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Questions and Answers
What is the maximum percentage allowable for investment in newly started businesses?
What is the maximum percentage allowable for investment in newly started businesses?
- 10% (correct)
- 15%
- 1%
- 0.1%
Which of the following resources does NOT fall under quarry resources extracted from public land?
Which of the following resources does NOT fall under quarry resources extracted from public land?
- Timber (correct)
- Sand
- Gravel
- Earth
Who is responsible for issuing permits to extract quarry resources?
Who is responsible for issuing permits to extract quarry resources?
- Local government units
- National government
- Private companies
- Provincial governor (correct)
What does 'fair market value' refer to in the context of quarry resources?
What does 'fair market value' refer to in the context of quarry resources?
According to the provided details, what portion of quarry resources is allocated to the province?
According to the provided details, what portion of quarry resources is allocated to the province?
What percentage of mineral substances is included in the regulation for Sangguniaan components?
What percentage of mineral substances is included in the regulation for Sangguniaan components?
Which of the following is NOT considered a common stone or mineral substance?
Which of the following is NOT considered a common stone or mineral substance?
Who declares the common stones or mineral substances as per the regulation?
Who declares the common stones or mineral substances as per the regulation?
Which condition must be met for a material to be classified under the ordinance?
Which condition must be met for a material to be classified under the ordinance?
Which level of government includes the series of regulations regarding mineral substances?
Which level of government includes the series of regulations regarding mineral substances?
What is the maximum percentage by which city taxes may exceed the provincial municipality's rates?
What is the maximum percentage by which city taxes may exceed the provincial municipality's rates?
What is the tax rate on gross sales for stores or retailers with gross sales of P50,000 or less in cities?
What is the tax rate on gross sales for stores or retailers with gross sales of P50,000 or less in cities?
Which type of cities is independent of the province regarding tax revenues?
Which type of cities is independent of the province regarding tax revenues?
What is a characteristic of professional and amusement taxes according to the provisions?
What is a characteristic of professional and amusement taxes according to the provisions?
What is a source of taxes that is levied based on gross sales or receipts from the preceding calendar year?
What is a source of taxes that is levied based on gross sales or receipts from the preceding calendar year?
What is the maximum amount that a professional tax can exceed without incurring additional fees?
What is the maximum amount that a professional tax can exceed without incurring additional fees?
By when is the annual payment of professional tax due?
By when is the annual payment of professional tax due?
Which authority requires the payment of professional tax?
Which authority requires the payment of professional tax?
Where must the professional tax be paid?
Where must the professional tax be paid?
What happens after the payment of the professional tax is made?
What happens after the payment of the professional tax is made?
To what tax are individuals subject after making the payment of the professional tax?
To what tax are individuals subject after making the payment of the professional tax?
Which of the following statements is true regarding the professional tax practice?
Which of the following statements is true regarding the professional tax practice?
What must professionals do before practicing their profession?
What must professionals do before practicing their profession?
What is the maximum percentage of gross receipts that banks and financial institutions can be taxed?
What is the maximum percentage of gross receipts that banks and financial institutions can be taxed?
Which of the following is not considered a source of derived income for banks according to the information provided?
Which of the following is not considered a source of derived income for banks according to the information provided?
What is the annual income threshold for peddlers to be exempt from certain taxation?
What is the annual income threshold for peddlers to be exempt from certain taxation?
A peddler is defined as someone who sells goods from place to place; what determines if they are a wholesale or retail peddler?
A peddler is defined as someone who sells goods from place to place; what determines if they are a wholesale or retail peddler?
For businesses not otherwise specified, what action can the Sanggunian concerned take regarding tax rates?
For businesses not otherwise specified, what action can the Sanggunian concerned take regarding tax rates?
Which type of income is included under the derived income category for banks?
Which type of income is included under the derived income category for banks?
What is the purpose of the graduated tax rates that may be prescribed for businesses not otherwise specified?
What is the purpose of the graduated tax rates that may be prescribed for businesses not otherwise specified?
Which of the following best describes a peddler?
Which of the following best describes a peddler?
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Study Notes
Extraction of Quarry Resources from Public Land
- Requires a permit from the provincial governor
- The permit is exclusive
- The permit is issued pursuant to the Sanggunian Panlalawigan ordinance
- The investment in a newly started quarry business should not exceed 10% of the fair market value of the quarry resources
- The proceeds from the sale of quarry resources are allocated as follows:
- 30% to the province
- 30% to the component city/municipality
- 40% to the barangay
Professional Tax
- The Sanggunian classifies professional occupations
- Payable annually by January 31st to the province where the professional's primary office is located.
- The maximum professional tax is Php 300.00.
- Persons who pay professional tax are entitled to practice their profession in any part of the Philippines.
Taxes on Banks and Other Financial Institutions
- The tax rate is not to exceed 50% of 1% of the gross receipts of the preceding calendar year
- The tax applies to income derived from:
- Interest
- Commissions and discounts from lending activities
- Income from financial leasing
- Dividends
- Rentals on property
- Profit from exchange or sale of property
- Insurance premiums
Taxes on Peddlers
- The maximum tax rate is Fifty pesos (P50.00) per peddler annually.
- A peddler is defined as a person who travels from place to place selling goods or offering them for sale, either for themselves or on commission
Taxes on Businesses Not Otherwise Specified
- The Sanggunian can prescribe a schedule of graduated tax rates for businesses not otherwise specified in the table
- The maximum rate is the rate prescribed in the table.
- Cities may levy rates that exceed the maximum provincial and municipal rates by not more than 50%
- Exception: Amusement and Professional taxes
- Independent Component Cities (ICCs) and Highly Urbanized Cities (HUCs) are independent of the province and collect their own taxes, fees, and charges.
Barangay Taxes
- Stores or retailers with fixed business establishments are subject to a barangay tax.
- The maximum tax rate is one percent ( 1%) on gross sales or receipts for stores with gross sales of P50,000 or less in cities and P30,000 or less in municipalities.
Barangay Service Fees or Charges
- Barangays can charge fees for services rendered in connection with regulation or use of barangay-owned properties or service facilities, such as dryers.
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