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CPALE - OCT 2022 > Taxation > Flashcards

Taxation Flashcards

1
Q

Documentary Stam Tax (DST)

A

excise tax on certain rights embodied in documents

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2
Q

T or F. Failure to pay DST will not invalidate the transaction but the documents will.

A

TRUE

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3
Q

T or F. One transaction, one (DST) tax.

A

TRUE

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4
Q

Real Property Tax (RPT) accrues every ________.

A

January 1

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5
Q

Procedure for computing RPT

A

FMV > Assessment Level > Assessed Value > RPT

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6
Q

Classification or Assessment Level (CARTSH)

A

Commercial/Industrial and Mineral - 50%
Agricultural - 40%
Residential - 20%
Timberland - 20%
Special Classes - 15%
Hospital and Water District - 10%

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6
Q

Classification or Assessment Level (CARTSH)

A

Commercial/Industrial and Mineral - 50%
Agricultural - 40%
Residential - 20%
Timberland - 20%
Special Classes - 15%
Hospital and Water District - 10%

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7
Q

Maximum Tax Rates for:
1. Cities and Municipalities (within MM)
2. Provinces

A

2% and 1%

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8
Q

Exempted Properties from RPT

A

Public Properties
Religious, Educational and Charitable
LWDs (GOCCs for water/electric supply and distribution)
Registered Coops
Pollution Control and Environmental Protection

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9
Q

Special Education Fund Tax Rate

A

uniform 1% (same basis with RPT)

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10
Q

What are idle lands?

A
  1. 1/2 left uncultivated, unutilized or unimproved
  2. residential lots in subdivision
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11
Q

Special Levy

A

_< 60% actual cost

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12
Q

DST for shares of stock

A
  1. Issuance - P2/P200 of par
  2. Transfer - P1.5/P200 of par
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13
Q

DST for Real Properties

A

P15/P1000 or 1.5%

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14
Q

Deadline for filing of DST tax return

A

Within 10 days after the close of the month. Provided, however, that RR6-2001 moved the payment to within 5 days from end of the month.

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15
Q

Mandatory use of web-based eDST system

A
  1. banks, quasi-banks or non-bank financial companies
  2. shipping and airlines companies
  3. pre-need companies
  4. educational institutions
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16
Q

Two Types of Excise Tax

A
  1. Specific
  2. Ad Valorem
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17
Q

Taxability of excisable goods or services

A

GR: point of import or production
XPN: non-essential services (point of sale)

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18
Q

VAT-exempt sales of goods or properties

A

SECRET Tax-free Gold

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19
Q

VAT-Exempt Sales of Services

A

SEARCH2 VA TRIPS

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20
Q

Other VAT-Exempt Sales of Goods or Services

A

CUNS

21
Q

Services subject to Specific Percentage Tax

A

BICAP FLOW

22
Q

Special Exemption to the Percentage Tax

A
  1. Cooperatives
  2. SEP availing the 8% on gross sales/receipts and other income
23
Q

Deadline of Filing of VAT (2551Q)

A

25 days after end of taxable quarter

24
Q

Deadline for filing Overseas Communication Tax

A

within 20 days after end of each quarter

25
Q

Deadline for filing Amusement Tax

A

within 20 days from end of the quarter

26
Q

Deadline for filing on sales of stock to PSE by stock brokers

A

5 banking days from date of collection

27
Q

VAT Threshold

A

P3M vatable sales or receipts in the last 12 months

28
Q

VAT Threshold for franchise grantees

A

P10M per year

29
Q

Transactions deemed Sale

A
  1. Consignment if not withdrawn in 60 days
  2. Usage not in the course of business (for personal use, dacion en pago, property dividend)
  3. Retirement or Cessation of business
  4. Change from VAT to non-VAT status
30
Q

What is seller’s option on exempt goods

A

Sellers may opt to apply 12% VAT on sales of exempt goods but shall be irrevocable for three years

31
Q

When can input VAT be creditable

A
  1. paid
  2. billed by VAT supplier
  3. VAT invoice or receipt
32
Q

Sources of Input VAT (TRAPSI)

A
  1. Transitional IV
  2. Regular IV
  3. Amortization of deferred IV
  4. Presumptive IV
  5. Standard IV
  6. IV carry-over
33
Q

Filing of returns
1. 2550M
2. 2550Q

A
  1. on or before 20th day ff EOM
  2. on or before 25th day ff EOQ
34
Q

Invoicing Requirement

A
  1. VAT Invoice - goods
  2. VAT Receipts - services
35
Q

VAT-exempt on Importation Items

A
  1. Import of exempt goods
  2. Importation by VAT-exempt persons
  3. Quasi-importation
    4.Exempt under special laws and international agreement
36
Q

What does the term simple processing include? (for identifying vatable products/services)

A
  1. preparation for the marker
  2. preservation
  3. packaging, including advanced technological means of packaging
37
Q

Examples of simple acts of preparation

A

boiling
broiling
husking
roasting
stripping
grinding

38
Q

Examples of simple acts of preservation

A

freezing
drying
smoking
salting

39
Q

T or F. Goods are still in their original state even if they are packed using advanced technological means, such as shrink wrapping in plastics, vacuum packing, tetra-packing and other similar packing methods.

A

TRUE

40
Q

Basis of VAT on Importation

A

Landed Cost

41
Q

Composition of Landed Cost

A
  1. Dutiable Value
  2. Other in-land Cost
42
Q

T or F. Excise tax is included in the landed cost.

A

TRUE

43
Q

T or F. Bank charges are included in the landed cost.

A

TRUE

44
Q

T or F. Facilitation Fees are included in the landed cost.

A

FALSE

45
Q

What is FWVAT?

A

tax on domestic consumption of services purchased from abroad

46
Q

What is the Rationale of Consumption Taxes

A
  1. Savings Formation
  2. Benefit Received Theory
    Wealth Redistribution
47
Q

T or F. Donor’s Tax shall apply whether the transfer is in trust or otherwise.

A

TRUE

48
Q

What are the essential requisites of donation?

A
  1. Capacity of the donor
  2. Intention to Donate
  3. Donative Act
  4. Acceptance by the donee
49
Q

T or F. Donation inter vivos takes effect upon death of the donor.

A

FALSE

50
Q

T or F. Donation mortis causa is donation between living individuals.

A

FALSE

51
Q

T or F. Only properties within the Philippines are subject to Donor’s Tax for Nonresident Citizen.

A

FALSE

CPALE - OCT 2022 (2 decks)

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