Summary of Percentage Taxes and Excise Taxes, Including Donor's Taxes

Topics: Taxation in the United States, Property law, Personal property Pages: 8 (1984 words) Published: February 16, 2013
(in ascending order)

Rate| Description|
1/2 of 1% (0.005)| * PT /Final tax on shares sold in Local Stock Exchange| 0%| * Dividends/equity shares in Net Income of Subsidiaries| 1%| * IPO on share of stock over 33 1/3% * GR Tax on Banks, on interests, commissions and discounts with Maturity Period of More than 5 Years| 2%| * IPO on share of stock (25-33 1/3%) * Gas and water franchises| 3%| * PT on Domestic Carriers and Keepers of Garages (Quarterly) (Sec. 117) * International Air/Shipping Carriers (per quarter) (Sec. 118) * Radio/Television Broadcasting Company, not exceeding P10M (Sec. 119) * Non-VAT Taxpayer whose GR not exceeding P1.5M (Sec. 109I)| 4%| * IPO on share of stock up to 25% * Winning in Horse races (double, forcastiquinella, trifecta)| 5%| * Insurance Premiums (except purely cooperative companies/org) doing life business in Phils. * Nonlife insurance (direct purchase by property owner)| 5%| * GR Tax on Banks, on interests, commissions and discounts with maturity period of 5 years or less| 7%| * Royalties, rentals of property, real or personal profit from exchange * On net trading gains within the taxable year on foreign currency, debt securities, derivatives and other similar fin. Instruments| 10%| * GR for Services Rendered by Overseas Dispatch, message, conversation originating from the Philippines * Boxing exhibitions * Amusement Tax on Horse race winnings * Nonlife insurance from foreign companies not authorized to transact business in the Philippines Through an authorized agent| 15%| * Professional Basketball games|

18%| * Cockpits|
30%| * Jai-alai and Race tracks|
* Domestic Carriers taxed at 3% PT, but not lower than
Minimum Quarterly GR
| Areas of Business Operations|
| Cities| Provinces|
Jeepney for Hire| P65,700| P32,900|
PUB| | |
Lower than 30 passengers| P98,600| P98,600|
31-49 pass| P164,200| P164,200|
50 and up| P197,100| P197,200|
Taxi| P98,600| P65,700|
Car for hire (with chauffeur)| P82,100| P82,100|
Car for hire (w/o chauffeur)| P49,300| P49,300|
Based on Revenue Regulations 9-2007, BIR
* Other Franchises-subject to 12% VAT
* PT on life insurance exemption-refunded within 6mos; premiums collected from Phils. From non-resident persons * 12% VAT on Nonlife insurance if acquired from domestic/foreign companies authorized to transact business in the Phils. * 12% VAT on Night/Day clubs

* Pre-Termination, the maturity period shall be reckoned to end as of the date of pre-termination for purpose of classifying the transactions and applying the correct rate of tax * Closely-held corporations, any corporation at least 50% in value of the outstanding capital stock or at least 50% of the total combined voting power of all classes of stock entitled to vote is not more than 20 persons. * Overseas dispatch exemption on amounts paid by

* Gov’t of the Phils, pol. Subdivisions, instrumentalities * Embassies, consular offices (foreign gov’t)
* Public Int’l org based in the Phils
* Press, whether print, broadcast, e-media to other press assoc. which messages deal exclusively with collection of news items. Legend:
VAT-Value-added Tax
IPO-Initial Public offering
GR- Gross receipts
PT-Percentage Tax
PUB-Public utility bus/es

Double- winning number for two consecutive races
Forcastiquinella- winning numbers for 1st and 2nd in a race
Trifecta- Winning numbers for 1st, 2nd and 3rd in a race

-imposed on harmful or non-essential goods manufactured or produced in the Philippines for domestic sale, consumption, or for any other disposition including imported goods.

Terms and their meaning
Distilled Spirits- refers to substances known as ethanol or spirits of wine, including all dilutions, purification and mixtures thereof, from whatever source...
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