IT/VAT/OPT/WT
What is the income tax rate for corporations under TRAIN law?
30%
What is the tax rate for estate tax?
6%
______ is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
Documentary Stamp Tax (DST)
In general, if a corporation is VAT registered, they are also subjected to OPT. TRUE or FALSE.
FALSE
In TRAIN law, there is no distinction in the tax rate for donations between strangers or those between family members. TRUE or FALSE.
TRUE
What is the CGT rate for real properties?
6%
What is the income tax rate for corporations under CREATE Law?
25% in general
20% (if net income not >P5M and assets not >P100M)
Donor's tax is computed based on the total gifts in excess of Php______.
Php250,000
What is the CGT rate for sale of shares not traded in the local stock exchange?
15%
Give one (1) VAT exempt transaction.
1. Sale of Gold to BSP
2. Sale of drugs and medicines for diabetes. high cholesterol and hypertension
3. Association dues
4. Transfer of property in pursuance of a plan/merger
What are the two (2) types of Excise tax?
2. Ad Valorem tax
What is the assessed value for Agricultural land?
40%
Give two (2) examples of passive income which are generally subject to Final Withholding Tax.
1. Interest
2. Dividends
3. Prizes
4. Royalties
5. Winnings
Give 2 examples of products/services subject to excise tax.
1. Alcohol products-distilled spirits, wines, fermented liquors
2. Tobacco products, cigars, cigarettes
3. Petroleum products
4. Mineral products
5. Miscellaneous articles-automobiles, non-essential goods/services, sweetened beverages
What is the RPT rate for properties located in provinces and within Metro Manila?
1% and 2% respectively