Simplified and procedural handbook on transfer and business taxation
Aduana, Nick L.
Simplified and procedural handbook on transfer and business taxation - 2nd edition - xvii, 481 pages
Includes bibliographical references and index.
Chapter 1: Introduction to business taxes Concept and nature of business Requisites of business activity When is an activity engaged in business Exceptions Classification of business entities Concept and nature of business taxes Kinds of business tax Coverage of value-added tax Coverage of percentage tax Coverage of excise tax Registration of persons/businesses Stages of primary registration Application and issuance of TIN General rules Persons who are required to or may secure TIN Exempted from TIN requirement Denial of TIN application and/or registration Documents that require TIN Registration of business Persons required to register Prescribed period of registration Annual registration fee Exempted from TIN requirement Place of filling the registration form Registration of each type of internal revenue tax Registration of each type of business entities with branches Registration of tax type of large taxprayer Cancellation of registration Cancellation of TIN Cancellation of business registration Penalty of business registration Chapter 2: Introduction to value-added tax Concept and nature of value added tax Persons liable to VAT Features of VAT Brief historical background of VAT system Tax rates Tax base Value-Added tax formula Creditable input tax Guidelines on VAT transactions Tax payers required to register under VAT Effects of failure to register as VAT taxpayer Tax payer exempt from VAT Optional registration in VAT Effects of optional registration under VAT Filling of VAT returns Chapter 3: VAT on sale of goods or properties Value-added tax on sale of goods or properties Requisites for sale of goods or properties subject to 12% VAT Meaning of goods or properties Tax rates and tax bases Meaning of "Gross selling price" in sale of goods or properties other than sale of real properties by real estate dealer Allowable deductions from Gross selling price Requisites for allowable deductions from gross selling price Formula to compare gross selling price Transactions Deemed sale Determination of tax base under transactions deemed sale Guidelines to determine output tax for transaction deemed sale Zero rated transactions Zero rated sale of goods Zero rated of services Tax procedures in handling zero rated trnasactions Zero rated sale of goods Export sale under the concept of zero rated transactions Foreign currency denominated sale Sale to person/entities deemed tax exempt under special laws or international agreement Considered export sale under executive order no.226 Effectively zero rated sale of good properties Transactions Exempt from VAT Tax effects of VAT exempt transactions Value added tax formula Output value added tax Input value added tax Basic pointers in handling input tax Persons allowed for creditable input tax Determination of creditable input tax Formula to compare creditable input tax Creditable input tax Input tax on local purchases of goods Input tax on importation Transitional input tax Presumptive input tax Input tax on capital goods Sale of real properties Exempt sale of real properties from VAT Meaning of "Gross selling price"in sale of real property subject to VAT Mode of selling real estate properties Cash and deferred payment sale of real properties Installment sales of real properties Withholding of value- added tax Withholding of VAT at 5% tax rate Withholding of VAT at 12% tax rate Input tax on mixed transactions Business with VAT and Non- VAT transactions change or cessation of status as VAT- registered person Change subject to output tax change not subject to output tax Computation of monthly and quarterly VAT Chapter 4: VAT on sale of services and importation Value- added tax on sale of services and use or lease properties Meaning of ''sale or exchange services'' Requisites for sale of services or lease of properties to be subject to 12% output VAT Tax rates and tax base Meaning of ''gross receipts'' Constructive receipt of cash Instances of constructive receipt Zero- related sale of services Rules on selected services subject to VAT Lessor of property Warehousing service Miller Common carrier not subject to percentage tax Sale of electricity Dealers in securities and lending investors Services of franchise grantees Non- life insurance companies Pre- need companies Health maintenance organizations Value- added tax on importation of goods Tax rates and tax bases Other charges prior to release formula to compute VAT on importation Sale, transfer, or exchange of imported goods by tax -exempt persons Advance payment of value - added tax Sale of refined sugar Sale of flour Transport of naturally grown and planted timber products Invoicing requirements Invoicing and recording transaction deemed sale Issuing erroneous VAT invoice or VAT official receipt Chapter 5: Percentage tax Concept and nature of percentage tax Tax base What are gross receipts? Optional registration Businesses subject to percentage tax Persons exempt from value-added tax Domestic carriers and keepers of garages Persons to common carrier tax Persons not subject to common carrier tax Tax rates Minimum amount for domestic common carrier International air shipping carriers Franchise tax Persons subject franchise tax tax bases and tax rates Overseas communication tax Exemption from overseas communication tax Tax on banks and non-banks financial intermediaries