SEC 116

Other percentage tax

RATE IS 3%
Tax Base is GROSS SALES/RECEIPTS ( Net of Sales
Discounts and or Returns )
SEC 116
• : Persons who engage in VATable sales or leases of properties, or services in the course of trade or business:
SEC 116
• : Persons who engage in VATable sales or leases of properties, or services in the course of trade or business:
• gross sales or receipts ≤₱3,000,000
SEC 116
• : Persons who engage in VATable sales or leases of properties, or services in the course of trade or business:
• gross sales or receipts ≤₱3,000,000
• Are not VAT-registered
Exempt under SEC 116
• Self-employed individuals and professionals availing of the 8% tax
Exempt under SEC 116
• Self-employed individuals and professionals availing of the 8% tax
• Cooperative
Exempt under SEC 116
• Self-employed individuals and professionals availing of the 8% tax
• Cooperative
• Marginal income earners or individuals who are self-employed and deriving gross sales/receipts ≥₱100,000
during any 12-month period.
Exempt under SEC 116
• Self-employed individuals and professionals availing of the 8% tax
• Cooperative
• Marginal income earners or individuals who are self-employed and deriving gross sales/receipts ≥₱100,000
during any 12-month period.
• Persons who are VAT-registered, regardless of level of sales.
SAMPLE
1. Which of the following statements is incorrect?

a. A taxpayer whose annual gross receipts/sales exceed P3,000,000 shall pay VAT only if he is VAT-registered

b. A taxpayer whose annual gross receipts/sales do not exceed P3,000,000 but who is VAT-registered shall pay
VAT.

c. Excise tax may be imposed together with VAT.

d. Percentage tax may be imposed together with excise tax

SAMPLE
1. Which of the following statements is incorrect?

a. A taxpayer whose annual gross receipts/sales exceed P3,000,000 shall pay VAT only if he is VAT-
registered

b. A taxpayer whose annual gross receipts/sales do not exceed P3,000,000 but who is VAT-registered shall pay
VAT.

c. Excise tax may be imposed together with VAT.

d. Percentage tax may be imposed together with excise tax

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is not
VAT-registered. The following date are taken from the books of the variety store for the quarter ending
March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is not
VAT-registered. The following date are taken from the books of the variety store for the quarter ending
March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

Diba ang tax base natin is GROSS
SALES/RECIEPTS?
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is not
VAT-registered. The following date are taken from the books of the variety store for the quarter ending
March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is VAT-
registered. The following date are taken from the books of the variety store for the quarter ending March 31,
2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is
VAT-registered. The following date are taken from the books of the variety store for the quarter ending
March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is not
VAT-registered but opted to be tax on 8% income tax. The following date are taken from the books of the
variety store for the quarter ending March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year do not exceed P3,000,000. He is not
VAT-registered but opted to be tax on 8% income tax. The following date are taken from the books of the
variety store for the quarter ending March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year is to exceed P3,000,000. He is not
VAT-registered but opted to be tax on 8% income tax. The following date are taken from the books of the
variety store for the quarter ending March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

SAMPLE
1. A is the owner of a small variety store. His gross sales in any one year is to exceed P3,000,000. He is not
VAT-registered but opted to be tax on 8% income tax. The following date are taken from the books of the
variety store for the quarter ending March 31, 2018:

• Merchandise inventory, December 21, 2019 P100,000

• Gross sales 450,000

• Purchase from VAT-registered suppliers 350,000

• The percentage tax due is

a. P10,000 b. P13,500 c. P16,500 d. None

 SEC 117
Common carrier tax

RATE IS 3%
3% of quarterly gross sales or receipts from the transport of passengers, provided the gross receipts are ≥ minimum
levels provided by law.
SEC 117
• Persons subject:

a) Lessors of cars for rent or hire driven by the lessee;

b) Transportation contractors including persons who transport passengers for hire; and

c) Other domestic carriers by land for the transport of passengers; and

d) Keepers of garages.
SEC 117
• Exempted Persons:

a) Banca owners

b) Owners of animal-drawn two-wheeled vehicles.

