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Taxation

Terms in this set (28)

Taxation
Means lying a tax through which the government generates income to defray its expenses. It is a way to raise funds for government programs and services that benefit Filipino citizens
National taxes
are the ones paid to the government through the Bureau of Internal revenue
Capital gains tax (National tax)
is a tax imposed on gains that may have been realized by a seller from the sale, exchange, or other disposition of capital assets located in the Philippines including pacto de retro sales with a condition for repurchase and other forms of conditional sale
Documentary Stamp tax (National tax)
is a tax on documents, instruments, loan agreements, and papers evidencing the acceptance, assignment, sale, or transfer of an obligation, rights or property incident thereto.
Donor's Tax (National tax)
is a tax on a donation or gift. It is also a tax imposed on the gratuitous transfer of property between tow or more persons who are living at the time of the transfer.
Estate Tax (National tax)
is a tax on the right of the deceased person to transmit his or her estate to lawful heirs and beneficiaries at the time of death and on certain transfers which are made by law as equivalent to testamentary disposition.
Income tax (National tax)
is a tax on all annual profits made from property ownership, profession, trades offices. It is also a tax on a person's income, emoluments, profits and the like
Percentage Tax (National tax)
is a business tax imposed on persons or entities who sell or lease goods, properties or services in the course of trade or business whose gross annual sales or receipts do not exceed the amount required to register as VAT- registered taxpayers
Value-Added Tax (National tax)
is a business tax imposed and collected from the seller in the course of trade or business on every sale of properties (real or personal),.
Excise Tax (National tax)
Is a tax imposed on goods manufactured or produced in the Philippines for domestic sale or consumption or any other disposition
Withholding tax on compensation (National tax)
is the tax withheld from individuals receiving purely compensation income arising from an employer-employee relationship
Expanded withholding tax (National tax)
is prescribed only for certain payers like those withheld on rental income and professional income
Final Withholding tax (National tax)
is a kind of withholding tax which is prescribed only for certain payers and is not creditable against the income tax due of the payee for the taxable year.
local taxes
is based on the local government taxation in the Philippines. These taxes, fees or charges are imposed by the local government units
Withholding tax on government money payments (National tax)
is the withholding tax withheld by government offices including government-owned or controlled corporations and local government units, before making any payments to private individuals, corporations, partnerships and/or associations.
Tax on transfer of real property ownership (Local Tax)
is imposed on the sale, donation, barter, or on any other mode of transferring ownership of real property
Tax on business of printing and publication
is imposed on printing and publication businesses like that of books, cards, posters, leaflets, handbills, certificates, receipts, pamphlets and other of similar nature
Franchise tax
is a tax on franchised businesses, at the rate not exceeding fifty person of one percent of the gross annual receipts of the preceding calendar year based on the incoming receipt within the territorial jurisdiction where the franchise is selling in
Tax on Sand, Gravel, an other Quarry Resources
is imposed on ordinary stones, sand, gravel, earth, and other quarry resources, as defined under the national internal revenue code as amended
Professional Tax
is an annual tax on each person engaged in the exercise or practice of his or her profession that requires government examination like licensure examinations
Amusement tax
is a tax collected from the proprietors, lessees, or operators of theaters, cinemas
Annual fixed tax for every delivery truck or van of manufacturers or producers, wholesalers of dealers or retailers in certain products
is an annual fixed tax for every truck, van or any vehicle used by manufactures, producers, in the delivery or distribution of distilled spirits.
Tax on Business
is imposed by cities or municipalities on businesses before they will be issued a business license or permit to start operations based on the schedule of rates
Fees for sealing and licensing of weights and measures
are imposed for the sealing and licensing of weights and measures
Fishery Rentals, fees and charges
are imposed by the municipality to grantees of fishery privileges in the city waters especially the privilege to build fish corrals
Community tax
is the tax levied by cities or municipalities to every Filipino or alien living in the Philippines 18 years of age or over
Tax levied by the barangays on stores or retailers with fixed business establishments
with gross sales of receipts of the preceding calendar year amounting to fifty thousand pesos or less
Services Fees or charges
are fees or charges collected by the barangays for services rendered in connection with the regulation or the use of barangay owned properties or service facilities
THIS SET IS OFTEN IN FOLDERS WITH...