Shortened maturity period through pre-termination Determination of net trading gain Gross receipts under finance lease and operating lease Tax on other non-bank financial intermediaries Tax on life insurance companies Insurance companies subject to VAT Life insurance companies exempted from percentage tax Tax on agents of foreign insurance companies Amusement places Meaning of gross receipts Exempt Boxing exhibition Payment of amusement tax Tax on winnings Manner of tax payment Sale of shares of stock Persons liable to the tax Shares of stock sold through IPO Person liable to pay the tax Follow-on/follow-through sale Time and manner of payment of tax through IPO Withholding percentage tax Entities subject to 5% withholding tax Payment of taxes withheld and percentage taxes Chapter 6: Introduction to transfer taxes Concept and nature of transfer taxes Onerous transfer of property Gratuitous transfer of property Similarities between donor's tax and estate tax Donor's tax Estate Tax Concept of succession Elements of succession Kinds of successors (Heirs) Classification of successors Kinds of Succession Testamentary succession Nature of testamentary succession Distribution of the net estate in testamentary succesion Forms of the will Intestate or legal succession Mixed succession Concept of disinheritance Causes of disinheritance of children and descendants Causes of disinheritance of parents and ascendants Concept of repudiation of inheritance Duties of certain officers Chapter 7: Estate Tax - Gross Estate and Property Relation Concept and nature of estate tax Classification of decedent Gross estate Properties physically present in the estate Resident or citizen of the philippines Non-resident alien Properties not physically present in the estate Transfer in contemplation of death Revocable transfer Transfer under general power of appointment Proceeds of life insurance with revocable life insurance policy Interest accruing to decedent at the time of death Claims against insolvent person transfer of insufficient consideration Amount received by heirs under R.A. 4917 Exempted from estate tax merger of the usufruct and owner of the naked title Transmission of legacy by the fiduciary heir to the fideicommissary Transmission from the first heir in favor of another beneficiary in accordance with the desire of the predecessor Transfer to social welfare, cultural, and charitbale institutions Valuation of properties in gross estate Property Relationship of spouses Conjugal partnership of gains (CPOG) Exclusive properties of spouses in CPOG Conjugal properties of spouses in CPOG Absolute Community of properties (ACOP) Exclusive properties of spouse in ACOP Conjugal properties of spouses in ACOP Complete separation of property Chapter 8: Estate tax:deduction and NET estate Concept of deduction Deduction from gross estate of resident or citizen decedant Ordinary deduction Funeral expenses Judicial expenses Claims against the estate Claims against insolvent persons Unpaid mortgages Losses Transfer for public use Vanishing deduction Especial deduction Family home Standard deduction Medical expenses Amount received under R.A.no.4917 Share of the surviving spouse Net taxable estate Estate tax due Table on estate tax rate Net distributable estate Decedent with more illegitimate children than legitimate Deductions from gross estate of a non- resident alien Tax credit for foreign estate tax Decedants entitled to tax credit Limitation of estate tax credit Tax credit formula and procedures Filing and payment of estate tax return Notice of death to be filed Requirements of estate tax return Extension of time of filing Place of filing the estate tax return Time of payment of estate tax Extension of time payment of tax Liability for payment of estate tax Chapter 9: Donor's tax Concept and nature of donor's tax Purposes of donor's tax Kinds of donation Donatio inter vivos Donatio mortis causa Classification of donor' Elements of donation Without Consideration Period and object of donation Formalities of donation Delivery of the gift acceptance of the gift Gross gift Intangible perosnal properties located in the philippines Other forms of donation Cancellation of debt Transfer for insufficient consideration Donation exempted from donor's tax Donation of married individuals Valuation of gifts Deduction from gross gifts Donor is a resident or citizen Donor is non-resident alien Other deduction from gross gift Deductions of husband and wife Net Taxable gift Dowries on account of marriage Encumbrance assumed bye the donee Diminution of gifts as provided by the donor Donation to national government Donation to a non-profit organization Tax rates of donor's tax Tax payable by donor if donee is a stranger Tax credit on foreign Donor's tax paid Amount deductible as tax credit Filing of return and payment of donor's tax Chapter 10: Community tax Concept and nature of community tax Classification of taxpayers subject to community tax Individuals required to pay community tax Individuals exempted from community tax Components of community tax Amount of basic community tax Additional community tax Optional community tax Place of payment of community tax Time of payment of community tax Penalties for failure to pay the community tax
9789710172221
Inheritance and transfer tax--Law and legislation--Philippines
Business enterprises--Taxation--Law and legislation--Philippines
343.5990532
Simplified and procedural handbook on transfer and business taxation - 2nd edition - xvii, 481 pages
Includes bibliographical references and index.
