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COMPRE > TAX RATES > Flashcards

TAX RATES Flashcards

1
Q

Interest
Local Currency Deposit
RC/NRC/RA/NRA-ET

A

20%

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2
Q

Interest
Long Term Deposit 5 years or more
RC/NRC/RA/NRA-ET

A

EXEMPT

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3
Q

Interest
Long Term Deposit 4 < 5 years
RC/NRC/RA/NRA-ET

A

5%

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4
Q

Interest
Long Term Deposit 3 < 4 years
RC/NRC/RA/NRA-ET

A

12%

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5
Q

Interest
Long Term Deposit < 3 years
RC/NRC/RA/NRA-ET

A

20%

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6
Q

Royalties
General
RC/NRC/RA/NRA-ET

A

20%

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7
Q

Royalties
Books, Literary works, Musical Compositions
RC/NRC/RA/NRA-ET

A

10%

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8
Q

Prize
less than 10,000
RC/NRC/RA/NRA-ET

A

20%

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9
Q

Prize
more than 10,000
RC/NRC/RA/NRA-ET

A

Regular Income Tax

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10
Q

Winnings
Lotto 10k and below
RC/NRC/RA/NRA-ET

A

Exempt

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11
Q

Winnings
Lotto more than 10k
RC/NRC/RA/NRA-ET

A

20%

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12
Q

Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
RC/NRC/RA

A

10%

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13
Q

Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
NRA-ET

A

20%

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14
Q

Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
NRA-NTB

A

25%

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15
Q

Winnings ALL
NRA-NTB

A

25%

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16
Q

Prize
Any Amount
NRA-NTB

A

25%

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17
Q

Royalties
All
NRA-NTB

A

25%

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18
Q

Interest
Depository bank under Foreign Currency Deposit System (FDCU)
NRA-ET/NRA-NTB

A

Exempt

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19
Q

Interest
Depository bank under Foreign Currency Deposit System (FDCU)
RC/NRC/RA

A

15%
prior 2018 - exempt NRC

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20
Q

Interest
All
NRA-NTB

A

25%

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21
Q

Sale of Real Property

A

6% CGT
TB - SP, FMV, Zonal Value
Highest

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22
Q

Stock Transaction Tax (STT)
Sale of listed share

A

6/10 of 1% of GSP

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23
Q

Sale of Shares
Not through the local stock exchange - directly to buyer

A

15% of capital gain

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24
Q

Passenger
By land

A

3% CCT

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25
Q

Passenger
By sea/air

A

VAT

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26
Q

PH to Abroad
Passenger
Internal
by air, sea

A

Exempt

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27
Q

Boxing exhibition

A

10%

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28
Q

Basketball

A

15%

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29
Q

Cockpit, Cabaret club
CCC

A

18%

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30
Q

Jqi-alai

A

30%

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31
Q

Horse race

A

30%

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32
Q

Sale of stocks by non dealers
Through IPO

A

Exempt

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33
Q

Sale of stocks by dealer in securities

A

VAT

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34
Q

Franchise grantees - GOV
TV/RADIO
less than 10M/yr

A

3% Franchise Tax

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35
Q

Franchise grantees - GOV
TV/RADIO
GR > 10M/yr

A

VAT

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36
Q

Franchise grantees - GOV
Gas/Water

A

2% Franchise Tax

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37
Q

Life insurance - premiums tax
Insured to insurer (direct premium)
Domestic

A

2%

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38
Q

Life insurance - premiums tax
From foreign insurer through AGENT
If reported to IC & BIR

A

4%

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39
Q

Life insurance - premiums tax
Direct from foreign insurer

A

5 % + 12% FWVAT

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40
Q

Oversees Communication
PH to Abroad

A

10%
Except DING
Diplomatic keme
International org. calls
News
Gov.

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41
Q

Oversees Communication
PH to PH

A

VAT

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42
Q

BIR FORM
OPT
when

A

2551
w/in 25 days after each taxable quarter

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43
Q

Direct Export

A

0%

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44
Q

Sale of goods to international carriers

A

0%

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45
Q

Salesof goods to perons w/ indirect tax exemption (Red Cross etc.)

A

0%

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46
Q

Sales to exports processing zones

A

0%

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47
Q

Sale of service to non residents rendered in PH

A

0%

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48
Q

Outgoing transport of passengers by domestic carriers

A

0%

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49
Q

Transitional Tax
month of registration

A

HIGHER
12% VAT paid on purchase
2% of beg both vat and non vat

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50
Q

Deemed Sale
Consignment

A

not sold within 60 days.

