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15 Cards in this Set
- Front
- Back
- 3rd side (hint)
Minimum Qtr/Mo Gross Receipts |
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Businesses Subj to OPT |
1. Non VAT with annual sales of 1,919,500 and Below 2. Domestic Carriers & Keepers of Garages 3. Franchise 4. Overseas Dispach/ Message from Phils 5. Bank and NonBank Financial Inst 6. Life Insurance Companies 7. Amusement Places 8. Sales of Stock in Local Stock Exchange |
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NonVat with 1,919,500 and Below |
3% |
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Sales to Govt by NonVAT |
WH percentage tax 3% CR WH Tax on: Purchase of Goods 1% Purchase of Services 2% |
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Domestic Carriers & Keepers of Garages |
3% of Quarterly Gross Receipts OR Minimum Quarterly Gross Receipts w/c Higher |
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International Air and Shipping Carriers |
3% of Quarterly Gross Receipts(International Carriers of Foreign Registry ie. If local then 12% VAT) |
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Franchises |
1. Gas and Water- 2% (If electric etc then 12% VAT) 2. Unregistered Radio and TV Broadcasting with annual gross receipts not exceeding 10M- 3% |
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Overseas Dispach, Message Convo |
10% - Collected and paid by person rendering services w/in 20 days after end of Qtr (Exemptions: Govt Diplomatic Services International Orgs News Services) |
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Life Insurance Premium |
5% (Exemptions: -If refunded w/in 6 Mos -Premiums collected outside the Phils by NonResident) |
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Amusement Taxes |
1. Jai-alai and Race Tracts - 30% 2. Cabarets, Night/Day Clubs - 18% 3. Cockpits - 18% 4. Professional BBall Games - 15% 5. Boxing Exhibitions - 10% (Exemptions: Boxing in any division whether World or Oriental if one of the contenders is a Filipino Citizen AND Promoter of exhibition is a Filipino/at least 60% Filipino owned Assoc or Corp) |
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Horse Race Winnings |
10% on Winnings If: Double(2 Consecutive) Forcastiquinella(1st and 2nd Place) Trifecta(1st, 2nd and 3rd Place) Then 4% Tax paid within 20 days from the date it was deducted and withheld by person in charge of horse races |
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Issunce of Shares of Stock through IPO |
IPO:Outstanding Shares Up to 25% - 4% Over 25% but not over 33.33% - 2% Over 33.33% - 1% (Primary Offering - File and Pay within 30Days from listing Secondary Offering - File and Pay within 5 banking days from collection date) |
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Sale of Shares through Local Stock Exchange |
Sold other than by a dealer in securities - .5% *Final Tax (Pay 5 banking days from date of collection) |
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Gross Receipts Tax on Banks & Quasi Banks |
1. Interest, Commissions, Disc from lending, Financial Leasing 5 years or Less - 5% More than 5 years - 1% 2. Dividends and Eq Shares in NI - 0% 3. Royalties, Rentals, Profit from Exchange, all other items treated as Gross Income - 7% 4. Net Trading Gains w/in Taxable Year on foreign currency, debt sec, derivatives and fin inst - 7% |
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Gross Receipts Tax on Non Bank Financial Intermediaries |
1. Interest, Commissions, Discounts and all other Gross Income - 5%2. Interest, Commissions, Disc from lending, Financial Leasing5 years or Less - 5%More than 5 years - 1% (Financial Leasing - Only income not including principal) (Pre-Termination = Retroactive Tax Payable) (Payable Monthly within 20 Days following end of taxable month. Cert of CR Tax WH given not later than 15th day on the month ff the close of calendar year) |
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