Review Business and Transfer Tax

What is VAT
What is VAT
VALUE-ADDED TAX (VAT) IS A FORM OF SALES TAX. OR
PRIVILEGE TAX OR AD VALOREM
What is VAT
I T I S A TA X ON C O N S U M P T I O N L E V I E D O N T H E S A L E , B A RT E R ,
E X C H A N G E O R LE A S E O F G O O D S O R P R OP E RT I E S A N D S E RV I C E S I N
T H E P H IL I P P I N E S A N D O N I M P ORTAT I O N O F G O O D S IN TO T H E
PHILIPPINES.
What is VAT
IT IS AN INDIRECT TAX, WHICH MAY BE SHIFTED OR
PASSED ON TO THE BUYER, TRANSFEREE OR LESSEE OF
GOODS, PROPERTIES OR SERVICES
Who are liable for VAT
Any person who, in the
course of trade or
business
SELLS, BARTERS, EXCHANGES, OR LEASES GOODS OR
PROPERTIES;
course of trade or
business
RENDERS SERVICES
course of trade or
business
IMPORTS GOODS.
What is in the course of
trade or business?
What is in the course of
trade or business?
IT MEANS THE REGULAR CONDUCT OR PURSUIT OF A COMMERCIAL OR
E C O N O M I C A C T I V I T Y, I N C L U D I N G T R A N S A C T I O N S I N C I D E N TA L T H E R E T O , B Y A N Y
PERSONS REGARDLESS OF WHETHER OR NOT THE PERSON ENGAGED THEREIN IS
A N O N - S T O C K , N O N - P R O F I T P R I VAT E O R G A N I Z AT I O N , O R G O V E R N M E N T E N T I T Y.
Remember them?
IT MEANS THE REGULAR CONDUCT OR PURSUIT OF A COMMERCIAL OR
E C O N O M I C A C T I V I T Y, I N C L U D I N G T R A N S A C T I O N S I N C I D E N TA L T H E R E T O , B Y A N Y
PERSONS REGARDLESS OF WHETHER OR NOT THE PERSON ENGAGED THEREIN IS
A N O N - S T O C K , N O N - P R O F I T P R I VAT E O R G A N I Z AT I O N , O R G O V E R N M E N T E N T I T Y.
They are not subject sa business tax diba?
Sabe ni jewel?
They are not subject sa business tax diba?
Sabe ni jewel?
Casual sale of capital assets
Engagement in an employer employee relationship
Directorship in a company
a non-stock, non-profit private organization
government entity
Marginal income earners
VAT
Shall be imposed only to the territory of the Philippines
In accordance with the cross border doctrine or destination principle
Zero rated sales
Under the zero-rated sales, the Seller does not impose the 12% VAT
rate to the buyer who is within the Philippines or abroad
Zero rated sales
Under the zero-rated sales, the Seller does not impose the 12% VAT
rate to the buyer who is within the Philippines or abroad
eto yung nasa PEZA eto yung Export
Zero rated sales
The following sales by VAT-registered persons shall be subject to zero percent (0%) rate:
Export sales.
Sales to persons or entities whose exemption under special laws or international agreements to
which the Philippines is a signatory effectively subjects such sales to zero rate.
Zero rated sales
The following sales by VAT-registered persons shall be subject to zero percent (0%) rate:
Export sales.
Sales to persons or entities whose exemption under special laws or international agreements to
which the Philippines is a signatory effectively subjects such sales to zero rate. (eto yung
Effectively zero rated)
Zero rated sales transactions sec
1.Processing, manufacturing or repacking goods for other persons doing business outside the Philippines which goods are subsequently exported where the services are
paid for in acceptable foreign currency and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);
2.Services other than processing, manufacturing or repacking rendered to a person engaged in business conducted outside the Philippines or to a non-resident person
engaged in business who is outside the Philippines when the services are performed, the consideration for which is paid for in acceptable foreign currency and
accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);
3.Services rendered to persons or entities whose exemption under special laws or international agreements to which the Philippines is a signatory effectively subjects the
supply of such services to zero percent (0%) rate;
4.Services rendered to persons engaged in international shipping or air transport operations, including leases of property for use thereof; Provided, that these services
shall be exclusively for international shipping or air transport operations. (Thus, the services referred to herein shall not pertain to those made to common carriers by air
and sea relative to their transport of passengers, goods or cargoes from one place in the Philippines to another place in the Philippines, the same being subject to twelve
percent (12%) VAT under Sec. 108 of the Tax Code, as amended);
5.Services performed by subcontractors and/or contractors in processing, converting, or manufacturing goods for an enterprise whose export sales exceeds seventy
percent (70%) of total annual production;
6.Transport of passengers and cargo by domestic air or sea carriers from the Philippines to a foreign country. (Gross receipts of international air carriers and international
sea carriers doing business in the Philippines derived from transport of passengers and cargo from the Philippines to another country shall be exempt from VAT;
however they are still liable to a percentage tax of three percent (3%) based on their gross receipts derived from transport of cargo from the Philippines to another
