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Philippine Taxation > Filing dates, prescription periods > Flashcards

Filing dates, prescription periods Flashcards

1
Q

CGT on direct sale of domestic stocks - Transactional return

A

Within 30 days after each sale or installment

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2
Q

CGT on direct sale of domestic stocks - Annual return

A

On or before the 15th day of the 4th month after the taxable year

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3
Q

CGT on sale of real property classified as capital asset within the Philippines (paid only by Individuals and Domestic Corporations! RFC and NRFC are taxed at RIT)

A

Within 30 days from sale/exchange

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4
Q

Period of redemption / right of redemption of individual mortgagor

A

Within 1 year from registration of sale in Office of Registry of Deeds

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5
Q

ITR for individual professionals / business owners

A

Annual Form 1701 - May 15 of the succeeding year

Quarterly form 1701Q - May15, Aug15, Nov15

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6
Q

ITR for pure compensation income earners

A

Form 1700 - May 15 of the succeeding year

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7
Q

NOLCO may be carried over for…

A

3 years

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8
Q

MCIT is imposed on…

A

The 4th year

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9
Q

ITR for corporations

A

1702-RT/EX/MX (Q) - 60 days EOQ

Annual return - 15th day of 4th month following the end of the taxable year

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10
Q

Installment payment of income tax payable is allowed only to individuals and if the tax due is more than P2,000.
The 2nd installment of payment of income tax is due on…

A

October 15

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11
Q

A return may be modified within ___ years from date such return is filed.

A

Within 3 years from such date it was filed, provided no notice or investigation has already been served upon the taxpayer.

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12
Q

Retention period

A

10 yrs from date such return is filed… provided hard copies are retained within first 5 years

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13
Q

For RBE’s availing incentives by the IPA, the deadline for filing the Annual Tax Incentives report is

A

Within 30 days from the deadline of filing the final adjustment return

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14
Q

Quarterly VAT return

A

Within twenty five (25) days following the close of the taxable quarter. 2550Q

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15
Q

Monthly VAT return

A

Not later than the 20th day following the end of each month. 2550M

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16
Q

Period for collection of taxes

A

5 years following assessment or

10 years from discovery of fraud

17
Q

Prescription period for criminal actions for the enforcement of penal provisions

A

Within 5 years of assessment

18
Q

Explain the substituted filing system

A

1) Employee signs 2316 Certificate of Compensation Payment and Tax Withheld and returns to the employer
2) Employer submits a duplicate copy to the BIR not later than February 28 of the succeeding year with the accompanying Certified List of Employees Qualified for Substituted Filing of ITR.
3) Stamping of “received” = substituted filing

19
Q

Payment of the IAET

A

Within 15 days after the close of the taxable year

20
Q

Filing of 1603Q

A

The Quarterly Remittance Return of Final Income Taxes Withheld on Fringe Benefits Paid to M&S employees shall be filed on/before the last day of the month following the close of the calendar quarter during which “withholding” was made.

For eFPS employers: the deadline for e-filing and e-paying is 5 days later than the deadline for manual filing

21
Q

Period of filing donor’s tax return

A

Within 30 days after donation

22
Q

Prescriptive period for assessment

A

Generally 3 yrs from filing / due date of filing; and 10 yrs if fraudulent return.

23
Q

Cancellation of VAT Registration shall be effective…

A

Approval shall be effective on the first day of the month following the month of approval of cancellation.

24
Q

Deadline for VAT registration

A

Not later than 10 days before the beginning of the calendar quarter

25
Q

When should the books of accounts be registered?

A

Before the deadline of filing the quarterly or annual income tax return.

26
Q

How any times should the books of accounts and other records be examined?

A

Only once in a taxable year,

27
Q

Where should the books of accounts and other records be examined?

A

In the taxpayer’s office or place of business, OR office of the BIR.

28
Q

When is inspection of books done more than once?

A
  • In cases of fraud, irregularity, or mistakes
  • If the TP requests for reinvestigation
  • Verification of compliance with withholding tax laws and regulations
  • Verification of capital gains tax liabilities
29
Q

What is the prescription period for assessment?

A

-3 yrs after the last day of filing or the day the return is filed, whichever is later
OR
-10 yrs from discovery of fraud or omission

30
Q

What is the prescription period for collection?

A
  • 5 yrs following assessment
  • Within the period agreed upon by taxpayer and CIR before the expiration of the 5-year period
  • 10 yrs from discovery of fraud
31
Q

Prescription period for civil action

A

Within 5 years of assessment

32
Q

Prescription period for criminal actions for the enforceent of penal provinsions

A

Must be filed within 5 years from assessment, and this may be filed during the pendency of an administrative protest.`

33
Q

What is the prescription period for assessment of local taxes?

A

Within 5 years from the due date, except in cases of fraud, which is 10 years from discovery.

34
Q

What is the protest procedure for local tax already paid?

A
  • Within 30 days after payment, file a protest with the Local Treasurer.
  • Wait 60 days for the Local Treasurer’s decision
  • If denied, or upon the lapse of 60 days, you must file APPEAL to the LBAA within 60 DAYS
  • Wait 120 days for the LBAA’s decision
  • Upon lapse or denial, you have 30 days to appeal to the CBAA, or file a motion for reconsideration
  • Upon the CBAA’s decision, you must file a PETITION FOR REVIEW with the CTA within 30 DAYS.
35
Q

What is the procedure for protesting an assessment for local taxes?

A
  • Within 60 days upon receiving the assessment, you must file a protest with the Local Treasurer
  • Wait 60 days for the Local Treasurer’s decision
  • Upon lapse or denial, you must file an appeal with the RTC within 30 days
  • If denied, you must file an appeal with the CTA within 15 days
  • If your appeal is not approved by the CTA, then you assessment is final and executory.
36
Q

What are the grounds for injunction?

A
  • Suit is not forbidden

- Ground for injunction is to prevent the collection of wrongful taxes

37
Q

What is the procedure for claiming a refund of local taxes?

A

A) Within 2 years, you must appeal to the RTC. If denied, appeal to the CTA within 15 days.
B) File a claim for refund with the Local Treasurer. If they deny the claim, appeal to the RTC. If denied again, appeal to the CTA within 15 days.

38
Q

Who may levy real property tax?

A

Only provinces, cities and municipalities within Metro Manila may levy real property tax.

Philippine Taxation (17 decks)

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