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51
Q

Can claim tax credit or refund

A

Zero rated sales

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52
Q

CGT
Domestic Stock

A

15%

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53
Q

RCIT
Domestic Corporation
TB

A

25%
Taxable Income

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54
Q

RIT
Individual
a. Pure Self Employed
b. Mixed Income
TB

A

8%
a. minus 250k
b. Gross Sale

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55
Q

RCIT
NRFC
TB

A

25%
Gross Income

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56
Q

MCIT
TB
Timing
Carryover yr

A

2% GI
1% ( July 1 2020 - June 30 2023)
x + 4 year
3 years carryover

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57
Q

MSME
TB

A

20%
Taxable Income

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58
Q

School
Non-profit, Government

A

Exempt

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59
Q

School
Private

A

10%

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60
Q

Hospital
Private

A

25%

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61
Q

Hospital
Non-profit

A

10%
predominance test 50%

62
Q

Hospital
Government

A

Exempt

63
Q

International Carriers
Cargo or Goods

A

2.5%
Gross PH Billing

64
Q

Overseas/ Offshore Bank Units

A

RCIT

65
Q

RQHS

A

RCT current
prior Jan 1. 2022 10%

66
Q

GOCC
except SSS GSIS Pagibig HDMF Local Water District

A

RCIT

67
Q

De Minimis
Treatment
Managerial or Supervisor

A

subject to Fringe Benefit Tax
35% ?

68
Q

Sale of power/fuel from renewable sources.

A

0%

69
Q

Winnings
Owner of horse
OPT

A

10% of winnings

70
Q

OPT
Winnings
Jai-alai/horse

A

10% net of winnings

71
Q

Winnings
Combination Bets

A

10% of net winnings

72
Q

PAGCOR franchise tax

A

5%

73
Q

Dividends and equity share of subsidiaries
Bank and Quasi

A

0

74
Q

Royalties, rental of property
Bank / Quasi Bank

A

7%
Gross Receipt Tax

75
Q

Net trading Gain on foreign currency debt
Bank / Quasi Bank

A

7%
Gross Receipt Tax

76
Q

Other
Non Bank
GROSS RECEIPT

A

5%

77
Q

Senior Citizens / PWD

A

20% Discount and VAT EXEMPTION/3% OPT

78
Q

Solo Parent

A

•
10% discount on goods bought for child (infant to 6
years old)
•
Exemption to VAT

79
Q

GTT
250k below

A

0%

80
Q

GTT
above 250k - 400k

A

15% of excess over 250k

81
Q

GTT
above 400k - 800k

A

22,500 + 20% of excess over 400k

82
Q

GTT
above 800k - 2M

A

102,500 + 25% of excess over 800k

83
Q

GTT
above 2M - 8M

A

402,500 + 30% of excess over 2M

84
Q

GTT
Above 8M

A

2,202,500 + 35% of excess over 8M

85
Q

RCIT MSMES

A

20%

86
Q

MSME REQ.

A

5M or less taxable income AND
100M or less assets excluding land

87
Q

School

A

10%
if gross income of unrelated trade does not exceed 50% of total gross income if yes RCIT

88
Q

Non-profit charitable hospital

A

Exempt

89
Q

can claim input vat or refund

A

0% Rated Sale

90
Q

Sale to Government

A

5% CWT, can claim input vat

91
Q

PH to Abroad
Domestic
Air/sea

A

0%

92
Q

Cooperatives
non member
non keme

A

VAT

93
Q

days
NRAETB

A

more than 180 days

94
Q

days
NRC

A

at least 183 days

95
Q

Recovery of lost
capital

A

Non Taxable

96
Q

Exemption To The 6% Capital Gains Tax

A

for RC/RA, principal
residence, escrow account, BIR notified within 30 days from sale,
can only be availed once per 10 years.

97
Q

Comprehensive Agrarian Reform
Program, Socialized housing units by the National Housing Authority.

A

Exempt

98
Q

Fringe Benefit Tax
Resident/Citizens

A

÷ 65%
x 35%

99
Q

Fringe Benefit Tax
NRA-NTB

A

÷ 75%
x 25%

100
Q

OSD
individuals

A

40% of Gross Sales/Sales

101
Q

OSD
corporations

A

40% og Gross Income - bawas na Cost of sales

102
Q

Sale of Goods/Services
Gross Income

A

Gross Sales
- SR&A
- COGS/COS

103
Q

Gross Estate
Unlisted Shares

A

Common Share - BV
Preference Share - Par Value

104
Q

Gross Estate
Listed Share

A

Average Quoted Price

105
Q

additional to a will

A

codicil

106
Q

Legitime are for

A

Compulsory Heirs

107
Q

sale of house and lot and other residential dwellings with SP of not more than ____ is exempt

A

3,199,200

108
Q

Residential Units
Monthly Rental of 15k or less

A

Vat Exempt

109
Q

Residential Units
Monthly Rental of more than 15k
Annual Receipts of lessor less than 3M

A

3%

110
Q

Residential Units
Monthly Rental of more than 15k
Annual Receipts of lessor more than 3M

A

VAT

111
Q

Lease of Commercial Units

A

VAT

3% if not registered or gross receipts 3M or below

112
Q

International Carriers
RFC
Passenger

A

Vat exempt

113
Q

It is a tax of a fixed proportion of the value of the property with respect to which the tax is assessed and requires the intervention of assessors or appraisers to estimate the value of such property.
a. specific
b. ad valorem
c. special or regulatory
d. none of the above

A

ad valorem

114
Q

Provincial, city, municipal and barangay ordinances may impose taxes subject to limitations by the Local Government Code. The following, except one, are existing taxes thereunder. Which is it?
a. professional tax
b. community tax
c. travel tax
d. real property tax

A

travel tax

115
Q

The distinction of a tax from permit or license fee is that a tax is
a. imposed for regulation.
b. one which involves an exercise of police power.
c. one in which there is generally no limit on the amount that may be imposed.
d. none of the above

A

one in which there is generally no limit on the amount that may be imposed.

