Podcast
Questions and Answers
What types of income are considered for computing the gross receipts tax?
What types of income are considered for computing the gross receipts tax?
- Rentals only
- Interest income only
- Net trading gain/(loss)
- Interest income with maturity of less than 5 years and rentals (correct)
How is the gross receipts tax computed for interest income with maturity of less than 5 years?
How is the gross receipts tax computed for interest income with maturity of less than 5 years?
- By applying a 7% tax rate to the total income
- By reducing the income by 5%
- By multiplying the income by the number of years it has matured
- By applying a 5% tax rate to the total income (correct)
What type of income is excluded from the computation of gross receipts tax?
What type of income is excluded from the computation of gross receipts tax?
- Rentals
- Net trading gain (correct)
- Net trading loss
- Interest income with maturity of less than 5 years
What impact does having a net trading loss have on the gross receipts tax computation?
What impact does having a net trading loss have on the gross receipts tax computation?
In April, what is the total gross receipts tax payable by The Filipino Bank?
In April, what is the total gross receipts tax payable by The Filipino Bank?
Which type of income has the highest impact on the gross receipts tax calculation?
Which type of income has the highest impact on the gross receipts tax calculation?
What is the figure to be reported in the monthly return for net trading gain/loss?
What is the figure to be reported in the monthly return for net trading gain/loss?
When is a net trading loss deductible?
When is a net trading loss deductible?
What is the Gross Receipts Tax rate for interest income with a maturity period of 5 years or less for non-bank financial intermediaries?
What is the Gross Receipts Tax rate for interest income with a maturity period of 5 years or less for non-bank financial intermediaries?
What type of financial intermediaries are subject to Gross Receipts Tax?
What type of financial intermediaries are subject to Gross Receipts Tax?
Income from financial leasing falls under which category for Gross Receipts Tax purposes?
Income from financial leasing falls under which category for Gross Receipts Tax purposes?
Which item is not considered for Gross Receipts Tax under non-bank financial intermediaries?
Which item is not considered for Gross Receipts Tax under non-bank financial intermediaries?
What is the tax rate on interest, commissions, and discounts from lending activities with a maturity period of more than 5 years?
What is the tax rate on interest, commissions, and discounts from lending activities with a maturity period of more than 5 years?
What is the tax rate on dividends and equity shares and net income of subsidiaries?
What is the tax rate on dividends and equity shares and net income of subsidiaries?
What is the tax rate on royalties, rentals of property, real or personal, profits, from exchange and all other items treated as gross income?
What is the tax rate on royalties, rentals of property, real or personal, profits, from exchange and all other items treated as gross income?
What is the tax rate on net trading gains within the taxable year on foreign currency, debt securities, derivatives, and other similar financial instruments?
What is the tax rate on net trading gains within the taxable year on foreign currency, debt securities, derivatives, and other similar financial instruments?
If the maturity period is shortened through pretermination, how is the maturity period reckoned for the purposes of classifying the transaction and applying the correct tax rate?
If the maturity period is shortened through pretermination, how is the maturity period reckoned for the purposes of classifying the transaction and applying the correct tax rate?
Which of the following is NOT a source of gross receipts subject to tax for banks and non-bank financial intermediaries performing quasi-banking functions?
Which of the following is NOT a source of gross receipts subject to tax for banks and non-bank financial intermediaries performing quasi-banking functions?