country as provided for in Sec. 118 of the Tax Code, as amended); and
7.Sale of power or fuel generated through renewable sources of energy such as, but not limited to, biomass, solar, wind, hydropower, geothermal and steam, ocean energy,
and other shipping sources using technologies such as fuel cells and hydrogen fuels; Provided, however that zero-rating shall apply strictly to the sale of power or fuel
generated through renewable sources of energy, and shall not extend to the sale of services related to the maintenance or operation of plants generating said power.
Export sale of services sec 108 B
2.Services other than processing, manufacturing or repacking rendered to a person engaged in business conducted outside the Philippines or to a non-resident
person engaged in business who is outside the Philippines when the services are performed, the consideration for which is paid for in acceptable foreign currency and
Export sale of services sec 108 B
2.Services other than processing, manufacturing or repacking rendered to a person engaged in business conducted outside the Philippines or to a non-resident
person engaged in business who is outside the Philippines when the services are performed, the consideration for which is paid for in acceptable foreign currency and
PAG NAKA HIGHLIGHT HINDI NA ZERO RATED KAPAG MA MEET YUNG DALAWANG
REQUIREMENTS
Export sales of goods 106(2)(A)
(1) The sale and actual shipment of goods from the Philippines to a foreign country, irrespective of any shipping arrangement that may be agreed
upon which may influence or determine the transfer of ownership of the goods so exported and paid for in acceptable foreign currency or its
equivalent in goods or services, and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);
(2) Sale and delivery of goods to:
(i) Registered enterprises within a separate customs territory as provided under special laws; and
(ii) Registered enterprises within tourism enterprises zones as declared by the Tourism Infrastructure and Enterprise Zone Authority(TIEZA)
subject to the provisions under Republic Act No. 9593 or The Tourism Act of 2009.
3) Sale of raw materials or packaging materials to a nonresident buyer for delivery to a resident local export-oriented enterprise to be used in
manufacturing, processing, packing or repacking in the Philippines of the said buyer's goods and paid for in acceptable foreign currency and
(4) Sale of raw materials or packaging materials to export-oriented enterprise whose export sales exceed seventy percent (70%) of total annual
production;
(5) Those considered export sales under Executive Order NO. 226, otherwise known as the “Omnibus Investment Code of 1987”, and other
special laws; and STATUS QUO ITO
(6) The sale of goods, supplies, equipment and fuel to persons engaged in international shipping or international air transport operations:
Provided, That the goods, supplies, equipment and fuel shall be used for international shipping or air transport operations.
Export sales of goods 106(2)(A)
(1) The sale and actual shipment of goods from the Philippines to a foreign country, irrespective of any shipping arrangement that may be agreed
upon which may influence or determine the transfer of ownership of the goods so exported and paid for in acceptable foreign currency or its
equivalent in goods or services, and accounted for in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP);
(2) Sale and delivery of goods to:
(i) Registered enterprises within a separate customs territory as provided under special laws; and
(ii) Registered enterprises within tourism enterprises zones as declared by the Tourism Infrastructure and Enterprise Zone Authority(TIEZA)
subject to the provisions under Republic Act No. 9593 or The Tourism Act of 2009.
3) Sale of raw materials or packaging materials to a nonresident buyer for delivery to a resident local export-oriented enterprise to be used in
manufacturing, processing, packing or repacking in the Philippines of the said buyer's goods and paid for in acceptable foreign currency and
(4) Sale of raw materials or packaging materials to export-oriented enterprise whose export sales exceed seventy percent (70%) of total annual
production;
(5) Those considered export sales under Executive Order NO. 226, otherwise known as the “Omnibus Investment Code of 1987”, and other
special laws; and STATUS QUO ITO
(6) The sale of goods, supplies, equipment and fuel to persons engaged in international shipping or international air transport operations:
Provided, That the goods, supplies, equipment and fuel shall be used for international shipping or air transport operations.
PAG NAKA HIGHLIGHT HINDI NA ZERO RATED UNLESS MA MEET YUNG DALAWANG
REQUIREMENTS
Export sales of goods 106(2)(B)
(b) Sales to persons or entities whose exemption under special laws or international agreements
to which the Philippines is a signatory effectively subjects such sales to zero rate
Export sales of goods 106(2)(B)
(b) Sales to persons or entities whose exemption under special laws or international agreements
to which the Philippines is a signatory effectively subjects such sales to zero rate
ETO yung mga effectively ZERO RATED sales

