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Questions and Answers
Capital Gains Tax is imposed on gains realized by a seller from the sale, exchange, or disposition of ______ assets located in the Philippines
Capital Gains Tax is imposed on gains realized by a seller from the sale, exchange, or disposition of ______ assets located in the Philippines
capital
The seller pays the Capital Gains Tax based on the gross selling price or current fair market value, whichever is ______
The seller pays the Capital Gains Tax based on the gross selling price or current fair market value, whichever is ______
higher
For shares of stock not traded in the stock exchange, a flat rate of ______% is applied for Capital Gains Tax
For shares of stock not traded in the stock exchange, a flat rate of ______% is applied for Capital Gains Tax
15
Capital assets are generally properties that are not used in the trade or business of the ______
Capital assets are generally properties that are not used in the trade or business of the ______
Ordinary assets are properties used in trade or business or primarily held for ______ by the taxpayer
Ordinary assets are properties used in trade or business or primarily held for ______ by the taxpayer
A Capital Gains Tax example calculation would be a 200 square meter residential lot in Makati City being put up for sale for PHP 3 million. The owner is a person not engaged in the real estate ______
A Capital Gains Tax example calculation would be a 200 square meter residential lot in Makati City being put up for sale for PHP 3 million. The owner is a person not engaged in the real estate ______
National Taxes are paid to the National Government through the Bureau of ______ Revenue
National Taxes are paid to the National Government through the Bureau of ______ Revenue
Local Taxes are levied by local government units to individuals or juridical persons in the ______
Local Taxes are levied by local government units to individuals or juridical persons in the ______
Percentage Tax is a type of tax that is included in the Local Taxes and may be levied on individuals or juridical persons in the ______
Percentage Tax is a type of tax that is included in the Local Taxes and may be levied on individuals or juridical persons in the ______
Estate Tax is a type of tax that may be levied on the transfer of the net estate of a decedent in the ______
Estate Tax is a type of tax that may be levied on the transfer of the net estate of a decedent in the ______
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Study Notes
Income Tax
- Tax on all annual profits made from property, ownership, profession, trades, or offices
- Self-employed individuals and corporate taxpayers pay quarterly income tax from 1st-3rd quarter
- Annual income tax return for the taxable year
- Flat rate of 6% of the estate’s net worth, plus a standard deduction increased to P5M from P1.7M
Percentage Tax
- A business tax imposed on persons or entities who sell or lease goods, properties, or services
- Applies to those whose gross annual sales or receipts do not exceed P3,000,000.00
- Exempt from value-added tax (VAT) under Section 109 (BB) of the National Internal Revenue Code
Capital Gains Tax (CGT)
- Tax on gains from selling, exchanging, or disposing of capital assets
- 6% of the selling price or current fair market value, whichever is higher
- Applies to real property, shares of stock not traded in the stock exchange (15% flat rate)
- Seller pays the capital gains tax
- Capital assets: properties not used in trade or business of the taxpayer
- Ordinary assets: properties used in trade or business or primarily held for sale by the taxpayer
Donor's Tax
- A tax on donations or gifts
- 6% of the total gifts in excess of P250,000 exempt gift made during the calendar year
Estate Tax
- Tax on the right of the deceased person to transmit their estate to lawful heirs and beneficiaries
- Not a tax on property but on the privilege of transmitting property upon death
- 6% of the estate’s net worth, plus a standard deduction increased to P5M from P1.7M
Documentary Stamp Tax
- Tax on documents, instruments, loan agreements, and papers evidencing acceptance, assignment, sale, or transfer
- Computation: 1.5% x Selling Price/Consideration or Fair Market Value, whichever is higher
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