TAX RATES Flashcards
1
Q
Interest
Local Currency Deposit
RC/NRC/RA/NRA-ET
A
20%
2
Q
Interest
Long Term Deposit 5 years or more
RC/NRC/RA/NRA-ET
A
EXEMPT
3
Q
Interest
Long Term Deposit 4 < 5 years
RC/NRC/RA/NRA-ET
A
5%
4
Q
Interest
Long Term Deposit 3 < 4 years
RC/NRC/RA/NRA-ET
A
12%
5
Q
Interest
Long Term Deposit < 3 years
RC/NRC/RA/NRA-ET
A
20%
6
Q
Royalties
General
RC/NRC/RA/NRA-ET
A
20%
7
Q
Royalties
Books, Literary works, Musical Compositions
RC/NRC/RA/NRA-ET
A
10%
8
Q
Prize
less than 10,000
RC/NRC/RA/NRA-ET
A
20%
9
Q
Prize
more than 10,000
RC/NRC/RA/NRA-ET
A
Regular Income Tax
10
Q
Winnings
Lotto 10k and below
RC/NRC/RA/NRA-ET
A
Exempt
11
Q
Winnings
Lotto more than 10k
RC/NRC/RA/NRA-ET
A
20%
12
Q
Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
RC/NRC/RA
A
10%
13
Q
Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
NRA-ET
A
20%
14
Q
Dividends
from Domestic Corp, Joint Stock, Insurance/mutual, Partnership(not GPP)
Association
Joint Account
Joint Venture
NRA-NTB
A
25%
15
Q
Winnings ALL
NRA-NTB
A
25%
16
Q
Prize
Any Amount
NRA-NTB
A
25%
17
Q
Royalties
All
NRA-NTB
A
25%
18
Q
Interest
Depository bank under Foreign Currency Deposit System (FDCU)
NRA-ET/NRA-NTB
A
Exempt
19
Q
Interest
Depository bank under Foreign Currency Deposit System (FDCU)
RC/NRC/RA
A
15%
prior 2018 - exempt NRC
20
Q
Interest
All
NRA-NTB
A
25%
21
Q
Sale of Real Property
A
6% CGT
TB - SP, FMV, Zonal Value
Highest
22
Q
Stock Transaction Tax (STT)
Sale of listed share
A
6/10 of 1% of GSP
23
Q
Sale of Shares
Not through the local stock exchange - directly to buyer
A
15% of capital gain
24
Q
Passenger
By land
A
3% CCT
25
Passenger
By sea/air
VAT
26
PH to Abroad
Passenger
Internal
by air, sea
Exempt
27
Boxing exhibition
10%
28
Basketball
15%
29
Cockpit, Cabaret club
CCC
18%
30
Jqi-alai
30%
31
Horse race
30%
32
Sale of stocks by non dealers
Through IPO
Exempt
33
Sale of stocks by dealer in securities
VAT
34
Franchise grantees - GOV
TV/RADIO
less than 10M/yr
3% Franchise Tax
35
Franchise grantees - GOV
TV/RADIO
GR > 10M/yr
VAT
36
Franchise grantees - GOV
Gas/Water
2% Franchise Tax
37
Life insurance - premiums tax
Insured to insurer (direct premium)
Domestic
2%
38
Life insurance - premiums tax
From foreign insurer through AGENT
If reported to IC & BIR
4%
39
Life insurance - premiums tax
Direct from foreign insurer
5 % + 12% FWVAT
40
Oversees Communication
PH to Abroad
10%
Except DING
Diplomatic keme
International org. calls
News
Gov.
41
Oversees Communication
PH to PH
VAT
42
BIR FORM
OPT
when
2551
w/in 25 days after each taxable quarter
43
Direct Export
0%
44
Sale of goods to international carriers
0%
45
Salesof goods to perons w/ indirect tax exemption (Red Cross etc.)
