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
– PHP 500 fee for every truck or van used to deliver soft drinks, liquors, or cigarettes within the province
ANNUAL FIXED TAX FOR DELIVERY TAX AND VANS
Tax imposed by municipalities on different types of businesses within their jurisdiction
LOCAL BUSINESS TAX
Tax imposed on stores or retailers with annual gross sales of up to PHP 50,000 in cities or up to PHP 30,000 in municipalities
BARANGAY TAX
Tax imposed on individuals and corporations within a city’s or municipality’s jurisdiction
COMMUNITY TAX
– An annual fee charged on every application for vehicle registration
Motor Vehicle User’s Charge (MVUC)
– An airport fee imposed on Filipino citizens, foreign residents, and non-resident foreigners (who
have stayed in the country for more than a year) who are leaving the Philippines
TRAVEL TAX
Tax imposed on foreigners staying in the Philippines for at least 60 days, with permanent residency status in the country, and applying for Re-entry Permit and paid to the immigration officer when entering the country
HEAD TAX
Tax on the privilege of exploiting the forest resources in the Philippines
CHARGES ON FOREST PRODUCTS
Tax on electric power consumption over 650 kWh of each residential customer
ENERGY CONSUMPTION TAX
TAX EVASION is LEGAL OR ILLEGAL
ILLEGAL
TAX AVOIDANCE IS LEGAL OR ILLEGAL
LEGAL
using legitimate tax deductions, setting up tax
deferrals plan, taking tax credit.
TAX AVOIDANCE
are not reporting income, reporting more expenses
than you can, not paying taxes owed, understating your tax owed.
TAX EVASION
TAX AVOIDANCE IS ALSO KNOWN AS
TAX PLANNING
TAX EVASION IS ALSO KNOWN AS
TAX DODGING
PENALTIES
Late Filing and Late Payment of the Tax
Deficiency Payment of the Tax
