FINALS IN TAXATION II
Name:___________________________
Identification:
1. _____________________means the VAT due on the sale, lease or exchange of taxable goods or
properties or services by any person registered or required to register under section 236 of the Tax
Code.
2. ____________________ means the performance of all kinds of services in the Philippines for others
for a fee, remuneration or consideration
3. ____________________is a tax imposed on the gains presumed to have been realized by the seller
from the sale, exchange, or other disposition of capital assets located in the Philippines, including
pacto de retro sales and other forms of conditional sale.
4. ____________________is a tax on documents, instruments, loan agreements and papers evidencing
the acceptance, assignment, sale or transfer of an obligation, rights, or property incident thereto.
5. ____________________ shall mean all tangible and intangible objects, which are capable of
pecuniary estimation
6. _____________________is a tax on a donation or gift, and is imposed on the gratuitous transfer of
property between two or more persons who are living at the time of the transfer.
7. _____________________is a tax on the right of the deceased person to transmit his/her estate to
his/her lawful heirs and beneficiaries at the time of death and on certain transfers which are made
by law as equivalent to testamentary disposition.
8. _____________________is a tax on all yearly profits arising from property, profession, trades or
offices or as a tax on a person’s income, emoluments, profits and the like.
9. ____________________ is a business tax imposed on persons or entities who sell or lease goods,
properties or services in the course of trade or business whose gross annual sales or receipts do not
exceed P550,000 and are not VAT-registered.
10. ______________________is a business tax imposed and collected from the seller in the course of
trade or business on every sale of properties (real or personal) lease of goods or properties (real or
personal) or vendors of services.
11. ______________________means the VAT paid by a VAT-registered person in the course of his trade
or business on importation of goods or local purchase of goods or services, including lease or use of
property, from a VAT-registered person.
12. ____________________is a sale, barter or exchange of goods, properties and/or services subject to
0% VAT pursuant to Sections 106 (A) (2) and 108 (B) of the Tax Code.
13. The Monthly VAT Declaration (BIR Form 2550M) and Quarterly VAT Return (BIR Form 2550Q) shall
be filed with any _______________________ in the place where the taxpayer is registered or
required to be registered.
14. In places where there are no AABs, it shall be filed with and the tax paid to the
_____________________________________of the place where the RDO is located.
15. _____________________ is a sale of goods, properties or service and the use or lease of properties
which is not subject to output tax and whereby the buyer is not allowed any tax credit or input tax
related to such exempt sale.
Enumeration:
1-5 transactions are considered as zero-rated sales
6-10 transactions deemed sales
11-15 VAT-exempt transactions
16-20 Who Are Required To File Percentage Tax Returns
Fill in the Rates:
Coverage Basis Tax Rate
Persons exempt from VAT under Sec. 116 Gross Sales or Receipts
Domestic carriers and keepers of garages Gross Receipts
International Carriers:
International air/shipping carriers doing business in the Gross Receipts
Philippines
Franchise Grantees:
Electric , gas and water utilities Gross Receipts
Radio and television broadcasting companies whose annual Gross Receipts
gross receipts of the preceding year do not exceed P
10,000,000 and did not opt to register as VAT taxpayer
Banks and non-bank financing intermediaries Interest, commissions and
discounts from lending activities
as well as income from leasing on
the basis of remaining maturities
of instruments:
Short term maturity (not
over 2 years)
Medium term (over 2
years but not over 4 years)
Long Term Maturity
o Over 4 years but
not over 7 years
o Over 7 years
On Dividends
On royalties, rentals of properties,
real or personal, profits from
exchange and all other items
treated as gross income under
Sec. 32 of the Code
On interest, discounts and other
items of gross income paid to
finance companies and other
Finance Companies
financial intermediaries not
performing quasi banking
functions
Interest, commissions and
discounts paid from their loan
transactions from finance
companies as well as income from
financial leasing shall be taxed
based on the remaining maturities
of instruments:
Short term maturity (not
over 2 years)
Medium term (over 2
years but not over 4 years)
Long Term Maturity
o Over 4 years but
not over 7 years
o Over 7 years
Life Insurance Companies (except purely cooperative
Total premiums collected
companies or associations)
Agents of foreign insurance companies: (except reinsurance
premium)
· Insurance agents authorized under the Insurance
Code to procure policies of insurance for companies not Total premium collected
authorized to transact business in the Phils.
· Owners of property obtaining insurance directly with
Total premium collected
foreign insurance companies
Proprietors, lessee or operator of the following:
Cockpits Gross receipts
Cabarets, Night or Day Clubs Gross receipts
Boxing exhibitions Gross receipts
Professional basketball games Gross receipts
Jai-alai and race track (operators shall withheld tax on
Gross receipts
winnings)
Every stock broker who effected a sale, barter, exchange or Gross selling price or gross value
other disposition of shares of stock listed and traded in money of shares of stocks sold,
through the Local Stock Exchange (LSE) other than the sale bartered, exchanged or otherwise
by a dealer in securities disposed
Gross selling price or gross value
A corporate issuer/stock broker, whether domestic of of in money of shares of stocks
foreign, engaged in the sale, barter, exchange or other sold, bartered, exchanged or
disposition through Initial Public Offering (IPO)/secondary otherwise disposed in accordance
public offering of shares of stock in closely held with the proportion of stocks
corporations sold, bartered or exchanged or
after listing in the stock exchange
· Up to 25 %
· Over 25% but not over 33
1/3%
· Over 33 1/3 %
“The genuine knowledge originates in direct experience…..” Mao Zedong
Good Luck and Congratulations, I will not say goodbye but see you later…. Bradpeter
