OPT

Question 1

Other percentage tax

Answer 1

For those whose gross sales/receipts do not exceed 3M old: 1919500
3% of gross sales (goods)
3% of gross receipt (services)

Question 2

Common carriers tax

Answer 2

3% of

a. Gross receipts
b. Min gross receipt (see list)

Question 3

Tax on international carriers

Answer 3

Passenger: Exempt
Cargo:
> abroad to PH: exempt
> PH to PH: exempt
> PH to abroad: 3% OPT

Question 4

Franchise tax for gas and water utilities

Answer 4

2%

Question 5

Tax on radio and/or TV broadcasting companies

Answer 5

If receipts of preceding yr. do not exceed 10M - 3% gross receipt

If exceed - 12% VAT

Question 6

Tax on overseas dispatch or messages

Answer 6

10% of payment upon every dispatch transmitted from PH

Exempt: gov’t, diplomatic services, int’l org and news services

Question 7

Tax on life insurance

Answer 7

Subj to person or corp doing life insurance business in PH

2% of total life insurance premium collected

(Effective 2015, this tax shall not be imposed (?))

Question 8

Tax on agents of foreign insurance companies

Answer 8

4% of net premium received except reinsurance premium

Question 9

Amusement tax - boxing exhibition

Answer 9

10% on gross receipt

Exempt: requisites

a. world or oriental championship
b. One of contenders: citizen of PH
c. Promoted by citizen of PH or by a corp at least 60% of capital is owned by such citizen

Question 10

Amusement tax - place for basketball games

Answer 10

15% gross receipt

Question 11

Amusement tax - cockpits

Answer 11

18% of gross receipt

Question 12

Amusement tax - cabarets

Answer 12

18% gross receipt

Question 13

Amusement tax - night clubs

Answer 13

18% gross receipt

Question 14

Amusement tax - day clubs

Answer 14

18% gross receipt

Question 15

Amusement tax - jai alai

Answer 15

30% gross receipt

Question 16

Amusement tax - race tracks

Answer 16

30% gross receipt

Question 17

Tax on winnings on race horses

Answer 17

a. Owner of winning race horse: 10% of prize

b. winner in race horses: 10%
But if from double, forecast, quinella and trifecta bets: 4%
Base: winnings after deducting cost of ticket

File and Pay: within 20 days fr. date tax was withheld

Question 18

Stock transaction tax

Answer 18

On sale or exchange of shares LISTED and traded thru a local stock exchange other by a dealer of securities

6/10 of 1% of gross selling price

File and pay: within 5 banking days from date of collection

Question 19

Stock transaction tax

if thru initial public offering

Answer 19

If proportion of shares offered to total outstanding shares after is:

Up to 25%: 4%
Over 35% but not over 33 1/2%: 2%
Over 33 1/2%: 1%

applicable din for sale of share of existing shareholder during IPO

Question 20

Tax on banks and non bank financial intermediaries on interest, commissions and discount from lending activities

Answer 20

Base: Gross receipts

Maturity period
5 yrs or less (short term) - 5%
More than 5 yrs (long term) 1%

Question 21

Tax on banks and non bank financial intermediaries: on dividends and equity shares and net inc fr. sub

Answer 21

0%

Question 22

Tax on banks and non bank financial intermediaries: in royalties, rent of prop and others

Answer 22

7% of gross receipt

Question 23

Tax on banks and non bank financial intermediaries on net trading gains

Answer 23

7% of gross receipt

Question 24

Filing of return and payment if taxes on OPT except communication tax, tax on winnings and stock transaction and IPO

Answer 24

20 days after end of each month

But if retires from business within 25 days from cessation of business