What are the transactions which are no
longer subject to zero-percent (0%)?
Sale of gold to BSP
Sale of gold to BSP
Foreign-currency denominated sales
Sale of gold to BSP
Foreign-currency denominated sales
DELETED UNDER TRAIN LAW

1.The sale of raw materials or packaging materials to a non-resident buyer for delivery to a resident local export-
oriented enterprise to be used in manufacturing, processing, packing or repacking in the Philippines of the said
buyer's goods, paid for in acceptable foreign currency, and accounted for in accordance with the rules and
regulations of the BSP;
2.The sale of raw materials or packaging materials to an export-oriented enterprise whose export sales exceed
seventy percent (70%) of total annual production;
3.Transactions considered export sales under Executive Order No. 226, otherwise known as the Omnibus
Investments Code of 1987, and other special laws
4.Processing, manufacturing or repacking goods for other persons doing business outside the Philippines which
goods are subsequently exported where the services are paid for in acceptable foreign currency and accounted for
in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP); and
5.Services performed by subcontractors and/or contractors in processing, converting, or manufacturing
goods for an enterprise whose export sales exceeds seventy percent (70%) of total annual production.
1.The sale of raw materials or packaging materials to a non-resident buyer for delivery to a resident local export-
oriented enterprise to be used in manufacturing, processing, packing or repacking in the Philippines of the said
buyer's goods, paid for in acceptable foreign currency, and accounted for in accordance with the rules and
regulations of the BSP;
2.The sale of raw materials or packaging materials to an export-oriented enterprise whose export sales exceed
seventy percent (70%) of total annual production;
3.Transactions considered export sales under Executive Order No. 226, otherwise known as the Omnibus
Investments Code of 1987, and other special laws
4.Processing, manufacturing or repacking goods for other persons doing business outside the Philippines which
goods are subsequently exported where the services are paid for in acceptable foreign currency and accounted for
in accordance with the rules and regulations of the Bangko Sentral ng Pilipinas (BSP); and
5.Services performed by subcontractors and/or contractors in processing, converting, or manufacturing
goods for an enterprise whose export sales exceeds seventy percent (70%) of total annual production.
Shall be subject to 12% VAT upon satisfaction of the following
conditions:
1. All refund applications of creditable input tax filed from January 1,

