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12 Cards in this Set
- Front
- Back
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Sec 116. Annual GR do not exceed 1,919,500 |
3% |
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Sec 117. Domestic Carriers and Keepers of Garages(Transport of Passangers)-land |
3% Tao(Domestic) Land- OPT Bagay(domestic)land- VAT |
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Sec. 118. OPT on International Air/shipping, carriers doing business in the Phil. |
3% Air,water(int'l) Bagay- Opt Tao- exempt |
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Sec.119 tax on Franchises -gas/water utilities -radio/TV broad -PAGCOR |
2%
3% 5% *electricity- VAT *radio/TV- annual GR of preceeding year does not exceed 10M; not Vat-registered. |
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Sec. 120 Tax on Overseas dispatch, message or conversation originating from the Phil. |
10% Exempted: 1. Government 2. Diplomatic Services 3. International Organization 4. News Services |
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Sec. 121 Tax on banks and non-banks financing intermediaries performing QUASI-BANKING FUNCTIONS
Gross Receipts in interest,commissions, and discounts from lending activities; income from financing leasing
*Rem maturity: 5 years or less
*Rem maturity: more than 5 years
*Dividends and equity shares and net income of subsidiaries
*Royalties,rentals or properties, real or personal, profits from exchange and all other items treated as gross income under Sec.32 of the code
*Net trading gains within taxable year on foreign currency, debt sec, derivatives and other similar financial inst. |
5%
1%
0%
7%
7% |
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Sec.122 Tax on Finance Companies/ other non-bank financial intermediaries *Not performing quasi banking functions *Gross receipts on interest, commissions and discounts paid from their loan transactions from finance companies Rem maturity: 5yrs or less Rem maturity: more than 5 yrs |
*5% *5% *1% |
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Sec.123 Tax life insurance companies (except purely coop. companies or assoc)
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Total premiums collected
2% |
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Sec. 124 tax on agents of foreign insurance companies( fire, marine, or misc insurance) except reinsurance premium -dinaan sa agent -owners of property obtain insurance DIRECTLY with foreign insurance companies |
4% 5% |
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Sec.125 Amusement taxes -Jai alai and racetracks -Cockpits, cabarets, night and day club -Prof basketball games -Boxing exhibitions |
30% 18 15 10 |
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Sec.126 taxes on winnings - actual amount paid for every winning ticket after deducting the cost - winnings from double, forecast/quinella and trifecta bets -prize on winning race horse owners |
10 4 10 |
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Sec. 127(A) every stock broker who effcted a sale, barter, exchange or other disposition of shares of stock listed and traded through LSE other than the sale by a dealer in securities Gross SP |
.005 or 1/2 of 1% |
