Business Taxes Flashcards
Types of Business Taxes
VAT
OPT
Excise
Kinds of VAT
On sale of goods or properties
On importation of goods
On sale of services and use or lease of properties
Persons liable in VAT
Seller
Importer
Sale of goods or properties
Gross selling price
Sale of services
Gross receipts
Importation
Total landed cost
Dealers in securities
Gross Income
VAT due on the sale, lease or exchange of taxable goods or properties or services
Output tax
VAT due on or paid by a VAT-registered on importation of goods or local purchase of goods, properties or services, including lease or use of property in the course of his trade or business
Input tax
The total amount of money that a purchaser is obligated to pay the seller in consideration of the sale, barter, or exchange of the goods or properties excluding the VAT
Gross selling price
Total amount of money or its equivalent representing the contract price, compensation, service fee, rental or royalty excluding the VAT
Gross receipt
Mandatory registration for VAT
Entities with gross sales or receipts of more than 3M since 2018 and is expected to have gross sales/receipts of more than 3M in the next 12 months
Mandatory registration for radio and/or television broadcasting companies
Those who have more than 10m annual gross receipts
