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Tax > OPT > Flashcards

OPT Flashcards

0
Q

Keepers of Garages

A

3 % subj to minimum

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1
Q

Domestic Carriers

A

3 % subj to minimum

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2
Q

Cars for rent or for hire

A

3 % subj to minimum

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3
Q

Transportation contractors

A

3 % subj to minimum

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4
Q

Owners of bancas

A

Not subject to 3 % subj to minimum

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5
Q

Owners of animal drawn 2 wheeled vehicles

A

Not subject to 3 % opt subj to minimum

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6
Q

Minimum of jeepney FOR HIRE

City
Province

A

2400
1200

X 174.6/6.38

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7
Q

Minimum of public utility bus

A

30 below - 3600
>30 -50 - 6000
>50 - 7200
For both city and province

X 174.6/6.38

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8
Q

Taxi

A

City 3600
Province 2400

X 174.6/6.38

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9
Q

Car for hire with chaffeur

A

3000 both city and province

X 174.6/6.38

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10
Q

Car for hire without chauffeur

A

1800 opt both city and province

X 174.6/6.38

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11
Q

International air and shipping carriers of foreign registry

A

3 % opt of qtrly gross receipts

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12
Q

International air and shipping carriers of Philippine registry

A

0% VAT on P to F or F to P

12% VAT on inside Phl

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13
Q

Land transport of cargo

A

12 % vat

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14
Q

Gas and water franchise

A

2 % opt on gross receipts

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15
Q

Electric utilities

A

12 % vat on generation, transmission, and distribution

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16
Q

Radio and tv broadcasting companies

A

3 % opt if annual gross receipts dont exceed 10M pesos

They can register as VAT taxpayers tho, but once option is exercised, it is IRREVOCABLE

17
Q

Other franchises

A

12 % vat

18
Q

Overseas dispatch, message, or conversation

A

Originating from PHL - 10 % opt

Expense of called and Will be withheld by service provider, to be paid 20d after quarter end

19
Q

Msgs transmitted by govt of PHL

A

Exempt from 10 % opt

20
Q

Diplomatic services - Msg transmitted by any embassy or consular office of a foreign govt

A

Exempt from 10 % opt

21
Q

Intl orgs - msgs transmitted by them who enjoy exemptions which the phil govt granted

A

Exempt from 10 % opt

22
Q

Msg from news service to news service

A

If dealing exclusively with collection of news,

Exempt from 10 % opt

23
Q

Life insurance premium

A

5 % opt of total premium collected

Except if

  • life insurance premium refunded within 6 mos
  • or premiums are collected outside PHL from nonresident persons
24
Q

Jai alai

A

30 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

25
Q

Race tracts

A

30 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

26
Q

Cabarets

A

18 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

27
Q

Night club or day club

A

18 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

28
Q

Cockpits

A

18 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

29
Q

Professional basketball games

A

15 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged

30
Q

Boxing exhibitions

A

10 % opt on gross receipts within of proprietor lessee or operator

Whether or not admission is charged
---
Exempt if...
- 1 of contenders is a PHL CITIZEN
- AND promoter is a PHL CITIZEN or an association 60 % filipino-owned

Mapa world or oriental CHAMPIONSHIPS

31
Q

Winnings/dividends from horse races

A

10 % opt on actual amt paid after deducting ticket cost

4 % if…
Doubles (2 consecutive race winning)
Forcastiquinella (winning number for 1st and 2nd in a race)
Trifecta (for 1st to 3rd winning nos)

32
Q

IPO

A

Primary offering and secondary offering:

% of IPO to outstanding shares…
25 % below - 4 %
>25 - 33.3 - 2 %
>33.3 - 1 %

Primary offering - issuer pays within 30d from listing in stock exchange
Secondary offering - pay 5 banking days from collection date

33
Q

Sale of stock in LOCAL stock exchange

A

1/2 of 1 % of gross selling price

Final Withholding Tax already

34
Q

Interest, commission and discounts from lending activities of bank or non-bank performing quasibanking function

A

Gross receipts within:
Maturity pd of instrument is 5 yr below - 5 %
> 5 yrs - 1 %

35
Q

Income from financial leasing of bank or non-bank performing quasibanking function

A

Gross receipts within:
Maturity pd of instrument is 5 yr below - 5 %
> 5 yrs - 1 %

36
Q

Dividends and equity shares in net income of subsidiaries of bank or non-bank performing quasibanking function

A

0 % on gross receipts within

37
Q

Royalties, rentals of real or personal propty, profit from exhange and all gross income of bank or non-bank performing quasibanking function

A

7 % on gross receipts within

38
Q

Net trading gains on foreign currency, debt secs, derivatives, and other similar financial instruments of bank or non-bank performing quasibanking function

A

7 % of gross receipts within

39
Q

Interest, commission and discounts from lending activities of non-bank NOT performing quasibanking function

A

On gross receipts

Maturity pd at 5 yrs below - 5 %
>5 yrs - 1 %

40
Q

Income from financial leasing of non-bank NOT performing quasibanking function

A

On gross receipts

Maturity pd at 5 yrs below - 5 %
>5 yrs - 1 %

41
Q

Interest, commissions, discounts and all other gross income of non bank NOT performing quasi banking functions

A

Gross receipts 5 %

Tax (4 decks)

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