2018 shall be processed and must be decided within 90 days
from the filing of VAT refund with the BIR
2. All pending VAT refund claims as of December 31, 2017 shall be
fully paid in cash by December 31, 2019
VAT EXEMPT
ZERO RATED
OUTPUT VAT NO OUTPUT VAT NO OUTPUT VAT
DEDUCTIBLE AGAINST
INPUT VAT TREATMENT GROSS INCOME CREDITABLE
OR REFUNDABLE
EXTENT OF RELIEF PARTIAL FULL
SEC 116
O T H E R P E R C E N TA G E TA X
RATE IS 3%
TA X B A S E I S G R O S S S A L E S / R E C E I P T S ( N E T O F S A L E S D I S C O U N T S A N D
OR RETURNS )
SEC 117
C O M M O N C A R R I E R TA X
RATE IS 3%
3 % O F Q U A RT E R LY G R O S S S A L E S O R R E C E I P T S F R O M T H E T R A N S P O RT O F PA S S E N G E R S , P R O V I D E D T H E G R O S S R E C E I P T S A R E
≥ M I N I M U M L E V E L S P R O V I D E D B Y L AW.
SEC 118
C O M M O N C A R R I E R TA X
RATE IS 3%
3 % O F Q U A R T E R LY G R O S S R E C E I P T S F R O M T H E T R A N S P O R T O F C A R G O F R O M T H E P H I L I P P I N E S T O A N O T H E R C O U N T R Y
SEC 119
F R A N C H I S E TA X
R AT E I S 3 %
TA X B A S E I S A N N U A L G R O S S R E C E I P T S O F T H E P R E C E D I N G Y E A R D O N O T
EXCEED TEN MILLION PESOS (₱10,000,000) FOR RBN
R AT E I S 2 %
GAS AND UTILITIES
SEC 120
O V E R S E A S C O M M U N I C AT I O N S TA X
R AT E I S 1 0 %
- TA X O N O V E R S E A S D I S PAT C H , M E S S A G E , O R C O N V E R S AT I O N
O R I G I N AT I N G F R O M T H E P H I L I P P I N E S B Y T E L E P H O N E , T E L E G R A P H ,
T E L E G R A P H E X C H A N G E , W I R E L E S S , A N D O T H E R C O M M U N I C AT I O N
SEC 121
G R O S S R E C E I P T S TA X
1) TA X O N B A N K S A N D N O N - B A N K F I N A N C I A L I N T E R M E D I A R I E S
P E R F O R M I N G Q U A S I - B A N K I N G F U N C T I O N S ( “ G RT ” )
SEC 122
1) TA X O N F I N A N C E C O M PA N I E S
SEC 123
1) TA X O N L I F E I N S U R A N C E P R E M I U M S ( P R E M I U M S TA X ) : 2 % O F G R O S S
PREMIUMS COLLECTED
SEC 124
I N S U R A N C E TA X
1) TA X O N A G E N T S O F F O R E I G N I N S U R A N C E C O M PA N I E S
a) F O R F I R E , M A R I N E , O R M I S C E L L A N E O U S I N S U R A N C E A G E N T 4% OF
TO TA L P R E M I U M S C O L L E C T E D
SEC 125
A M U S E M E N T TA X
P E R S O N S S U B J E C T: P R O P R I E TO R , O R O P E R ATO R O F C O C K P I T S ,
C A B A R E T S , N I G H T O R D AY C L U B S , B O X I N G E X H I B I T I O N S ,
PROFESSIONAL BASKETBALL GAMES, JAI-ALAI, AND RACE TRACKS.
SEC 126
: WINNINGS (FROM HORSE RACES)
SEC 127
S TO C K T R A N S A C T I O N TA X
SALE, BARTER, OR EXCHANGE OF SHARES LISTED AND TRADED THROUGH
T H E L O C A L S TO C K E X C H A N G E
SALE OR EXCHANGE THROUGH INITIAL PUBLIC OFFERING (“IPO”) OF
S H A R E S O F S TO C K I N C L O S E LY- H E L D C O R P O R AT I O N S
Other percentage tax 3%
Common carrier tax Passenger 3%
Common carrier tax Cargo 3%
Franchise tax RBN 3%
Gas & water 2%
Pagcor 5%
Overseas communications tax 10%
Gross receipts tax up to 5 year 5%
more thsn 5 years 1%
Gross income 7%
net traiding gains 7%
Gross receipts tax up to 5 year 5%
more thsn 5 years 1%
Gross income 5%
Insurance tax 2%
Insurance tax on agents Marine and fire 4%
owner files 5%
Amusement tax cockpits 18%
Cabarets 18%
Night and day clubs 18%
Boxing 10%
Prof basketball 15%
Jai-alai 30%
Race tracks 30%
Winnings (from Horse Races) winnings 10%
double, trifecta 4%
owner of horse 10%
Stock Transaction Tax Shares listed 0.60%
during IPO
Shares sold/outstanding after IPO 25% 4%
Shares sold/outstanding after IPO More that 25% to 33% 2%
Shares sold/outstanding after IPO More than 33% 1%

