kinds of taxes table

7/30/2019 Kinds of Taxes Table

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Income Tax is a tax on a person's income,emoluments, profits arising from property,practice of profession, conduct of trade orbusiness or on the pertinent items of grossincome specified in the Tax Code of 1997(Tax Code), as amended, less thedeductions and/or personal and additionalexemptions, if any, authorized for suchtypes of income, by the Tax Code, asamended, or other special laws.

On or before the 15th day of April of each year covering taxableincome for the preceding taxable year

Final Adjustment Return or Annual Income Tax Return - On orbefore the 15th day of April of each year covering income for thepreceding year


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April 15 for the first quarter August 15 for the second quarter November 15 for the third quarter

Final Adjustment Return or Annual Income Tax Return - On orbefore the 15th day of the fourth month following the close of thetaxpayers taxable year

Corporate Quarterly Declaration or Quarterly Income Tax Return -On or before the 60th day following the close of each of thequarters of the taxable year

Within fifteen (15) days after the close of the taxable year


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Capital Gains Tax is a tax imposed on thegains presumed to have been realized bythe seller from the sale, exchange, or otherdisposition of capital assets located in thePhilippines, including pacto de retro salesand other forms of conditional sale.

Within 30 days after each sale or disposition of shares of stocksor real property. In case of installment sale, the return shall befiled within 30 days following the receipt of the first downpayment and within 30 days following the subsequent installmentpayments. Only one return shall be filed for multiple transactionswithin the day.

Individual Taxpayers On or before April 15 of each year coveringall stock transactions of the preceding taxable year

Corporate Taxpayers On or before the fifteenth (15) day of thefourth (4) month following the close of the taxable year coveringall transactions of the preceding taxable year

The Documentary Stamp Tax return (BIR Form 2000) shall be filedin triplicate (two copies for the BIR and one copy for the taxpayer)within five (5) days after the close of the month when the taxabledocument was made signed, issued, accepted or transferred;when reloading a metering machine becomes necessary; or uponremittance by Collection Agents of collection from sale of loosestamps. The Documentary Stamp Tax shall be paid upon filing of the return.

Documentary Stamp Tax is a tax ondocuments, instruments, loan agreementsand papers evidencing the acceptance,assignment, sale or transfer of anobligation, right or property incidentthereto.


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Within thirty days (30) after the date the gift (donation) is made. Aseparate return will be filed for each gift (donation) made on thedifferent dates during the year reflecting therein any previous netgifts made during the same calendar year.

If the gift (donation) involves conjugal/community/property, eachspouse will file separate returns corresponding to his/ herrespective share in the conjugal/community property. This rulewill also apply in the case of co-ownership over the property.

Donors Tax is a tax on a donation or gift,and is imposed on the gratuitous transferof property between two or more personswho are living at the time of the transfer. Itshall apply whether the transfer is in trustor otherwise, whether the gift is direct orindirect and whether the property is real orpersonal, tangible or intangible.

File the return within six (6) months from decedent's death.However, the Commissioner may, in meritorious cases, grantextension not exceeding thirty (30) days.

The Estate Tax imposed shall be paid at the time the return isfiled by the executor or administrator or the heirs. However, whenthe Commissioner finds that payment on the due date of theEstate Tax or of any part thereof would impose undue hardshipupon the estate or any of the heirs, he may extend the time forpayment of such tax or any part thereof not to exceed five (5)years, in case the estate is settled through the courts or two (2)years in case the estate is settled extra-judicially.

Extension of Time of Filing:

When the Commissioner finds that the payment of the estate taxor of any part thereof would imposed undue hardship upon theestate or any of the heirs, he may extend the time for payment of such tax or any part thereof not to exceed five (5) years in casethe estate is settled through the courts, or two (2) years in case it

Estate Tax is a tax on the right of thedeceased person to transmit his/her estateto his/her lawful heirs and beneficiaries atthe time of death and on certain transfers,which are made by law as equivalent totestamentary disposition. It is not a tax onproperty. It is a tax imposed on theprivilege of transmitting property upon thedeath of the owner. The Estate Tax isbased on the laws in force at the time of death notwithstanding the postponementof the actual possession or enjoyment of the estate by the beneficiary.


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settled extra-judicially.

Where the request for extension is by reason of negligence,intentional disregard of rules and regulations, or fraud on the

part of the taxpayer, no extension will be granted by theCommissioner.

If an extension is granted, the Commissioner or his dulyauthorized representative may require the executor, oradministrator, or beneficiary, as the case may be, to furnish abond in such amount, not exceeding double the amount, notexceeding double the amount of tax and with such sureties as theCommissioner deems necessary, conditioned upon the payment

of the said tax in accordance in the terms of extension.