0%
46
Sales to exports processing zones
0%
47
Sale of service to non residents rendered in PH
0%
48
Outgoing transport of passengers by domestic carriers
0%
49
Transitional Tax
month of registration
HIGHER
12% VAT paid on purchase
2% of beg both vat and non vat
50
Deemed Sale
Consignment
not sold within 60 days.
51
Can claim tax credit or refund
Zero rated sales
52
CGT
Domestic Stock
15%
53
RCIT
Domestic Corporation
TB
25%
Taxable Income
54
RIT
Individual
a. Pure Self Employed
b. Mixed Income
TB
8%
a. minus 250k
b. Gross Sale
55
RCIT
NRFC
TB
25%
Gross Income
56
MCIT
TB
Timing
Carryover yr
2% GI
1% ( July 1 2020 - June 30 2023)
x + 4 year
3 years carryover
57
MSME
TB
20%
Taxable Income
58
School
Non-profit, Government
Exempt
59
School
Private
10%
60
Hospital
Private
25%
61
Hospital
Non-profit
10%
predominance test 50%
62
Hospital
Government
Exempt
63
International Carriers
Cargo or Goods
2.5%
Gross PH Billing
64
Overseas/ Offshore Bank Units
RCIT
65
RQHS
RCT current
prior Jan 1. 2022 10%
66
GOCC
except SSS GSIS Pagibig HDMF Local Water District
RCIT
67
De Minimis
Treatment
Managerial or Supervisor
subject to Fringe Benefit Tax
35% ?
68
Sale of power/fuel from renewable sources.
0%
69
Winnings
Owner of horse
OPT
10% of winnings
70
OPT
Winnings
Jai-alai/horse
10% net of winnings
71
Winnings
Combination Bets
10% of net winnings
72
PAGCOR franchise tax
5%
73
Dividends and equity share of subsidiaries
Bank and Quasi
0
74
Royalties, rental of property
Bank / Quasi Bank
7%
Gross Receipt Tax
75
Net trading Gain on foreign currency debt
Bank / Quasi Bank
7%
Gross Receipt Tax
76
Other
Non Bank
GROSS RECEIPT
5%
77
Senior Citizens / PWD
20% Discount and VAT EXEMPTION/3% OPT
78
Solo Parent
•
10% discount on goods bought for child (infant to 6
years old)
•
Exemption to VAT
79
GTT
250k below
0%
80
GTT
above 250k - 400k
15% of excess over 250k
81
GTT
above 400k - 800k
22,500 + 20% of excess over 400k
82
GTT
above 800k - 2M
102,500 + 25% of excess over 800k
83
GTT
above 2M - 8M
402,500 + 30% of excess over 2M
84
GTT
Above 8M
2,202,500 + 35% of excess over 8M
85
RCIT MSMES
20%
86
MSME REQ.
5M or less taxable income AND
100M or less assets excluding land
87
School
10%
if gross income of unrelated trade does not exceed 50% of total gross income if yes RCIT
88
Non-profit charitable hospital
Exempt
89
can claim input vat or refund
0% Rated Sale
90
Sale to Government
5% CWT, can claim input vat
91
PH to Abroad
Domestic
Air/sea
0%
92
Cooperatives
non member
non keme
VAT
93
days
NRAETB
more than 180 days
94
days
NRC
at least 183 days
95
Recovery of lost
capital
Non Taxable
96
Exemption To The 6% Capital Gains Tax
for RC/RA, principal
residence, escrow account, BIR notified within 30 days from sale,
can only be availed once per 10 years.
97
Comprehensive Agrarian Reform
Program, Socialized housing units by the National Housing Authority.