PAYMENT
In general, every person subject to the percentage taxes imposed under Title V of the Tax Code shall file a
quarterly return (BIR Form No. 2551Q) of the amount of his gross sales, receipts, or earnings and pay the
tax due thereon within twenty-five (25) days after the end of each taxable quarter.
PAYMENT
a. Overseas communication tax under Section 120 of the Tax Code – the tax shall be paid to the person rendering the service, and such person is required to
collect and pay the tax within twenty (20) days after the end of each quarter;
b. Gross receipts tax on banks, non-bank financial intermediaries performing quasi-banking functions, and finance companies under Sections 121 and 122
of the Tax Code – the tax shall be paid monthly within twenty (20) days following the end of the taxable month.
c. Amusement tax under section 125 of the Tax Code – the tax shall be payable within twenty (20) days after the end of each quarter;
d. Tax on winnings under Section 126 of the Tax Code – the tax shall be withheld by the operator, manager or person in charge of the horse races, and must be
remitted to the BIR within twenty (20) days from the date of withholding;
e. Stock transaction tax under Section 127 (A) of the Tax Code;
(5) banking days from the date of collection
f. Stock transaction tax (IPO tax) under Section 127(B) of the Tax Code;
a primary offering within thirty (30) days from the date of listing
a secondary offering, (5) banking days from the date of collection
PAYMENT
a. Overseas communication tax under Section 120 of the Tax Code – the tax shall be paid to the person rendering the service, and such person is required to
collect and pay the tax within twenty (20) days after the end of each quarter;
b. Gross receipts tax on banks, non-bank financial intermediaries performing quasi-banking functions, and finance companies under Sections 121 and 122
of the Tax Code – the tax shall be paid monthly within twenty (20) days following the end of the taxable month.
c. Amusement tax under section 125 of the Tax Code – the tax shall be payable within twenty (20) days after the end of each quarter;
d. Tax on winnings under Section 126 of the Tax Code – the tax shall be withheld by the operator, manager or person in charge of the horse races, and must be
remitted to the BIR within twenty (20) days from the date of withholding;
e. Stock transaction tax under Section 127 (A) of the Tax Code;
(5) banking days from the date of collection
f. Stock transaction tax (IPO tax) under Section 127(B) of the Tax Code;
a primary offering within thirty (30) days from the date of listing
a secondary offering, (5) banking days from the date of collection
Excise tax
Excise taxes apply to goods manufactured or produced in the Philippines for domestic sales or
consumption or for any other disposition and to things imported as well as services performed in
the Philippines. The excise tax imposed herein shall be in addition to the value-added tax
imposed under Title IV
Persons Liable
Excise taxes on imported articles shall be paid by the owner or importer to the Custom Officers,
conformably with the regulations of the Department of Finance and before the release of such
articles from the customs house, or by the person who is found in possession of articles which are
exempt from excise taxes other than those legally entitled to exemption.
Persons Liable
Excise taxes on imported articles shall be paid by the owner or importer to the Custom Officers,
conformably with the regulations of the Department of Finance and before the release of such
articles from the customs house, or by the person who is found in possession of articles which are
exempt from excise taxes other than those legally entitled to exemption.
Persons liable
Every manufacturer or producer of goods or products subject to excise taxes shall file with the
Commissioner on the date or dates designated by the latter, and as often as may be required, a
sworn statement showing, among other information, the different goods or products
manufactured or produced and their corresponding gross selling price or market value, together
with the cost of manufacture or production plus expenses incurred or to be incurred until the
goods or products are finally sold.
Persons liable
Every manufacturer or producer of goods or products subject to excise taxes shall file with the
Commissioner on the date or dates designated by the latter, and as often as may be required, a
sworn statement showing, among other information, the different goods or products
