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
