1) What is meant by capital asset? Capital asset means property held by the taxpayer (whether or not connected with his trade or business), but does not include – a) stock in trade of the taxpayer or other property of a kind which would properly be included in the inventory of the taxpayer if on […]
Read MoreDescription There are two main classifications or types of withholding tax. These are: a) Creditable Withholding Tax – Withholding Tax on Compensation – Expanded Withholding Tax – Withholding of Business Tax (VAT and Percentage) b) Final Withholding Tax Expanded Withholding Tax is a kind of withholding tax which is prescribed on certain income payments […]
Read MoreDescription Value-Added Tax is a form of sales tax. It is a tax on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect tax, which may be shifted or passed on to the buyer, transferee […]
Read MoreDescription Estate Tax is a tax on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is not a tax on property. It is a tax imposed on […]
Read MoreDescription Donor’s Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the […]
Read MoreDescription Documentary Stamp Tax 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. Tax Forms BIR Form 2000-OT Documentary Stamp Tax Declaration Return (ONE- TIME TRANSACTIONS) Tax Rate Deed of Sale, instrument or writing and Conveyances of Real […]
Read MoreDescription Capital Gains Tax is a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of conditional sale. Final Capital Gains Tax for Onerous Transfer of Real Property […]
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