Transcript PERCENTAGE TAX - Susan Dajao Tusoy

PERCENTAGE TAX
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PERCENTAGE TAXES
NIRC/Ref.
Sec. 116
Taxable
VAT-exempt
persons under
Sec. 109 (V) and
did not opt to
register as VAT
taxpayers
• Cooperatives
are exempt
Taxable Base
Annual Gross
Sales/ Receipts
Not Exceeding
P1,919,500.00
Tax
rate
3%
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PERCENTAGE TAXES
NIRC/Ref.
Sec. 117
Taxable
Domestic carriers
a. Car driven by
lessee
b. Transportation
contractors/ who
transport
passengers by
land
c. Keepers of
garage
Except:
a. Bancas
b. Animal-drawn
two wheeled
vehicles
Taxable base
Gross receipts
Tax rate
3%
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DOMESTIC CARRIERS
Sec. 117/RR 9-2007
Jeepney for hire –
1. Manila and other cities
2. Provincial
Public Utility Bus –
Not exceeding 30 passengers
Exceeding 30 passengers but
not exceeding 50 passengers
Exceeding 50 passengers
Year 2006
Updated Minimum
Gross Monthly
Receipts
P21,900.00
10,967.00
P32,867.88
54,733.00
65,700.00
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DOMESTIC CARRIERS
Sec. 117/RR 9-2007
Year 2006
Updated Minimum Gross
Monthly Receipts
Taxis1. Manila and other Cities
2. Provincial
P32,867.00
21,900.00
Car for hire (with chauffeur)
P27,367.00
Car for hire (without chauffeur)
P16,434.00
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COMMON CARRIER -LAND
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Transport of
Passenger
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Transport of Cargoes

Subject to VAT
Subject to Common
Carrier’s tax
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WHAT IS A COMMON CARRIER?

"any person, corporation, firm or association
engaged in the business of carrying or transporting
passengers or goods or both, by land, water, or air,
for compensation, offering their services to the
public."
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PERCENTAGE TAXES
NIRC/Ref.
Sec. 118
Taxable
International
air/ shipping
carriers
Taxable base
Gross receipts
Tax rate
3%
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DOMESTIC
CARRIERS - AIR & SEA
DOMESTIC
FLIGHTS
INTERNATIONAL FLIGHTS
ORIGINATING FROM PHILS.
VAT (12%)
ZERO RATED
(0%)
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PERCENTAGE TAXES
NIRC/Ref
Taxable
Taxable base
Tax
rate
Sec. 119
Tax on franchises
Radio/TV (with the
option to register as
VAT)
Not exceeding 3%
P10M Annual
Receipts
Sec. 119
Gas and water
utilities
Gross
Receipts
2%
Sec. 120
Tax on Overseas
Dispatch, Message or
Conversation Phil.
Origin
Amount Paid
10%
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OVERSEAS COMMUNICATION TAX
Composition of total billings =
( IDD charge + 10% OCT)
Exemptions:
1. Government
2. Diplomatic Services
3. International Organizations
4. News Services
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PERCENTAGE
Section/Ref.
Sec. 121
R.A. 9238
RR 9-2004
R.A. No.
9337
TAXES
Taxable
Taxable base
Banks and non- a. Interest,
bank financial
commissions and
intermediaries
discounts from lending
performing quasi
activities as well as
banking
income from financial
functions
leasing, on the basis of
remaining maturities
of instruments
5 yrs. or less
More than 5yrs.
Tax
rate
5%
1%
b. Dividends and
0%
equity shares in the net
income of subsidiaries
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PERCENTAGE TAXES
Section/Ref.
R.A. No.
9337
R.A.
No.9337
Taxable
Taxable base
c. Royalties, rental of
property, real or
personal, profit
from exchange
and all other items
gross income
d. On net trading
gains within the
taxable year on
foreign currency,
debt securities,
derivatives and
other similar
instruments
Tax rate
7%
7%
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% TAXES
Section
/Ref.
Sec. 122
R.A. 9238
RR 9-2004
RR162005
Taxable
Taxable base
Tax
rate
Other non-bank
a. Interest, commissions, 5%
financial
discounts and all other
intermediaries(non-bank
items of gross income
financial intermediary
not performing quasi
b. Interest, commissions
banking functions)
and discounts from
including pawnshops
lending activities as
and moneychangers
well as income from
doing business in the
financial leasing, on
Phils.
the basis of remaining
Pawnshops are
maturities of the
classified as Other Noninstruments from
bank Financial
which such receipts
Intermediaries under
are derived:
RR 10-2004
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PERCENTAGE TAXES
Section /Ref.
Taxable
Taxable base
Maturity of 5yrs.
or less
More than 5 yrs.
Tax rate
5%
1%
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Financial
Institutions
5%
1%
7%
Non-bank
Financial
Intermediaries
Banks
Performing quasibanking function
Not performing quasibanking function
(INCLUDES FINANCING
COMPANIES)
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5%, 1%, 7%
5%, 1%
PERCENTAGE TAXES
Section /Ref.
Sec. 123
Taxable
Taxable base
Tax rate
Tax on Life Insurance
Premiums
Total Premium
2%
Sec. 124
Tax on agents of Foreign
Insurance Companies not
authorized in the Phils.
Total Premium
10%
Sec. 124
Tax on agents of Foreign
Insurance Companies
authorized in the Phils.
Total Premium
5%
Sec. 125
Amusement
Taxes on Cockpits
Gross Receipts
18%
(RMC 22-2010)
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PERCENTAGE TAXES
Section /Ref.
Taxable
Sec. 125
Cabarets, Nights or Day Clubs
RMC 182010
Taxable base
Tax rate
Gross
Receipts
18%
Karaoke bars, karaoke
televisions, karaoke boxes &
videoke bars
Gross Receipts
18%
Sec. 125
Boxing Exhibitions
Gross Receipts
10%
Sec. 125
Professional basketball games
Gross receipts
15%
Sec. 125
Jai-Alai and racetracks
Gross receipts
30%
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% TAXES
Section /Ref.
Sec. 126
Taxable
Tax on Winnings
Every Person Who
wins
Taxable base
Winnings or
dividends based on
the actual amount
paid for every
winning ticket after
deducting the cost of
ticket
Tax rate
10%
Winnings from double
forecast/quinella/
4%
trifecta/other
winnings
Sec. 126
Owners of winning
horses
Prize
10%
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PERCENTAGE TAXES
Section
/Ref.
Taxable
Sec. 127
Tax on Barter or Exchange of
Shares of Stock listed and traded
through the local stock exchange
Sec. 127
Taxable
base
Tax rate
Gross
selling
price
(GSP)
½ of 1%
Through Initial and secondary
public offering-proportion of
shares of stocks dispose to total
outstanding shares
up to 25%
GSP
4%
Over 25% but not over 33 1/3%
GSP
2%
GSP
1%
Over 33 1/3%
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TAX FORMS AND DEADLINES - MANUAL
Form 2551M
Deadline- 20th day after end of the month
Form 2551Q
Deadline – 20th day after end of each quarter for
for Sec. 125 – Amusement Taxes
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TAX FORMS AND DEADLINES - EFPS
Form 2551M
Group A - 25 days ff. the end of the month
Group B - 24 days -doGroup C - 23 days -doGroup D - 22 days -doGroup E - 21 days -doForm 2551Q
Deadline – 20th day after end of each quarter for
for Sec. 125 – Amusement Taxes
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The end
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