Podcast
Questions and Answers
What is the basis for calculating the stamp tax on conveyances of real property?
What is the basis for calculating the stamp tax on conveyances of real property?
- The age of the property
- The structure type on the property
- The total area of the land
- The higher value between the consideration contracted or the fair market value (correct)
What is the stamp tax rate when the consideration for the realty does not exceed P1,000?
What is the stamp tax rate when the consideration for the realty does not exceed P1,000?
- P15.00 (correct)
- P30.00
- P1.00
- P5.00
Which of the following is exempt from the stamp tax under this regulation?
Which of the following is exempt from the stamp tax under this regulation?
- Transfers with a consideration over P1,000
- Conveyances involving foreign entities
- Deeds of sale involving commercial properties
- Transfers exempt from donor’s tax under Section 101(a) and (b) (correct)
What action can be taken if the documentary stamp tax payable is reduced due to an incorrect statement of consideration?
What action can be taken if the documentary stamp tax payable is reduced due to an incorrect statement of consideration?
What is the tax imposed for each additional P1,000, or fractional part thereof, beyond the first P1,000 in consideration?
What is the tax imposed for each additional P1,000, or fractional part thereof, beyond the first P1,000 in consideration?
What is the documentary stamp tax for a charter with a registered gross tonnage not exceeding 1,000 tons for a duration of 7 months?
What is the documentary stamp tax for a charter with a registered gross tonnage not exceeding 1,000 tons for a duration of 7 months?
If a charter involves a vessel with a gross tonnage of 5,000 tons and lasts for 8 months, what is the total tax owed?
If a charter involves a vessel with a gross tonnage of 5,000 tons and lasts for 8 months, what is the total tax owed?
What additional tax applies for each month beyond 6 months for a vessel exceeding 10,000 tons?
What additional tax applies for each month beyond 6 months for a vessel exceeding 10,000 tons?
Which of the following durations does NOT categorize the charter as exceeding the six months threshold?
Which of the following durations does NOT categorize the charter as exceeding the six months threshold?
What is the documentary stamp tax for a charter lasting 4 months for a 12,000-ton vessel?
What is the documentary stamp tax for a charter lasting 4 months for a 12,000-ton vessel?
What happens to the tax owed if the charter duration is exactly 6 months for a 1,200-ton vessel?
What happens to the tax owed if the charter duration is exactly 6 months for a 1,200-ton vessel?
The stamp tax for a charter on a 9,000-ton vessel for 5 months is?
The stamp tax for a charter on a 9,000-ton vessel for 5 months is?
What is the correct additional tax for a contract of 10 months duration for a 4,000-ton vessel?
What is the correct additional tax for a contract of 10 months duration for a 4,000-ton vessel?
Flashcards
Stamp tax basis on real property
Stamp tax basis on real property
The higher of contracted consideration or fair market value.
Stamp tax rate (realty <= P1,000)
Stamp tax rate (realty <= P1,000)
P15.00
Stamp tax exemption
Stamp tax exemption
Transfers exempt from donor’s tax under Section 101(a) and (b).
Action for incorrect consideration
Action for incorrect consideration
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Stamp tax (each additional P1,000)
Stamp tax (each additional P1,000)
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Tax for <1,000 tons, 7 months
Tax for <1,000 tons, 7 months
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Tax for 5,000 tons, 8 months
Tax for 5,000 tons, 8 months
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Additional tax, >10,000 tons, >6 months (per month)
Additional tax, >10,000 tons, >6 months (per month)
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Duration NOT exceeding threshold
Duration NOT exceeding threshold
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Tax for 12,000 ton, 4 months
Tax for 12,000 ton, 4 months
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Tax for 1,200 ton vessel for exactly 6 months
Tax for 1,200 ton vessel for exactly 6 months
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Tax for 9,000-ton vessel for 5 months
Tax for 9,000-ton vessel for 5 months
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Additional tax for 4,000 ton vessel for 10 months
Additional tax for 4,000 ton vessel for 10 months
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Study Notes
Documentary Stamp Tax on Real Property Conveyances
- Applies to conveyances, donations, deeds, instruments, or writings, excluding grants, patents, or original certificates of adjudication
- Tax is based on the higher of either the consideration contracted to be paid or the fair market value
- When the government is a party, the tax is based on the actual consideration
- Tax rate:
- P15.00 for considerations not exceeding P1,000
- P15.00 for each additional P1,000 or fractional part thereof in excess of P1,000
- Transfers exempt from donor's tax under Section 101(a) and (b) are also exempt from this tax
- If the consideration is incorrectly stated, the Commissioner or revenue officer will assess the true market value and collect the proper tax
Documentary Stamp Tax on Charter Parties
- Applies to charter parties, contracts, agreements, letters, memorandums, or other writings relating to the charter of ships, vessels, or steamers
- Tax is also levied on renewals or transfers of charter agreements
- Tax rates vary based on the registered gross tonnage and duration of the charter:
- For ships with tonnage not exceeding 1,000 tons and duration not exceeding 6 months: P1,000 + P100 for each additional month or fraction thereof
- For ships with tonnage exceeding 1,000 tons but not exceeding 10,000 tons and duration not exceeding 6 months: P2,000 + P200 for each additional month or fraction thereof
- For ships with tonnage exceeding 10,000 tons and duration not exceeding 6 months: P3,000 + P300 for each additional month or fraction thereof
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Description
Explore the intricacies of the Documentary Stamp Tax as it pertains to real property conveyances and charter parties. This quiz covers tax rates, exemptions, and assessment procedures. Test your knowledge on how this tax applies in various scenarios.
