Taxes

Question 1

Donor’s Tax Rate for donation to Strangers and outside 4th degree of consanguinity

Answer 1

30% x Net Gifts

Question 2

Estate Tax Rate

Answer 2

5% - 20% x Net Estate

Question 3

Value Added Tax Rate

Answer 3

12% x SP

Question 4

Percentage Tax Rate

Answer 4

3% x Gross Receipt/month

Question 5

Doc Stamp Rate on Real Estate Sales

Answer 5

1.5% x Tax Base

Question 6

Doc Stamp Rate of Lease

Answer 6

3.00 (for first 2,000 lease) + 1.00 (for next 1,000 lease)

Formula : (Lease x 0.1%) + 2.00

Question 7

Doc Stamp Rate for Mortgage

Answer 7

20.00 (for first 5,000) + 10.00 (for next 5,000)

Formula : (Mortgage Amount x 0.2%) + 10.00

Question 8

Transfer Tax Rate for properties outside Metro Manila

Answer 8

50% of 1% x Tax Base

Formula : (0.5 x 0.01) = 0.005

Question 9

Transfer Tax Rate for properties in Cities and Metro Manila municipalities

Answer 9

75% of 1% x Tax Base

Formula : (0.75 x 0.01) = 0.0075

Question 10

Idle Land Tax Rate

Answer 10

5% (max) x Assessed Value

Question 11

Basic Realty Tax Rate of Provinces

or Realty Tax; Basic Tax

Answer 11

1% (max) x Assessed Value

Question 12

Basic Realty Tax Rate for Cities and Metro Manila Municipalities
(or Realty Tax; Basic Tax)

Answer 12

2% (max) x Assessed Value

Question 13

Doc Stamp Tax Rate on Sale not in real estate

Answer 13

15.00 / 1,000 sale

Question 14

Basic Registration Fee Formula

Answer 14

(SP / 20,000) x 90 + 1146

Question 15

Donor’s Tax Rate for donation within 4th degree of consanguinity

Answer 15

2% - 15% x Net Gifts

Question 16

Tax base Formula for lot only

Answer 16

Whichever is higher form SP (selling price) OR FMV (fair market value)
FMV = whichever is higher from Value (tax dec, deed of sale) OR BIR zonal value of lot

Question 17

Tax base formula for house and lot

Answer 17

Whichever is higher form SP (selling price) OR FMV (fair market value)
FMV = Zonal Value of Lot + Tax Dec (Value) of house

Question 18

Basic realty Tax formula

Answer 18

AV (Assessed Value) x Tax Rate

Question 19

Assessed Value formula

Answer 19

FMV (Fair Market Value) x AL (assessment Level)

Question 20

Socialized Housing Tax

Answer 20

SHT = (AV - 50k) x 0.005

Question 21

Due date of Percentage Tax & Value-Added Tax

Answer 21

On or before 20th day of the ff. month

Based on: Actual cash collection of the month

Question 22

Due date of CWT (Creditable withholding tax)

Answer 22

On or before 10th day of ff. month

Basis: month of notarization

Question 23

Due Date of CGT (capital Gains Tax)

Answer 23

W/in 30 days from notarization of sale

Question 24

Due date on (DST) Documentary Stamp Tax

Answer 24

On or before 5th day of ff. month
Basis: month of notarization
Applicable to: deed of sale & deed of mortgage

Question 25

Due date of Donor’s Tax

Answer 25

W/in 30 days from date of notarization

Question 26

Estate Tax should be filed and paid within

Answer 26

6 months from time of death

Question 27

For the processing of estate tax, Notice of death should be files and paid within

Answer 27

2 months from death

Question 28

(CAR) Certificate Authorizing Registration should be used within

Answer 28

1 year
Life: 2 years (including revalidation- same CAR)
After 2 yrs.: if CAR is not used, then there is re-issuance of New CAR