor's tax due

20,000.00
11.00
net gift 220,000.00

8,000,000.00
12,000,000.00
19,750,000.00
11,500,000.00

20,000,000.00
- 8,000,000.00
net gift 12,000,000.00
reciprocity conditions

ssified as capital assets

or community property
other than real property capital asset

100,000.00

400,000.00

500,000.00
- 250,000.00
 250,000.00
0.06
15,000.00

500,000.00 820
850
1,000,000.00 800
- 250,000.00
750,000.00 1660
0.06 830
45,000.00 1000
- 15,000.00 830,000.00
30,000.00

1,100,000.00
- 250,000.00
850,000.00
0.06
51,000.00
- 15,000.00
- 30,000.00
6,000.00