Exempt
98
Fringe Benefit Tax
Resident/Citizens
÷ 65%
x 35%
99
Fringe Benefit Tax
NRA-NTB
÷ 75%
x 25%
100
OSD
individuals
40% of Gross Sales/Sales
101
OSD
corporations
40% og Gross Income - bawas na Cost of sales
102
Sale of Goods/Services
Gross Income
Gross Sales
- SR&A
- COGS/COS
103
Gross Estate
Unlisted Shares
Common Share - BV
Preference Share - Par Value
104
Gross Estate
Listed Share
Average Quoted Price
105
additional to a will
codicil
106
Legitime are for
Compulsory Heirs
107
sale of house and lot and other residential dwellings with SP of not more than ____ is exempt
3,199,200
108
Residential Units
Monthly Rental of 15k or less
Vat Exempt
109
Residential Units
Monthly Rental of more than 15k
Annual Receipts of lessor less than 3M
3%
110
Residential Units
Monthly Rental of more than 15k
Annual Receipts of lessor more than 3M
VAT
111
Lease of Commercial Units
VAT
3% if not registered or gross receipts 3M or below
112
International Carriers
RFC
Passenger
Vat exempt
113
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
ad valorem
114
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
travel tax
115
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
one in which there is generally no limit on the amount that may be imposed.
116
Itemized Deductions
Entertainment, Amusement, And Recreation (EAR) Expense
1% Net Revenue
.5% of Net Sales
117
Dividends from foreign corps are included in
Income Tax Return
118
Liquidating Dividend is included in
Income Tax Return
119
If special corporations like proprietary educational institutions etc. ____ is not applicable
MCIT
120
OSD
40% of Gross Sales
pag individual lang pag corp kasama!
sa sales di kasama other income
waley na cost of sales
121
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.
Both are true.
122
MCIT 1% from
July 1, 2020 – June 30, 2023
123
RCIT 30% end
July 1, 2020
124
Itemized Deductions
Charitable And Other Contributions limit
5% individual/ 10% corporation
x taxable income
125
Itemized Deductions
Interest Expense
20% x interest income
126
Composition of Gross Estate based on citizenship and residency
Non-resident Alien
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
Situs
Real Property and Tangible personal property.
Location of the property
128
Situs
Shares, franchise, copyright, and the like.
Where the intangible is exercised regardless of where the corresponding certificate is stored
129
Situs
Receivables
Residence of the debtor
130
Situs
Bank deposit
Location of the depository bank
131
Rules on insufficient consideration
Consideration ≥ FMV at the time of transfer
Bonafide sale. Excluded from the decedent's gross estate.
132
Rules on insufficient consideration
Consideration < FMV at the time of transfer.
Insufficient consideration. Include in the gross estate the excess of FMV @ the time of death over the consideration received.
133
Rules on insufficient consideration
Sale was made in the ordinary course of trade
Bonafide sale regardless of the amount of consideration
134
Rules on insufficient consideration
No consideration received
Either donation mortis causa (subject to estate tax) or donation inter-vivos (subject to donor's tax).
135
Estate
Revocable or Irrevocable
Included GE
136
Executor
Revocable or Irrevocable
Included GE
137
Administrator
Revocable or Irrevocable
Included GE
138
3rd Party (i.e. wife)
Revocable
Included GE
139
3rd Party (i.e. wife)
Irrevocable
Excluded GE
140
VANISHING COMPU
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
VD
Beyond 4 years to 5 years
20%
142
Beyond 3 years to 4 years
40%
143
VD
Beyond 2 years to 3 years
60%
144
VD
Beyond one year to 2 years
80%
145
VD
Within one year
100%
146
VD
Within one year
100%
147
Initial Payment exceeds 25% of the SP
Deferred Se
148
Initial Payment do not exceeds 25% of the SP
Installment
149
Products eligible for Presumptive Input Tax & %
4%
Sardines, mackerel, milk, refined sugar, cooking oil, packed noodle based instant meal
150
Creditable Withholding VAT
5% withheld by government eme and goccs
+ 12% input
pwede ibawas kasama ng input
151
OUTPUT VAT INSTALLMENT
Year of sale
Initial Payment Compu
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
Deferred Sale
OUTPUT VAT is during month of sale