SAMPLE
1. One of the following is subject to common carrier’s tax

a. Owners of banca

b. Owners of animal-drawn two wheeled vehicles

c. Common carriers by land for transport of goods or cargoes

• Common carriers by land for transport of passengers

SAMPLE
1. One of the following is subject to common carrier’s tax

a. Owners of banca

b. Owners of animal-drawn two wheeled vehicles

c. Common carriers by land for transport of goods or cargoes

d. Common carriers by land for transport of passengers

SAMPLE
1. A person whose business is to keep automobiles for hire or keep them stored for use or order

a. Keepers or garages c. Taxicab operators

b. Common carrier d. Tourist bus operator

SAMPLE
1. A person whose business is to keep automobiles for hire or keep them stored for use or order

a. Keepers or garages c. Taxicab operators

b. Common carrier d. Tourist bus operator

SAMPLE
1. A, operates a ferryboat. During a particular quarter, its receipts consists of the following

• Gross receipts: (without VAT)

• Transport of passengers P 1,000,000
• Transport of goods 1,500,000
• Transport of cargoes 500,000
•  
• The common carrier’s tax payable is
• a. P30,000 b. P90,000 c. P100,000 d. None
SAMPLE
1. A, operates a ferryboat. During a particular quarter, its receipts consists of the following

• Gross receipts: (without VAT)

• Transport of passengers P 1,000,000
• Transport of goods 1,500,000
• Transport of cargoes 500,000
•  
• The common carrier’s tax payable is
• a. P30,000 b. P90,000 c. P100,000 d. None
SAMPLE
• Benny Transport Company is a transportation contractor. During the month, it had the following gross receipts:

• From transport of passengers P 485,000

• From transport of cargo 220,000

• From rental of its cargo trucks to individual lessees 33,000

• From rental of its “rent-a-car” to balikbayans (with chauffeur) 30,000

• Payments to VAT registered persons during the month amount to P 99,000

•  

1. The percentage tax due is –

a. P22,740 b. P21,150 c. P7,590 d. P15,450

SAMPLE
• Benny Transport Company is a transportation contractor. During the month, it had the following gross receipts:

• From transport of passengers P 485,000

• From transport of cargo 220,000

• From rental of its cargo trucks to individual lessees 33,000

• From rental of its “rent-a-car” to balikbayans (with chauffeur) 30,000

• Payments to VAT registered persons during the month amount to P 99,000

•  

1. The percentage tax due is –

a. P22,740 b. P21,150 c. P7,590 d. P15,450

 SEC 118
Common carrier tax

RATE IS 3%
3% of quarterly gross receipts from the transport of cargo from the Philippines to another country
SEC 118
• Persons subject:

International air carriers doing business in the Philippines; and

International shipping carriers doing business in the Philippines

• 27.Sealiner Ferries transports passengers, goods and cargoes between the
islands of Cebu and Bohol. During 2009, it disclosed the following gross
receipts, net of any business taxes:
• Transport of passengers P2,000,000
• Transport of goods 1,000,000
• Transport of cargoes 500,000

• Compute the Output Vat and the percentage tax respectively.

• a. P420,000; P105,000 c. P180,000; P60,000
• b. P0; P105,000 d. P420,000; P0
• 27.Sealiner Ferries transports passengers, goods and cargoes between the
islands of Cebu and Bohol. During 2009, it disclosed the following gross
receipts, net of any business taxes:
• Transport of passengers P2,000,000
• Transport of goods 1,000,000
• Transport of cargoes 500,000

• Compute the Output Vat and the percentage tax respectively.

