Local taxation Flashcards
What are the local taxes?
transfer tax real property tax professional tax business tax community tax
what is the rate of transfer tax?
> 50% of 1% - province
> 75% of 1% - city and municipalities of MM
what is the rate of RPT
not exceeding 1% of AV - provinces
not exceeding 2% of AV - cities and municpailities of MM
what is the rate of professional tax?
P300
who are exempted from trasnfer tax?
lands under CARL
socialized housing
who are exempted from professional tax?
govt employees
who are exempted from community tax?
diplomats, transients
who are exempted from rpt?
by Phil, church/coop/charities, elec/water/pollution control
every when do you declare/revise your RP?
every 3 years
what is the formula for RPT?
FMV * AL * Rate
after how many days should you declare newly acquired RP?
60 days
reassessment in 90 days for RPT when:
destroyed
major change in actual use
sudden inflation/deflation
gross illegality of assessment
what is the rate of SEF?
1%
what is the rate of idle land tax?
5% of assessed value
what is the rate of special levy by LGU?
not more than 60% payable in ___ installments
what is considered as idle land?
agri: > 1 ha. where 1/2 is unutilized
non-agri: > 1000 sq m, 1/2 is unutilized
what is rate of socialized housing?
50% of excess in 50,000
who comprises the local board of assessment appeals - LBAA
ROD (Chair); Prosecutor, Engineer
what is the prescription period of collection of tax?
5 years -
10 years if fraud
payment under protest:
in writing, filed within 30 days from payment of tax
LBAA - decide in 60 days
