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    Taxes 1

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    HappyPurple
    The stockholder who effected the sale shall collect the tax from the seller and remit the same to the collecting bank within 5 banking days from the date of collection thereof and to submit on Mondays of each week to the secretary of the local stock exchange a true and complete return who shall reconcile the records of the Local Stock Exchange with weekly reports of stockbrokers and in turn transmit to the Revenue District Office (RDO), on or before the 15th day of the following month, a consoli

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    Taxes 1

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    HappyPurple
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    The stockholder who effected the sale shall collect the tax from the seller and remit the same to the collecting bank within 5 banking days from the date of collection thereof and to submit on Mondays of each week to the secretary of the local stock exchange a true and complete return who shall reconcile the records of the Local Stock Exchange with weekly reports of stockbrokers and in turn transmit to the Revenue District Office (RDO), on or before the 15th day of the following month, a consoli

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    The stockholder who effected the sale shall collect the tax from the seller and remit the same to the collecting bank within 5 banking days from the date of collection thereof and to submit on Mondays of each week to the secretary of the local stock exchange a true and complete return who shall reconcile the records of the Local Stock Exchange with weekly reports of stockbrokers and in turn transmit to the Revenue District Office (RDO), on or before the 15th day of the following month, a consoli

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    14 views2 pages

    Taxes 1

    Uploaded by

    HappyPurple
    The stockholder who effected the sale shall collect the tax from the seller and remit the same to the collecting bank within 5 banking days from the date of collection thereof and to submit on Mondays of each week to the secretary of the local stock exchange a true and complete return who shall reconcile the records of the Local Stock Exchange with weekly reports of stockbrokers and in turn transmit to the Revenue District Office (RDO), on or before the 15th day of the following month, a consoli

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    Introduction to Other Percentage Taxes

    The Other Percentage Taxes in the National Internal Revenue Code are the taxes which are not

    subject to VAT but are not also exempt from business tax.

    These are unusually measured by a certain percentage of the gross selling price or gross receipts

    and are on the sale of goods or services and not on their manufacturer, production, or importation.

    Other percentage taxes are in addition to income and other taxes paid, unless specifically excepted.

    Generally, if the transaction or establishment is subject to Other Percentage Taxes, then it is

    exempt from VAT, and vice-versa.

    It is possible, however, that an individual engaged in business or businesses is exempt both from

    the payment of VAT and from any OPT imposed by the National Internal Revenue Code.

    Tax on persons exempt from VAT (3% Non-VAT)

    Any person whose gross annual sales and/or receipts do not exceed the amount of P3,000,000,

    and who is not VAT-registered shall pay a tax equivalent to 3% of his gross monthly sales or receipts.

    To be subject to this tax, the following requisites must be satisfied:

    1. The gross annual sales/receipts do not exceed P3,000,000; and

    2. The taxpayer is not a VAT-registered person.

    Thus, even if the sales or receipts do not exceed P3,000,000 if the taxpayer is registered under the

    VAT system, he shall be subject to VAT.

    Conversely, even if he does not register if his gross annual sales/receipts exceed P3,000,000, he

    shall be subject to VAT.

    It is also be noted that marginal income earners are not subject to business taxes because they

    are not considered as engaged in trade or business.

    A marginal income earner is any individual deriving gross sales or receipts of not exceeding

    P100,000 during any 12-month period.

    Cooperatives and persons who decided to be taxed under the 8% income tax option are exempt

    from payment of OPT.


    The Other Percentage Taxes (OPT) in the Tax Code

    1. Tax on persons exempt from VAT (Sec 116) 7. Tax on finance companies (Sec 122)

    2. Percentage tax on domestic carriers by land 8. Tax on life insurance premiums (Sec 123)

    and keepers of garages (Sec 117) 9. Tax on agents of foreign insurance companies

    3. Percentage on international carriers (Sec 118) (Sec 124)

    4. Tax on franchises (Sec 119) 10. Amusement taxes (Sec 125)

    5. Tax on overseas dispatch, message, or 11. Tax on winnings (Sec 126)

    conversation originating from the Philippines 12. Tax on sale, barter, or exchange of shares of

    (Sec 120) stock listed and traded through the local stock

    6. Tax on banks, and non-bank financial exchange or through initial public offering (Sec

    intermediaries (Sec 121) 127)

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