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Bureau > OPT > Flashcards

OPT Flashcards

1
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Jeep for hire
Manila and other cities

A

P2,400

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2
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Jeep for hire
Provincial

A

P1,200

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3
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Public Utility Bus
Not exceeding 30 passengers

A

P3,600

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4
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Public Utility Bus
31-50 passengers

A

P6,000

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5
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Public Utility Bus
Exceeding 50 passengers

A

P7,200

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6
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Taxi
Manila and other cities

A

P3,600

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7
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Taxi
Provincial

A

P2,400

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8
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Car for hire (with chauffeur)

A

P3,000

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9
Q

Minimum Quarterly Gross Receipts (Sec. 117)

Car for hire (without chauffeur)

A

P1,800

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10
Q

%OPT
(Sec. 117)

Owners of bancas

A

Exempt

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11
Q

%OPT
(Sec. 117)

Owners of animal drawn two-wheeled vehicle

A

Exempt

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12
Q

%OPT
(Sec. 118)

International Carriers - Air and Shipping
CARGOES
from PH to Abroad

A

3%

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13
Q

%OPT
(Sec. 109)

International Carriers - Air and Shipping
PASSENGERS
from PH to Abroad

A

Exempt from VAT & OPT

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14
Q

%OPT
Tax on Franchise (Sec. 119)

(Radio and/or 
television 
broadcasting 
companies whose 
annual gross receipts
of the preceding year 
does not exceed
P10 Million and did not opt to register as VAT TP)

Ex. ABS-CBN

A

3% of Gross Receipts

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15
Q

%OPT
Tax on Franchise (Sec. 119)

(Gas and Water Utility companies)

Ex. Maynilad, Manila Water

A

2% of Gross Receipts

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16
Q

%OPT + Exemptions
Overseas Communication Tax (Sec. 120)

Tax on overseas
dispatch, message
or conversation

(originating from the
Philippines)

A

10% of amount paid for the service

EXEMPTIONS:
D-I-N-G

  1. Diplomatic Services
  2. International Organization (Public)
  3. News
  4. Government
17
Q

%OPT + Exemptions
Tax on bank and
non-bank financial
intermediaries performing quasi-banking functions (Sec. 121)

(INTEREST, If maturity period is five years or less)

A

5% on interest

EXEMPTION:

  1. Income by BSP earned in the pursuit in its legally mandated functions
  2. Income of Rural banks that are at least 5 years in operations before April 2, 1993
  3. Credit Cooperatives
18
Q

%OPT + Exemptions
Tax on bank and
non-bank financial
intermediaries performing quasi-banking functions (Sec. 121)

(INTEREST, If maturity period is more than five years)

A

1% on interest

EXEMPTION:

  1. Income by BSP earned in the pursuit in its legally mandated functions
  2. Income of Rural banks that are at least 5 years in operations before April 2, 1993
  3. Credit Cooperatives
19
Q

%OPT + Exemptions
Tax on bank and
non-bank financial
intermediaries performing quasi-banking functions (Sec. 121)

(Dividends and equity shares and net income of subsidiaries)

A

0%

EXEMPTION:

  1. Income by BSP earned in the pursuit in its legally mandated functions
  2. Income of Rural banks that are at least 5 years in operations before April 2, 1993
  3. Credit Cooperatives
20
Q

%OPT + Exemptions
Tax on bank and
non-bank financial
intermediaries performing quasi-banking functions (Sec. 121)

(Net Trading gains within taxable year of foreign currency, debt securities, derivatives and other similar financial instruments)

A

7% on net trading gains

EXEMPTION:

  1. Income by BSP earned in the pursuit in its legally mandated functions
  2. Income of Rural banks that are at least 5 years in operations before April 2, 1993
  3. Credit Cooperatives
21
Q

%OPT + Exemptions
Tax on bank and
non-bank financial
intermediaries performing quasi-banking functions (Sec. 121)

(Royalties, rentals of property, real or personal, profits from exchange and all other items treated as gross income under Sec. 32)

A

7%

EXEMPTION:

  1. Income by BSP earned in the pursuit in its legally mandated functions
  2. Income of Rural banks that are at least 5 years in operations before April 2, 1993
  3. Credit Cooperatives
22
Q 
%OPT
Tax on FInancial Companies 
OR
Other non-bank financial
intermediaries performing quasi-banking functions (Sec. 122)

