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Questions and Answers
Which tax is specifically applied to professionals such as lawyers and doctors?
Which tax is specifically applied to professionals such as lawyers and doctors?
- Excise Tax
- Professional Tax (correct)
- Sales Tax
- Value-Added Tax
Which of the following taxes is paid by all citizens aged 18 and above?
Which of the following taxes is paid by all citizens aged 18 and above?
- Value-Added Tax
- Professional Tax
- Excise Tax
- Community Tax (correct)
What does the term 'Excise Tax' refer to?
What does the term 'Excise Tax' refer to?
- Tax based on a fixed rate for all products
- Tax on imported goods only
- Tax applied to specific products such as alcohol or tobacco (correct)
- General tax on all goods and services
What kind of tax is a 'Tariff or Import Duty'?
What kind of tax is a 'Tariff or Import Duty'?
Which of the following statements about Percentage Tax is accurate?
Which of the following statements about Percentage Tax is accurate?
What is the basis for Property Tax?
What is the basis for Property Tax?
Which tax is most similar to Sales Tax?
Which tax is most similar to Sales Tax?
What defines Ad Valorem Tax?
What defines Ad Valorem Tax?
Flashcards
Value-Added Tax (VAT)
Value-Added Tax (VAT)
A tax levied on the value of goods and services consumed by the public.
Community Tax (Cedula)
Community Tax (Cedula)
A fixed tax paid by all citizens 18 years and above, issued by local government.
Tariff or Import Duty
Tariff or Import Duty
A tax on imported products.
Property Tax
Property Tax
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Excise Tax
Excise Tax
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Professional Tax
Professional Tax
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Percentage Tax
Percentage Tax
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Sales Tax
Sales Tax
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Study Notes
Types of Taxes
- Several types of taxes exist, levied by governments to fund public services.
- Different taxes apply to various situations, like income, property, and sales.
Professional Tax
- This tax applies to professionals with their own income, such as lawyers, doctors, dentists.
- Accountants are also subject to this tax.
Sales Tax
- This is a general tax on goods and services.
- Value-added tax (VAT) is a type of sales tax.
Tariff or Import Duty
- Taxes are applied to imported products.
Community Tax
- Also known as a "cedula", this tax applies to people over 18.
- Local governments collect this tax.
Property Tax
- This tax applies to inherited, purchased, or gifted property.
- The tax is based on the assessed value of the property (e.g., a house or land).
Excise Tax
- This tax is imposed on specific goods, typically those considered non-essential.
- Ad valorem taxes are based on the value of the item.
- Specific taxes are based on the volume of the item.
Percentage Tax
- This tax applies to persons or businesses involved in goods, services, and property transactions.
- Businesses that generate less than ₱500,000 in a year are exempt from this tax.
Value-Added Tax (VAT)
- This tax is calculated based on the value added to goods and services.
- VAT is included in the final price of an item or service.
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