manufactured or produced and their corresponding gross selling price or market value, together
with the cost of manufacture or production plus expenses incurred or to be incurred until the
goods or products are finally sold.
TAX REFORM FOR ACCELERATION AND INCLUSION (TRAIN)
Other Significant Reforms/Changes
Excise Tax
 Invasive cosmetic surgery
1. Liposuction
2. Mamoplasty
3. Breastlift
4. Buccal Fat Reduction
5. Buttocks Augmentation
Excise Tax
6. Chin augmentation
7. Facelift/necklift
8. Hair restoration/transplantation
9. Eyelid surgery
10. Thread lift
Excise Tax
11. Vaginal plastic surgery
12. Penile enlargement
13. Auto grafting
14. Rhinoplasty/Alar Trimming
15. Otoplasty
Excise Tax
 Sweetened beverages
1. Sweetened juice drinks- except fresh juice drinks
2. Sweetened tea
3. Carbonated beverages
4. Flavored water
5. Energy and sports drinks
Excise Tax
 Sweetened beverages
6. Powdered drinks not classified as milk, fresh juice, tea and
coffee
7. Cereal and grain beverages
8. Non alcoholic beverages that contain added sugar
Excise Tax
 Beverages not subject:
1. All milk products
2. One hundred percent natural fruit juices without added sugar/caloric
sweetener
3. One hundred percent natural vegetable juices without added
sugar/caloric sweetener
4. Meal replacement and medically indicated beverages for oral
nutritional therapy
5. Ground instant soluble and pre-packaged powdered coffee products
The Excise due on metallic mineral products shall be due and payable when?
Upon removal of the goods
Upon sale of the goods
Before removal of the goods
Within 15 days from removal of the goods
The Excise due on metallic mineral products shall be due and payable when?
Before removal of the goods
Within 15 days from removal of the goods
Which of the following is not subject to sin tax?
Sweetened beverages
Cigarettes
Prostitution
Alcohol
Which of the following is not subject to sin tax?
Sweetened beverages
Cigarettes
Prostitution
Alcohol
Who is required to pay tax o excisable goods
Imposter
Producer
Possession of goods with paid taxes
Any of these
Imposter
Producer
Possession of goods with paid taxes
Any of these
Importer
Producer
Possession of goods with unpaid taxes
Any of these
Importer
Producer
Possession of goods with unpaid taxes
Any of these
Excise tax is a
Income tax
Business tax
Local tax
Direct tax
Excise tax is a
Income tax
Business tax
Local tax
Direct tax
Incase of natural gas or the excise tax thereon on local sale shall be paid
Buyer or seller equally
Producer of goods
Owner having possession thereof
The first buyer or assignee
Incase of natural gas or the excise tax thereon on local sale shall be paid
Buyer or seller equally
Producer of goods
Owner having possession thereof
The first buyer or assignee
Which of the following is not a taxable sin product
Tobacco leaves
Liquors
Marijuana
Sweetened beverages
Which of the following is not a taxable sin product
Tobacco leaves
Liquors
Marijuana
Sweetened beverages
Which of the following is not a business tax
Amusement tax
Franchise tax
Value added tax
Community tax cedula
Which of the following is not a business tax
Amusement tax
Franchise tax
Value added tax
Community tax cedula
Who is the taxpayer on locally produced excisable goods
Importer
Producer
Consumer
Wholesaler
Who is the taxpayer on locally produced excisable goods
Importer
Producer
Consumer
Wholesaler
Excise tax on locally produce excisable goods shall be paid in general
Before removal of goods from the place of production
Within 15 days from the removal of goods
Upon sale of goods
Excise tax on locally produce excisable goods shall be paid in general
Before removal of goods from the place of production
Within 15 days from the removal of goods
Upon sale of goods
What is the tax base of goods subject to ad valorem tax
Gross selling price
Gross selling price at the place of production
Gross selling price of the reseller
Gross selling price vat inclusive
What is the tax base of goods subject to ad valorem tax
Gross selling price
Gross selling price at the place of production
Gross selling price of the reseller
Gross selling price vat inclusive
In the event that no excise tax was paid for locally produce excisable goods the liable party
BIR
The consumer
The producer of excisable goods
The owner or person having possession of the goods
In the event that no excise tax was paid for locally produce excisable goods the liable party
BIR
The consumer
The producer of excisable goods
The owner or person having possession of the goods
Excise tax that ae imposed based on weight or volume capacity or other physical unit of
measurement
Metrical tax
Specific tax
