Rev_Income Tax

Front 1

1. Interest or yield from bank deposits or deposit substitutes

2. Domestic dividends

3. Dividend income from a Real Estate Investment Trust

4. Share in the net income of a business partnership, taxable associations, joint ventures, joint accounts, or co-ownership

5. Royalties

6. Prizes exceeding P10 000

7. Winnings

8. Informer's Tax Reward

9. Interest Income on tax-free corporate covenant bonds

Back 1

Passive Income subject to final tax (9)

Front 2

1. Final Tax

2. Tax withholding at source

3. Territorial at source

4. Imposed on certain passive income and persons not engaged in business in the Philippines

Back 2

Features of Final Income Taxation

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Debtor's Residence

Back 3

Situs of Interest income

Front 4

Where intangible is employed

Back 4

Situs of royalties

Front 5

Location

Back 5

Situs if Rent Income

Front 6

Where service is rendered

Back 6

Situs of Service Income

Front 7

Where sold

Back 7

Situs of merchandising income

Front 8

Where manufactured and sold

Back 8

Situs of Manufacturing Income

Front 9

Residence of Taxpayer

Back 9

Situs of Persons

Front 10

Location

Back 10

Situs of Real Property

Front 11

Location

Back 11

Situs of Tangible Personal Property

Front 12

Domicile of the owner

Back 12

Situs of Intangible Personal Property

Front 13

Residence/Citizenship/Source

Back 13

Situs of Income

Front 14

Place of Business

Back 14

Situs of Business

Front 15

Residence/Citizenship/Location

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Gratuitous Transfer of Property

Front 16

1. Lending activities

2. Investment in Bonds

3. Promissory Notes

4. Foreign Sources

5. Penalty for legal delay or default

Back 16

Interest Income subject to regular tax

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REIT (Real Estate Investment Trust)

Back 17

A publicly listed corporation established principally for the purpose of owning income generating real estate assets

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Fringe Benefits

Back 18

include all remunerations under an employer-employee relationship that do not form part of compensation income

Front 19

BIR Form 1601-F

Back 19

Final Withholding Tax Return Form

Front 20

10th day of the month following the month in which withholding was made

Back 20

Deadline for final tax manual filing

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1. Authorized agent bank of revenue district office

2. Revenue collection officer

3. Authorized city or municipality treasurer

Back 21

Place (3) for final tax manual filing

Front 22

1. Final income Taxation

2. Capital Gains Taxation

3. Regular Income Taxation

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Income Taxation Schemes (3)

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1. Dealers of personal property regularly sold

2. Dealers of real property if initial pmt = >25%(SP)

3. Casual Sale of non-dealers if initial pmt = >25%(SP); SP > 1000

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Installment method is available to the following taxpayers

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Initial Payment

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Means total payments by the buyer, in cash or property, in the taxable year the sale was made

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Contract Price

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The amount receivable in cash or other property from the buyer.

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1. Stock in trade

2. Real Property in Trade

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Ordinary Assets to mark (2)

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1. Preferred Stocks

2. Common Stocks

3. Stock Rights

4. Stock Options

5. Stock Warrants

6. Unit of Participation

Back 27

Domestic Stocks (6)

Front 28

1. Foreclosure of property in settlement of debt

2. Pacto de retro sales

3. Conditional sales

4. Voluntary buyback of shares by issuing corporation

Back 28

Capital gains tax also covers this 4 (domestic stocks in kind and other dispositions)

Front 29

BIR FORM 1707

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Transactional Capital gains Tax Return

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BIR Form 1707-A

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Annual Capital Gains tax return

Front 31

Initial pmt = >25% SP; SP>1000

Back 31

Requisites for the 5%-10% capital gains tax to be allowed to be paid in installments