Taxes Flashcards
Donor’s Tax Rate for donation to Strangers and outside 4th degree of consanguinity
30% x Net Gifts
Estate Tax Rate
5% - 20% x Net Estate
Value Added Tax Rate
12% x SP
Percentage Tax Rate
3% x Gross Receipt/month
Doc Stamp Rate on Real Estate Sales
1.5% x Tax Base
Doc Stamp Rate of Lease
3.00 (for first 2,000 lease) + 1.00 (for next 1,000 lease)
Formula : (Lease x 0.1%) + 2.00
Doc Stamp Rate for Mortgage
20.00 (for first 5,000) + 10.00 (for next 5,000)
Formula : (Mortgage Amount x 0.2%) + 10.00
Transfer Tax Rate for properties outside Metro Manila
50% of 1% x Tax Base
Formula : (0.5 x 0.01) = 0.005
Transfer Tax Rate for properties in Cities and Metro Manila municipalities
75% of 1% x Tax Base
Formula : (0.75 x 0.01) = 0.0075
Idle Land Tax Rate
5% (max) x Assessed Value
Basic Realty Tax Rate of Provinces
or Realty Tax; Basic Tax
1% (max) x Assessed Value
Basic Realty Tax Rate for Cities and Metro Manila Municipalities
(or Realty Tax; Basic Tax)
2% (max) x Assessed Value
Doc Stamp Tax Rate on Sale not in real estate
15.00 / 1,000 sale
Basic Registration Fee Formula
(SP / 20,000) x 90 + 1146
Donor’s Tax Rate for donation within 4th degree of consanguinity
2% - 15% x Net Gifts
Tax base Formula for lot only
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
Tax base formula for house and lot
Whichever is higher form SP (selling price) OR FMV (fair market value)
FMV = Zonal Value of Lot + Tax Dec (Value) of house
Basic realty Tax formula
AV (Assessed Value) x Tax Rate
Assessed Value formula
FMV (Fair Market Value) x AL (assessment Level)
Socialized Housing Tax
SHT = (AV - 50k) x 0.005
Due date of Percentage Tax & Value-Added Tax
On or before 20th day of the ff. month
Based on: Actual cash collection of the month
Due date of CWT (Creditable withholding tax)
On or before 10th day of ff. month
Basis: month of notarization
Due Date of CGT (capital Gains Tax)
W/in 30 days from notarization of sale
Due date on (DST) Documentary Stamp Tax
On or before 5th day of ff. month
Basis: month of notarization
Applicable to: deed of sale & deed of mortgage
Due date of Donor’s Tax
W/in 30 days from date of notarization
Estate Tax should be filed and paid within
6 months from time of death
For the processing of estate tax, Notice of death should be files and paid within
2 months from death
(CAR) Certificate Authorizing Registration should be used within
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
