ST – sales tax

ET – excise tax
PT – percentage tax
GR – gross receipts
S – sale
I – importation
L - lease
Sv – services
PH – Philippines

goods, cargo - same lang

BT - business tax
CCT - common carrier's tax
OCT - overseas communication tax
GRT - gross receipts tax
AT - amusement tax
STT - stock transaction tax
QGR - quarterly gross receipts
GSR - gross sales receipts
GSP - gross selling price
GMS – gross monthly sales
AGR - annual gross receipts
FT - franchise tax (or OPT)
CGT - capital gains tax
PSE - Philippine Stock Exhange
C - city
P - province
OPT in Tax Code
DOMESTIC carriers & keepers
of garages (CCT)
- Cars 4 rent, driver
lessee
- Transpo contractors
- Domestic carriers by
land
- Keepers of garages
DOMESTIC AIR CARRIER
engaged in BOTH domestic and
international transport
operations
INTERNATIONAL carriers
(air & sea doing bus in PH)
FRANCHISE
(Grantor, type of franchise)
Overseas dispatch, message,
conversation originating from
PH (international calls) (OCT)
Rules/Rates:
Gen rule: 3% CCT on QGR
*by land, passengers: 3% CCT on QGR
*by land, cargo: 12% VAT if GSR > 3M
*by air/sea, passengers/goods: VAT
*int'l flights of domestic carriers: 0% VAT or VAT exempt
Min. QGR:
- Jeep for hire - C:2400, P:1200
- Taxis - C:3600, P: 2400
- PUB, seaters
- ≤ 30: C/P: 3600
- 30-50: C/P: 6000
- > 50: 7200
- Car for hire
- w/ chauffeur - C/P: 3000
- w/o chauffeur - C/P: 1800
Gen rule: 12% VAT on Sv performed in PH (PH to PH)
*PH to foreign: 0% VAT
*foreign to PH: exempt from BT
*abroad to PH, passengers/goods: not taxable
*PH to abroad, passenger: not taxable
*PH to abroad, goods: 3% of QGR
*Gov't, radio/TV broadcasting
- 3% FT ( AGR ≤ 10M)
- 12% VAT (VAT reg or AGR > 10M for prece. yr)
*Gov't, gas & water utilities
- 2% FT regardless of GR
*Gov't, all others | *Private Co, all types
- 12% VAT
- 3% FT (AGR ≤ 3M & nonVAT reg)
Gen: 10% on amount paid for such service
Note:
*Domestic long distance calls, reg monthly tel bills: VAT
*Gov't, diplomatic Sv, int'l orgs, news Sv: OCT not app.
OPT in Tax Code
Persons EXEMPT from VAT
AMUSEMENT
( imposed on proprietor, lessee, operator)
AGENTS OF FOREIGN INSURANCE companies
WINNINGS
(person who wins in horse races pay:)
LIFE INSURANCE PREMIUMS
Sale, Barter, Exchange of shares of stock listed &
traded thru local stock exchange (STT)
(assessed on every disposition of shares)
Sale, Barter, Exchange or Issuance of shares of
stock thru initial public offering (IPO tax)
Rules/Rates:
3% on GMS: AGR ≤ 3M & nonVAT reg.
*Boxing exhibitions: 10%
- (both foreigner will compete: AT
- may Pilipinong lalaban: exempt from
AT)
*Professional basketball games: 15%
*Cockpits, cabarets, night, day clubs: 18%
(videoke bar, etc: AT)
*Jai-Alai & racetracks: 30%
(owner of racetrack = own of concessionaire: 30%)
(owner of racetrack ≠ owner of concessionaire:
- owner of racetrack: 30%
- o of concessionaire: 12% VAT / 3% OPT)
(all based on GR, incl from tv radio motion pictures)
*Fire, marine, miscellaneous insurance:
- 4% of total premium collected
*Property insurance bought by property owners
- 5% on premiums paid
*Winning in horse races: 10% of win./dividends
*W. from double, forecast/quinella, trifecta bets:
4% of winnings
*Owners of winning racehorses: 10% of prize
Gen: 2% of total premium collected
*Not included in taxable receipts:
- premiums refunded w/in 6 months
- reinsurance premiums
- any life insurance of a non-resident
- on account of reinsurance
- received on variable contracts
Gen: 6/10 of 1% of GSP
*Not listed in PSE: CGT 15%
Proportion of disposal shares to outstanding
shares: rate on GSP
* ≤ 25% : 4%
* > 25% ≤ 33 ⅓% : 2%
* > 33 ⅓% : 1%
*Sale to public subsq to IPO: 6/10 of 1% of GSP