• a. P420,000; P105,000 c. P180,000; P60,000
• b. P0; P105,000 d. P420,000; P0
1. One of the following is not subject to the 3% percentage tax
a. International air carrier doing business in the Philippines
b. International shipping carrier doing business in the Philippines
c. Domestic carriers and keepers of garage
d. Franchise grantee of the electric utilities
1. One of the following is not subject to the 3% percentage tax
a. International air carrier doing business in the Philippines
b. International shipping carrier doing business in the Philippines
c. Domestic carriers and keepers of garage
d. Franchise grantee of the electric utilities
 SEC 119
Franchise tax
RATE IS 3%
Tax Base is annual gross receipts of the preceding year do not exceed Ten Million Pesos
(₱10,000,000) for RBN
RATE IS 2%
Gas and utilities
RATE IS 5%
Pagcor
SEC 119
• 1) Radio or television broadcasting with gross annual receipts ≤₱10
M 3% of gross receipts derived from the business covered by the law
granting the franchise
• 2) Gas and water utilities 2% of gross receipts derived from the
business covered by the law granting the franchise
• 3) PAGCOR 5% of gross revenues from gaming operations
SAMPLE
1. The franchise tax of grantees of radio and television broadcasting
whose annual gross receipts of the preceding year do not exceed
P10,000,000 shall be
a. 2% of the gross receipts c. 4% of the gross receipts
b.3% of the gross receipts d. 5% of the gross receipts
SAMPLE
1. The franchise tax of grantees of radio and television broadcasting
whose annual gross receipts of the preceding year do not exceed
P10,000,000 shall be
a. 2% of the gross receipts c. 4% of the gross receipts
b.3% of the gross receipts d. 5% of the gross receipts
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts did not exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts did not exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts did not exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
1. A is a Radio-TV broadcasting franchise grantee. During the preceding year, its gross receipts exceed
P10,000,000. Durin gthe first quarter of the currents year, it has the following data:

• Gross receipts, sale of airtime P2,000,000

• Gross receipts, use of radio station’s communication facilities 500,000
• Business expenses 700,000
• The franchise tax due for the first quarter is
• a. none b. P40,000 c. P75,000 d. P39,000
SAPMLE
• Radio station DZWT has an annual gross receipts ranging from P4,000,000 to P5,000,000. During the
month, it had a gross receipts from advertisements of P330,000 (net of tax), while the disbursements
subject to VAT amounted to P224,000, inclusive of tax.

1. How much franchise tax is payable by DZWT?

a. none b. P9,900 c. P50,000 d. P10,000

SAPMLE
• Radio station DZWT has an annual gross receipts ranging from P4,000,000 to P5,000,000. During the
month, it had a gross receipts from advertisements of P330,000 (net of tax), while the disbursements
subject to VAT amounted to P224,000, inclusive of tax.

1. How much franchise tax is payable by DZWT?

a. none b. P9,900 c. P50,000 d. P10,000

SAPMLE
• Jobibee foods was granted a franchise of Jollibee foods corporation has an annual gross receipts ranging
from P4,000,000 to P5,000,000. During the month, it had a gross receipts from advertisements of P330,000
(net of tax), while the disbursements subject to VAT amounted to P224,000, inclusive of tax.

1. How much franchise tax is payable by Jobibee?

a. none b. P9,900 c. P50,000 d. P10,000

SAPMLE
• Jobibee foods was granted a franchise of Jollibee foods corporation has an annual gross receipts ranging
from P4,000,000 to P5,000,000. During the month, it had a gross receipts from advertisements of P330,000
(net of tax), while the disbursements subject to VAT amounted to P224,000, inclusive of tax.

1. How much franchise tax is payable by Jobibee?

a. none b. P9,900 c. P50,000 d. P10,000

 SEC 120
Overseas communications tax
RATE IS 10%

- Tax on overseas dispatch, message, or conversation originating from the Philippines by

telephone, telegraph, telegraph exchange, wireless, and other communication equipment or
service.

- Tax: 10% of the amount paid for the service

SEC 120
: Domestic calls are subject to VAT.

• Persons Subject: Payor of the service

• The payee (person/entity rendering the service) collects and remits the tax to the BIR
within 20 days after the end of each quarter.