Quantitative tax
Ad valorem
Excise tax that ae imposed based on weight or volume capacity or other physical unit of
measurement
Metrical tax
Specific tax
Quantitative tax
Ad valorem
The filling of an excise tax bond is required on
Extracted non metallic or metallic products
Extracted indigenous petroleum or natural gas
Extracted mineral or non mineral products
Extracted mineral and metallic products
The filling of an excise tax bond is required on
Extracted non metallic or metallic products
Extracted indigenous petroleum or natural gas
Extracted mineral or non mineral products
Extracted mineral and metallic products
Which of the following does not properly desdribe excise tax
Local tax
National tax
Sin tax
Regulatory tax
Which of the following does not properly describe excise tax
Local tax
National tax
Sin tax
Regulatory tax
Which could not be considered a vanity tax
Excise tax on cosmetic surgery of cleft palate
Excise tax on penile augmentation
Excise tax on hair transplant
Excise tax on liposuction
Which could not be considered a vanity tax
Excise tax on cosmetic surgery of cleft palate
Excise tax on penile augmentation
Excise tax on hair transplant
Excise tax on liposuction
Imported mineral products shall be paid
Before removal of the goods from customs custody
Within 15 days from removal of the goods from customs custody
Upon removal of the goods from customs custody
Imported mineral products shall be paid
Before removal of the goods from customs custody
Within 15 days from removal of the goods from customs custody
Upon removal of the goods from customs custody
Excise tax imposed on luxury or extravagance
Sin tax
Green tax
Sumptuary tax
Environmental tax
Excise tax imposed on luxury or extravagance
Sin tax
Green tax
Sumptuary tax
Environmental tax
Which could not be considered green tax
Excise tax on quarry materials
Excise tax on jewelry
Excise tax on mineral products
Excise tax on petroleum tax
Which could not be considered green tax
Excise tax on quarry materials
Excise tax on jewelry
Excise tax on mineral products
Excise tax on petroleum tax
Excise tax imposed on substance known to harm a persons health
Vanity tax
Sumptuary tax
Green tax
Sin tax
Excise tax imposed on substance known to harm a persons health
Vanity tax
Sumptuary tax
Green tax
Sin tax
Excise tax is not a
Consumption tax
Indirect tax
Direct tax
Business tax
Excise tax is not a
Consumption tax
Indirect tax
Direct tax
Business tax
Subject matter of
succesion
DECEDENT
HEIRS
E S TAT E
RIGHT OR PRIVILEGE
Subject matter of
succesion
RIGHT OR PRIVILEGE
The tax payer in estate
taxation is?
The tax payer in estate
taxation is?
THE ESTATE
The TIN tax payer
identification to be used
in estate taxation is?
The TIN tax payer
identification to be used
in estate taxation is?
THE TIN OF THE ESTATE
A donors tax is imposed
on the
A donors tax is imposed
on the
THE RIGHT OF DONATING
Basis of business tax for
newly open enterprise
is?
Basis of business tax for
newly open enterprise
is?
CAPITALIZATION
Which of the following
is not collected by the
BIR
R E A L P R O P E RT Y TA X
I N C O M E TA X
VA L U E A D D E D TA X
P E R C E N TA G E TA X
is not collected by the
BIR
REAL PROPERTY TAX
is not a transfer tax?
C A P I TA L G A I N S TA X
I N H E R I TA N C E TA X
D O N O R S TA X
E S TAT E TA X
is not a transfer tax?
CAPITAL GAINS TAX
Which sale is not
subject to zero rating?
SALE TO SENIOR CITIZEN
S A L E T O A R E G I S T E R E D E X P O RT T R A D E R
S A L E T O B O N D E D M A N U FA C T U R I N G WA R E H O U S E O F A N E X P O RT T R A D E R
S A L E T O A N E X P O RT P R O C E S S I N G Z O N E
Which sale is not
subject to zero rating?
SALE TO SENIOR CITIZEN
What is the treatment of
input VAT?
I N P U T VAT O N P U R C H A S E S R E L AT E D O N Z E R O R E L AT E D I S D E D U C T I B L E F R O M
GROSS INCOME
I N P U T VAT O N P U R C H A S E S R E L AT E D O N Z E R O R E L AT E D I S C R E D I TA B L E
A G A I N S T O U T P U T VAT
What is the treatment of
input VAT?
INPUT VAT ON PURCHASES RELATED ON ZERO RELATED IS
DEDUCTIBLE FROM GROSS INCOME
Zero rated sales are
taxable but will not
result to an output VAT?
TRUE OR FALSE
Zero rated sales are
taxable but will not
result to an output VAT?
TRUE
Business tax except?
F I N A L W I T H H O L D I N G TA X
N O N - VAT
E X C I S E TA X
FINAL WITHHOLDING TAX
D O C U M E N TA RY S TA M P TA X
F R A N C H I S E TA X
DOCUMENTARY STAMP TAX
Business registration
POLICE POWER
TA X AT I O N P O W E R
POWER OF EMINENT DOMAIN
POLICE POWER
Not subject sa business
tax except
COMMISSIONS ON SALES AGENTS
