TAXES Flashcards
System is “a system developed and maintained by the Bureau of Internal Revenue (BIR) for electronically filing tax returns, including attachments, if any, and paying taxes due thereon, specifically through the internet.
ELECTRONIC FILING AND PAYMENT SYSTEM
an online system of the BIR which lets taxpayers submit their Filed ITR and its Attachments through BIR’s webpage.
Electronic Audit Financial Statements
Tax on profits from selling an asset (property, jewelry, stocks, etc.) in the Phil.
CAPITAL GAINS TASK 6%
Tax on documents, loan contracts, and papers that serve as proof of sale or transfer of ownership of a property
DOCUMENTARY STAMP TAX 1.5%
A business tax imposed on non-VAT-registered individuals or corporations that sell or
lease goods and services with gross annual sales or receipts not exceeding PHP 3 million
PERCENTAGE TAX 3%
Tax on a gift or donation, in which both the sender and recipient are living when the gift is given
DONOR’S TAX 6%
Tax on the production, sale, or consumption of goods in the Philippines
EXCISE TAX 6%
A sales tax on consumption imposed on the sale, lease, or importation of goods,
properties, and services in the Philippines, which may be passed on to the consumer
VALUE ADDED TAX 12%
Tax withheld from an individual’s income to promote tax compliance and prevent tax
evasion
WITHHOLDING TAX
Tax on the value of real properties such as houses, lands, buildings, etc.
BASIC REAL PROPERTY TAX
Tax imposed on businesses that involve printing and publication
BUSINESS FOR PRINTING AND PUBLICATION
TAX IMPOSED ON A FRANCHISE BUSINESS
FRANCHISE TAX
Tax on the fair market value of ordinary stones, sand, gravel, earth, and other quarry resources extracted from public lands or public waters within the province
SAND, GRAVEL AND OTHER QUARRY RESOURCES TAX
Tax imposed on professionals such as lawyers, doctors, and engineers
Professional tax
Tax imposed on cinemas, theaters, concert halls, circuses, and other amusement venues
AMUSEMENT TAX