The request for extension shall be filed with the Revenue DistrictOfficer (RDO) where the estate is required to secure its TIN andfile the estate tax return. The application shall be approved by theCommissioner or his duly authorized representative.Not later than 20th day following the end of each month

Filing Through Electronic Filing and Payment System (eFPS)

Group A - Twenty-Five (25) days following the end of the month

Group B - Twenty-Four (24) days following the end of the month

Group C - Twenty-Three (23) days following the end of the month

Group D - Twenty-Two (22) days following the end of the month

Percentage tax is a business tax imposedon persons or entities who sell or leasegoods, properties or services in the course

of trade or business whose gross annualsales and/or receipts do not exceedP750,000 and who are not VAT-registered.


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Group E - Twenty-One (21) days following the end of the monthManual Filing

Not later than the 20th day following the end of each month

Through Electronic Filing and Payment System (eFPS):

Business Industry

Period forfiling MonthlyVATDeclarations

Insurance and PensionFunding 25 days

following the end of the month Activities Auxiliary to Financial

Intermediation

Construction

Water Transport

Hotels and Restaurants

Land Transport

Group B

Manufacture and Repair of Furniture 24 days following the end of the month

Manufacture of Basic Metals

Manufacture of Chemicals andChemical Products

Value-Added Tax is a form of sales tax. Itis a tax on consumption levied on the sale,barter, exchange or lease of goods orproperties and services in the Philippinesand on importation of goods into thePhilippines. It is an indirect tax, which maybe shifted or passed on to the buyer,transferee or lessee of goods, propertiesor services.


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Manufacture of Coke, RefinedPetroleum & Fuel Products

Manufacture of Electrical Machinery &Apparatus N.E.C.

Manufacture of Fabricated MetalProducts

Manufacture of Food, Products &Beverages

Manufacture of Machinery &Equipment NEC

Manufacture of Medical, Precision,Optical Instruments

Manufacture of Motor Vehicles, Trailer& Semi-Trailers

Manufacture of Office, Accounting &Computing Machinery

Manufacture of Other Non-MetallicMineral Products

Manufacture of Other TransportEquipment

Manufacture of Other Wearing Apparel

Manufacture of Paper and PaperProducts

Manufacture of Radio, TV &Communication Equipment/ Apparatus

Manufacture of Rubber & PlasticProducts


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Manufacture of Textiles

Manufacture of Tobacco Products

Manufacture of Wood & Wood Products

Manufacturing N.E.C.Metallic Ore Mining

Non-Metallic Mining & Quarrying

Retail Sale 23 days following the end of the month

Wholesale Trade and CommissionTrade

Sale, Maintenance, Repair of MotorVehicle, Sale of Automotive Fuel

Collection, Purification andDistribution of Water

Computer and Related Activities

Real Estate Activities

Group D

Air Transport 22 days

following the end of the month

Electricity, Gas, Steam & Hot WaterSupply

Postal & Telecommunications

Publishing, Printing & Reproduction of Recorded Media

Recreational, Cultural & Sporting


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Activities

Recycling

Renting of Goods & Equipment

Supporting & Auxiliary TransportServices

Group E

Activities of MembershipOrganizations, Inc.

21 days following the end of the month Health and Social Work

Public Admin & Defense Compulsory

Social SecurityResearch and Development

Agricultural, Hunting, and Forestry

Farming of Animals

Fishing

Other Service Activities

Miscellaneous Business Activities

Unclassified

Within twenty five (25) days following the close of taxable quarter.

Filing Via EFPSGroup A - Fifteen (15) days following end of the monthGroup B - Fourteen (14) days following end of the monthGroup C - Thirteen (13) days following end of the monthGroup D - Twelve (12) days following end of the monthGroup E - Eleven (11) days following end of the month

- Withholding Tax on Compensation is thetax withheld from income payments toindividuals arising from an employer-employee relationship.

- Expanded Withholding Tax is a kind of


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The staggered manner of filing is only allowed totaxpayers using the Electronic Filing and Payment System (EFPS).Please refer to RR No. 26-2002 for the groupings of taxpayers

based on the industry classification.

withholding tax which is prescribed oncertain income payments and is creditableagainst the income tax due of the payeefor the taxable quarter/year in which the

particular income was earned.

- Final Withholding Tax is a kind of withholding tax which is prescribed oncertain income payments and is notcreditable against the income tax due of the payee on other income subject toregular rates of tax for the taxable year.Income Tax withheld constitutes the full

and final payment of the Income Tax duefrom the payee on the particular incomesubjected to final withholding tax.

-Withholding Tax on Government MoneyPayments (GMP) - Percentage Taxes - isthe tax withheld by National GovernmentAgencies (NGAs) and instrumentalities,including government-owned and

controlled corporations (GOCCs) and localgovernment units (LGUs), before makingany payments to non-VAT registeredtaxpayers/suppliers/payees-Withholding Tax on GMP - Value AddedTaxes (GVAT) - is the tax withheld byNationa l Government Agencies (NGAs)and instrumentalities, including


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government-owned and controlledcorporations (GOCCs) and localgovernment units (LGUs), before makingany payments to VAT registered

taxpayers/suppliers/payees on account of their purchases of goods and services.

Before release of imported goods from the customs or beforeremoval of goods from the place of production

kinds of taxes table

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