RETIREMENT BENEFITS
H A Z A R D PAY
Not subject sa business
tax except
COMMISSIONS ON SALES AGENTS
Juridical taxpayers
except
J T I N A S A L J O E L TO R R E P R O P R I E TO R
G M A K A P U S O F O U N D AT I O N
S M D C R E A LT Y I N C
except
DTI
PRC
DSWD
NONE
except
NONE
Professionals except
S T R I C T LY L I C E N S E O N LY B Y T H E P R C
PRACTICE OF PROFESSION
P E R F O R M A N C E O F S E RV I C E O R A C T
M O N I T O R E D B Y A R E G U L AT O R Y A G E N C Y
Professionals except
STRICTLY LICENSE ONLY BY THE PRC
Which is a not a VAT
compliance requirement?
SALES INVOICE
PURCHASE INVOICE
NONE
Which is a not a VAT
compliance requirement?
NONE
Requires prior BIR
application for
effectively zero rating
S A L E S TO P E Z A L O C ATO R S
S A L E TO E X P O RT O R I E N T E D E N T E R P R I S E
S A L E O F O R D I N A RY A S S E T S
Requires prior BIR
application for
effectively zero rating
SALES TO PEZA LOCATORS
Court proceedings for
the validity of a will?
Court proceedings for
the validity of a will?
PROBATE
is not a tax on gain?
E S TAT E TA X
I N C O M E TA X
C A P I TA L G A I N S TA X
is not a tax on gain?
ESTATE TAX
An approve application
for zero rating is given a
RETRO ACTIVE EFFECT
PROSPECTIVE EFFECT
An approve application
for zero rating is given a
PROSPECTIVE EFFECT
Which is not subject to
zero rating
S A L E O F S E RV I C E T O B O I R E G I S T E R E D E N T I T I E S
S E RV I C E S T O E X P O RT O R I E N T E D E N T E R P R I S E
S E RV I C E S T O E M B A S S I E S
S E RV I C E S T O P E Z A L O C AT O R S
Which is not subject to
zero rating
SALE OF SERVICE TO BOI REGISTERED ENTITIES
Which is not a
constructive export?
DIRECT EXPORT TO A FOREIGN COUNTRY
SALES TO EXPORT ORIENTED ENTERPRISE
Which is not a
constructive export?
DIRECT EXPORT TO A FOREIGN COUNTRY
Which is the subject to 3% percentage tax?
1. Which is these is vatable?
Sea vessels
On the transport of excess baggage, cargoes or mails, an international carrier shall pay
Percentage tax even if it is above the VAT threshold
To be subject to the general percentage tax, a taxable person must not be
– VAT registered
From which of the following sources is the gross receipt of an international carrier subject to
percentage tax
Outgoing transport of cargoes
Which of the following franchise is subject to the franchise tax
Water utility
A radio or television broadcasting company with annual gross receipts of not exceeding Php9M
shall pay
– 3% percentage tax
Which is a VAT-exempt receipt to a bus operator
Receipts from passengers
Which is not specifically subject to a percentage tax
– Domestic carriers
From which of the following sources generally does the 3% common carriers tax specifically apply
Transport of passengers
A domestic carrier which is also engaged international transport operation is subject to –
VAT
Which is more likely exempt from business tax
Pedicab
A jeepney operator with gross receipts from passenger fares exceeding P3M in any 12-month
period is subject to
3% percentage tax
Which domestic common carrier is specifically subject to percentage tax (common carrier by sea,
common carrier by air, common carrier by land)
All of these
A VAT registered franchise television broadcasting company with annual gross receipts not
exceeding Php 3M shall pay
12% VAT
To an international carrier, which is subject to percentage tax –
– Outgoing transport of cargoes
Franchise grantees of telephone, telegraph and other communications equipment are subject to
percentage
Overseas dispatch of messages
Meron bang forever?
Meron bang forever?
MERON AYIIEE AHAHHA

Review Business and Transfer Tax

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Review Business and Transfer Tax

Uploaded by

Copyright:

Available Formats

What is VAT

ETO yung mga effectively ZERO RATED sales

DELETED UNDER TRAIN LAW

1. All refund applications of creditable input tax filed from January 1,

Common carrier tax Passenger 3%

Common carrier tax Cargo 3%

Franchise tax RBN 3%

Gas & water 2%

Overseas communications tax 10%

Gross receipts tax up to 5 year 5%

more thsn 5 years 1%

net traiding gains 7%

Gross receipts tax up to 5 year 5%

more thsn 5 years 1%

Insurance tax on agents Marine and fire 4%

Amusement tax cockpits 18%

Night and day clubs 18%

Prof basketball 15%

Race tracks 30%

Winnings (from Horse Races) winnings 10%

owner of horse 10%

Stock Transaction Tax Shares listed 0.60%

Shares sold/outstanding after IPO 25% 4%

Shares sold/outstanding after IPO More that 25% to 33% 2%

Shares sold/outstanding after IPO More than 33% 1%

You might also like