Chapter 1: Introduction to business taxes Concept and nature of business Requisites of business activity When is an activity engaged in business Exceptions Classification of business entities Concept and nature of business taxes Kinds of business tax Coverage of value-added tax Coverage of percentage tax Coverage of excise tax Registration of persons/businesses Stages of primary registration Application and issuance of TIN General rules Persons who are required to or may secure TIN Exempted from TIN requirement Denial of TIN application and/or registration Documents that require TIN Registration of business Persons required to register Prescribed period of registration Annual registration fee Exempted from TIN requirement Place of filling the registration form Registration of each type of internal revenue tax Registration of each type of business entities with branches Registration of tax type of large taxprayer Cancellation of registration Cancellation of TIN Cancellation of business registration Penalty of business registration Chapter 2: Introduction to value-added tax Concept and nature of value added tax Persons liable to VAT Features of VAT Brief historical background of VAT system Tax rates Tax base Value-Added tax formula Creditable input tax Guidelines on VAT transactions Tax payers required to register under VAT Effects of failure to register as VAT taxpayer Tax payer exempt from VAT Optional registration in VAT Effects of optional registration under VAT Filling of VAT returns Chapter 3: VAT on sale of goods or properties Value-added tax on sale of goods or properties Requisites for sale of goods or properties subject to 12% VAT Meaning of goods or properties Tax rates and tax bases Meaning of "Gross selling price" in sale of goods or properties other than sale of real properties by real estate dealer Allowable deductions from Gross selling price Requisites for allowable deductions from gross selling price Formula to compare gross selling price Transactions Deemed sale Determination of tax base under transactions deemed sale Guidelines to determine output tax for transaction deemed sale Zero rated transactions Zero rated sale of goods Zero rated of services Tax procedures in handling zero rated trnasactions Zero rated sale of goods Export sale under the concept of zero rated transactions Foreign currency denominated sale Sale to person/entities deemed tax exempt under special laws or international agreement Considered export sale under executive order no.226 Effectively zero rated sale of good properties Transactions Exempt from VAT Tax effects of VAT exempt transactions Value added tax formula Output value added tax Input value added tax Basic pointers in handling input tax Persons allowed for creditable input tax Determination of creditable input tax Formula to compare creditable input tax Creditable input tax Input tax on local purchases of goods Input tax on importation Transitional input tax Presumptive input tax Input tax on capital goods Sale of real properties Exempt sale of real properties from VAT Meaning of "Gross selling price"in sale of real property subject to VAT Mode of selling real estate properties Cash and deferred payment sale of real properties Installment sales of real properties Withholding of value- added tax Withholding of VAT at 5% tax rate Withholding of VAT at 12% tax rate Input tax on mixed transactions Business with VAT and Non- VAT transactions change or cessation of status as VAT- registered person Change subject to output tax change not subject to output tax Computation of monthly and quarterly VAT Chapter 4: VAT on sale of services and importation Value- added tax on sale of services and use or lease properties Meaning of ''sale or exchange services'' Requisites for sale of services or lease of properties to be subject to 12% output VAT Tax rates and tax base Meaning of ''gross receipts'' Constructive receipt of cash Instances of constructive receipt Zero- related sale of services Rules on selected services subject to VAT Lessor of property Warehousing service Miller Common carrier not subject to percentage tax Sale of electricity Dealers in securities and lending investors Services of franchise grantees Non- life insurance companies Pre- need companies Health maintenance organizations Value- added tax on importation of goods Tax rates and tax bases Other charges prior to release formula to compute VAT on importation Sale, transfer, or exchange of imported goods by tax -exempt persons Advance payment of value - added tax Sale of refined sugar Sale of flour Transport of naturally grown and planted timber products Invoicing requirements Invoicing and recording transaction deemed sale Issuing erroneous VAT invoice or VAT official receipt Chapter 5: Percentage tax Concept and nature of percentage tax Tax base What are gross receipts? Optional registration Businesses subject to percentage tax Persons exempt from value-added tax Domestic carriers and keepers of garages Persons to common carrier tax Persons not subject to common carrier tax Tax rates Minimum amount for domestic common carrier International air shipping carriers Franchise tax Persons subject franchise tax tax bases and tax rates Overseas communication tax Exemption from overseas communication tax Tax on banks and non-banks financial intermediaries Shortened maturity period through pre-termination