(INTEREST from lending activities, If maturity period is FIVE YEARS or LESS)

Ex. Pawnshops and money chargers

A

5% on interest

23
Q 
%OPT
Tax on Financial Companies 
OR
Other non-bank financial
intermediaries performing quasi-banking functions (Sec. 122)

(INTEREST from lending activities, If maturity period is MORE THAN FIVE YEARS)

Ex. Pawnshops and money chargers

A

1% on interest

24
Q 
%OPT
Tax on life 
insurance 
premium
- Every person of 
company or 
corporation
(Sec. 123)
A

2% of total premium collected

25
Q 
%OPT + Exemption
Tax on agents of 
Foreign Insurance 
Companies (FIC)
(Sec. 124)
Every fire, marine or 
miscellaneous 
insurance agent 
authorized under 
the Insurance Code
A

4% (twice of Sec 123)
OR
10% per GCRO SLIDE p. 14 (???)

EXEMPTION:
If reinsurance premiums

26
Q 
%OPT
Tax on agents of 
Foreign Insurance 
Companies (FIC)
(Sec. 124)

Owners of property
who obtain
insurance directly
with foreign companies

A

5% of insurance premiums paid by the owners of property if there is no agent (if direct transaction with foreign corporation)

27
Q 
%OPT
Tax on agents of 
Foreign Insurance 
Companies (FIC)
(Sec. 124)
Every fire, marine or 
miscellaneous 
insurance agent 
authorized under 
the Insurance Code

***REINSURANCE PREMIUMS

A

Exempt

28
Q

%OPT
Amusement taxes
(Sec. 125)

(Jai-alai, HORSE Race
tracks)

A

30% of Gross receipts, INCLUDING receipts from other related activities (Ex. Selling of food and snack in the food court)

29
Q

%OPT
Amusement taxes
(Sec. 125)

(Night/Day Clubs, Cabarets and Cockpits)

A

18% of Gross receipts, INCLUDING receipts from other related activities

Ex. Selling of food and snack in the food court

30
Q

%OPT
Amusement taxes
(Sec. 125)

(Professional Basketball Games)

A

15% of Gross receipts, INCLUDING receipts from other related activities

Ex. Selling of food and snack in the food court

31
Q

%OPT + Exemptions
Amusement taxes
(Sec. 125)

(Boxing Exhibitions)

A

10% of Gross receipts, INCLUDING receipts from other related activities (like Selling of food and snack in the food court)

EXEMPTION (all):
1. World or Oriental Championship in any division is at stake
2. At least one (1) of the contenders for World or Oriental
Championship is a citizen of the Philippines
3. Said exhibitions are promoted by the citizen/s of the
Philippines or by a corporation or association at least sixty
percent (60%) of the capital of which is owned by such
citizen/s.

32
Q 
%OPT
Tax on 
winnings or 'dividends'
- Persons who 
wins in horse 
races
(Sec. 126)
A

10% of Winnings
of bettor;
LESS cost of ticket

*to be withheld by the operator and remit to BIR w/in 20 days from withholding

33
Q 
%OPT
Tax on 
winnings or 'dividends'
- Persons who 
wins in horse 
races
(Sec. 126)

Double/Trifeceta/Quinella

A

4% of Winnings
of bettor;
LESS cost of ticket

*to be withheld by the operator and remit to BIR w/in 20 days from withholding

34
Q 
%OPT
Tax on 
winnings or 'dividends'
- Persons who 
wins in horse 
races
(Sec. 126)

OWNER of race horse

A

10% of Winnings

35
Q 
%OPT
Tax on sale, barter 
or exchange of shares of 
stock listed and traded 
through the local stock 
exchange Other than sale by a NON-dealer of securities
(Sec. 127)
A

.60% or 6/10 of 1% of Total Selling Price

36
Q 
%OPT
Tax on sale, barter 
or exchange of shares of 
stock listed and traded 
through the local stock 
exchange Other than sale by a NON-dealer of securities
(Sec. 127)

(Initial Public Offering - IPO)

A

REPEALED per RR 23-2020

So, exempt

37
Q 
%OPT
Tax on sale, barter 
or exchange of shares of 
stock listed and traded 
through the local stock 
exchange Other than sale by a NON-dealer of securities
(Sec. 127)

(Secondary Offering of shares)

A

REPEALED per RR 23-2020

So, exempt

Bureau (24 decks)

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