116
Q

Itemized Deductions
Entertainment, Amusement, And Recreation (EAR) Expense

A

1% Net Revenue
.5% of Net Sales

117
Q

Dividends from foreign corps are included in

A

Income Tax Return

118
Q

Liquidating Dividend is included in

A

Income Tax Return

119
Q

If special corporations like proprietary educational institutions etc. ____ is not applicable

A

MCIT

120
Q

OSD

A

40% of Gross Sales
pag individual lang pag corp kasama!
sa sales di kasama other income
waley na cost of sales

121
Q

Statement 1: A business expense will be disallowed as a deduction if the corresponding CWT has not been withheld and remitted to the BIR.

Statement 2: OSD cannot be disallowed due to non-withholding of the expanded or creditable withholding tax pursuant to Section 34(K) of the Tax Code.

(a) Both are true.
(b) Both are false.
(c) Statement 1 is true. Statement 2 is false.
(d) Statement 1 is false. Statement 2 is true.

A

Both are true.

122
Q

MCIT 1% from

A

July 1, 2020 – June 30, 2023

123
Q

RCIT 30% end

A

July 1, 2020

124
Q

Itemized Deductions
Charitable And Other Contributions limit

A

5% individual/ 10% corporation
x taxable income

125
Q

Itemized Deductions
Interest Expense

A

20% x interest income

126
Q

Composition of Gross Estate based on citizenship and residency
Non-resident Alien

A

Real property situated in the Philippines
Tangible personal property situated in the Philippines
Intangible personal property with situs in the Philippines, unless excluded on the basis of reciprocity.

127
Q

Situs
Real Property and Tangible personal property.

A

Location of the property

128
Q

Situs
Shares, franchise, copyright, and the like.

A

Where the intangible is exercised regardless of where the corresponding certificate is stored

129
Q

Situs
Receivables

A

Residence of the debtor

130
Q

Situs
Bank deposit

A

Location of the depository bank

131
Q

Rules on insufficient consideration
Consideration ≥ FMV at the time of transfer

A

Bonafide sale. Excluded from the decedent’s gross estate.

132
Q

Rules on insufficient consideration
Consideration < FMV at the time of transfer.

A

Insufficient consideration. Include in the gross estate the excess of FMV @ the time of death over the consideration received.

133
Q

Rules on insufficient consideration
Sale was made in the ordinary course of trade

A

Bonafide sale regardless of the amount of consideration

134
Q

Rules on insufficient consideration
No consideration received

A

Either donation mortis causa (subject to estate tax) or donation inter-vivos (subject to donor’s tax).

135
Q

Estate
Revocable or Irrevocable

A

Included GE

136
Q

Executor
Revocable or Irrevocable

A

Included GE

137
Q

Administrator
Revocable or Irrevocable

A

Included GE

138
Q

3rd Party (i.e. wife)
Revocable

A

Included GE

139
Q

3rd Party (i.e. wife)
Irrevocable

A

Excluded GE

140
Q

VANISHING COMPU

A
  1. determine value to take: LOWER of
    amount in the GE of prior decedent vs amount in the GE of the current
    LESS: MORTAGE PAID: paid by the present decedent when he received it.
    = INITIAL BASIS
    LESS: PROPORTIONAL DEDUCTION:
    ( INITIAL BASIS/GE x LIT + TFPU)
    = FINAL BASIS
    x Vanishing Rate
141
Q

VD
Beyond 4 years to 5 years

A

20%

142
Q

Beyond 3 years to 4 years

A

40%

143
Q

VD
Beyond 2 years to 3 years

A

60%

144
Q

VD
Beyond one year to 2 years

A

80%

145
Q

VD
Within one year

A

100%

146
Q

VD
Within one year

A

100%

147
Q

Initial Payment exceeds 25% of the SP

A

Deferred Se

148
Q

Initial Payment do not exceeds 25% of the SP

A

Installment

149
Q

Products eligible for Presumptive Input Tax & %

A

4%
Sardines, mackerel, milk, refined sugar, cooking oil, packed noodle based instant meal

150
Q

Creditable Withholding VAT

A

5% withheld by government eme and goccs
+ 12% input

pwede ibawas kasama ng input

151
Q

OUTPUT VAT INSTALLMENT
Year of sale
Initial Payment Compu

A

Initial Payment/GSP
x HIGHER between GSP or FMV

Initial Payment =
Down Payment
+ Collection year of sale
+ Interest
+ Penalties and other charges
+ Excess of mortgage

152
Q

Deferred Sale

A

OUTPUT VAT is during month of sale

COMPRE (5 decks)

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