Determination of net trading gain Gross receipts under finance lease and operating lease Tax on other non-bank financial intermediaries Tax on life insurance companies Insurance companies subject to VAT Life insurance companies exempted from percentage tax Tax on agents of foreign insurance companies Amusement places Meaning of gross receipts Exempt Boxing exhibition Payment of amusement tax Tax on winnings Manner of tax payment Sale of shares of stock Persons liable to the tax Shares of stock sold through IPO Person liable to pay the tax Follow-on/follow-through sale Time and manner of payment of tax through IPO Withholding percentage tax Entities subject to 5% withholding tax Payment of taxes withheld and percentage taxes Chapter 6: Introduction to transfer taxes Concept and nature of transfer taxes Onerous transfer of property Gratuitous transfer of property Similarities between donor's tax and estate tax Donor's tax Estate Tax Concept of succession Elements of succession Kinds of successors (Heirs) Classification of successors Kinds of Succession Testamentary succession Nature of testamentary succession Distribution of the net estate in testamentary succesion Forms of the will Intestate or legal succession Mixed succession Concept of disinheritance Causes of disinheritance of children and descendants Causes of disinheritance of parents and ascendants Concept of repudiation of inheritance Duties of certain officers Chapter 7: Estate Tax - Gross Estate and Property Relation Concept and nature of estate tax Classification of decedent Gross estate Properties physically present in the estate Resident or citizen of the philippines Non-resident alien Properties not physically present in the estate Transfer in contemplation of death Revocable transfer Transfer under general power of appointment Proceeds of life insurance with revocable life insurance policy Interest accruing to decedent at the time of death Claims against insolvent person transfer of insufficient consideration Amount received by heirs under R.A. 4917 Exempted from estate tax merger of the usufruct and owner of the naked title Transmission of legacy by the fiduciary heir to the fideicommissary Transmission from the first heir in favor of another beneficiary in accordance with the desire of the predecessor Transfer to social welfare, cultural, and charitbale institutions Valuation of properties in gross estate Property Relationship of spouses Conjugal partnership of gains (CPOG) Exclusive properties of spouses in CPOG Conjugal properties of spouses in CPOG Absolute Community of properties (ACOP) Exclusive properties of spouse in ACOP Conjugal properties of spouses in ACOP Complete separation of property Chapter 8: Estate tax:deduction and NET estate Concept of deduction Deduction from gross estate of resident or citizen decedant Ordinary deduction Funeral expenses Judicial expenses Claims against the estate Claims against insolvent persons Unpaid mortgages Losses Transfer for public use Vanishing deduction Especial deduction Family home Standard deduction Medical expenses Amount received under R.A.no.4917 Share of the surviving spouse Net taxable estate Estate tax due Table on estate tax rate Net distributable estate Decedent with more illegitimate children than legitimate Deductions from gross estate of a non- resident alien Tax credit for foreign estate tax Decedants entitled to tax credit Limitation of estate tax credit Tax credit formula and procedures Filing and payment of estate tax return Notice of death to be filed Requirements of estate tax return Extension of time of filing Place of filing the estate tax return Time of payment of estate tax Extension of time payment of tax Liability for payment of estate tax Chapter 9: Donor's tax Concept and nature of donor's tax Purposes of donor's tax Kinds of donation Donatio inter vivos Donatio mortis causa Classification of donor' Elements of donation Without Consideration Period and object of donation Formalities of donation Delivery of the gift acceptance of the gift Gross gift Intangible perosnal properties located in the philippines Other forms of donation Cancellation of debt Transfer for insufficient consideration Donation exempted from donor's tax Donation of married individuals Valuation of gifts Deduction from gross gifts Donor is a resident or citizen Donor is non-resident alien Other deduction from gross gift Deductions of husband and wife Net Taxable gift Dowries on account of marriage Encumbrance assumed bye the donee Diminution of gifts as provided by the donor Donation to national government Donation to a non-profit organization Tax rates of donor's tax Tax payable by donor if donee is a stranger Tax credit on foreign Donor's tax paid Amount deductible as tax credit Filing of return and payment of donor's tax Chapter 10: Community tax Concept and nature of community tax Classification of taxpayers subject to community tax Individuals required to pay community tax Individuals exempted from community tax Components of community tax Amount of basic community tax Additional community tax Optional community tax Place of payment of community tax Time of payment of community tax Penalties for failure to pay the community tax
9789710172221
Inheritance and transfer tax--Law and legislation--Philippines
Business enterprises--Taxation--Law and legislation--Philippines
343.5990532