Local Taxes Flashcards
1
Q
Local taxes that may be imposed by provinces
A
-Real Property Tax <= 50% x 1% FMV or TAC wcH
-Printing & Publication - 1/20 x 1% x Capital Investment if new business then <= 50% x 1% x Gross Annual Receipts For The Preceding Calendar Year or any fraction thereof
-Franchise Tax 1/20 x 1% x Capital Investment if newly started, then <= 50% x 1% x Gross Annual Receipts For The Preceding Year or any fraction thereof
-Tax on Sand, Gravel, and Other Quarry Resources - not more than 10% of the FMV in the locality
-Professional Tax - Not more than P300 pesos, except govnt exclusive employees
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