• Tax: 10% of the amount paid for the service.

SEC 120
• Exemptions: The tax shall not apply to amounts paid by:

1) The Government;

2) Embassies or consular offices of a Foreign Government;

3) International organizations pursuant to international agreements;

4) News services: amounts paid for messages from any newspaper, press association, radio or television
newspaper, broadcasting, or newsticker
SEC 120
• News services: amounts paid for messages from any newspaper, press association, radio or television
newspaper, broadcasting, or newsticker

• services to any other newspaper, press association, radio or television newspaper broadcasting agency,
newsticker service, or to a bona fide correspondent. The messages must deal exclusively with the collection
or dissemination of news items.
SAMPLE
1. Amounts received for overseas dispatch, message or conversations
originating from the Philippines are subjects to
a. 3% franchise tax c. 2% franchise tax
b.10% overseas communication tax d. 10% VAT
SAMPLE
1. Amounts received for overseas dispatch, message or conversations
originating from the Philippines are subjects to
a. 3% franchise tax c. 2% franchise tax
b.10% overseas communication tax d. 10% VAT
 SEC 121
Gross receipts tax

1) Tax on Banks and Non-Bank Financial Intermediaries Performing Quasi-Banking

Functions (“GRT”)
SEC 121
• Persons Subject:

a) Banks; and

b) Non-bank financial intermediaries performing quasi-banking functions

RA 8791 – GENERAL BANKING
LAW OF 2000
• Banks are entities engaged in the lending of funds obtained in
the form of deposits from the public. This is usually referred to
as “core-banking functions” of mobilizing savings (through
deposit-taking) and allocating resources (through lending).
PRESIDENTIAL DECREE No. 1739
• The term "quasi-banking activities" means borrowing funds from
twenty or more personal or corporate lenders at any one time,
through the issuance, endorsement or acceptance of debt for the
borrower's own accounts, or through the issuance certificates of
assignment or similar instruments, with recourse, or of repurchase
agreements for purposes of relending or purchasing receivable and
other similar obligations: Provided, however, That commercial,
industrial and other non-financial companies which borrow funds
through any of these means for the limited purpose of financing
their own needs or the needs of their agents or dealers, shall not
be considered as performing quasi- banking functions."
PRESIDENTIAL DECREE No. 1739
• The term "quasi-banking activities" means borrowing funds from
twenty or more personal or corporate lenders at any one time,
through the issuance, endorsement or acceptance of debt for the
borrower's own accounts, or through the issuance certificates of
assignment or similar instruments, with recourse, or of repurchase
agreements for purposes of relending or purchasing receivable and
other similar obligations: Provided, however, That commercial,
industrial and other non-financial companies which borrow funds
through any of these means for the limited purpose of financing
their own needs or the needs of their agents or dealers, shall not
be considered as performing quasi- banking functions."
SEC 121
• Tax:

a) On interest, commissions, discounts, from lending activities as well as income from financial leasing, on the
basis of the remaining maturities of instruments from which such receipts are derived:

1) Maturity period is five (5) years or less 5%

2) Maturity period is more than five (5) years 1%

a) On dividends and equity shares and net income of subsidiaries 0%

b) On royalties, rentals of property (real or personal), profits from 7%

SAMPLE
1. Gross receipts tax is a business tax paid by a –

a. Hotel operator b. Insurance company c. Franchise holder d. Bank

SAMPLE
1. Gross receipts tax is a business tax paid by a –

a. Hotel operator b. Insurance company c. Franchise holder d. Bank

 SAMPLE
1. The China Bank, a domestic bank, shows the following data for January 2010:
Rentals from safety deposit boxes and real property acquired through foreclosure proceeding
for bad loans P 880,000
Net foreign exchange gains (difference between the value of foreign currency sold and 220,000
purchased)
Net trading gains from trading of securities, commercial papers and other financial instruments
(difference between the yield or selling price and the cost of obtaining the same) 660,000
Trust fees 110,000
Dividend from domestic corporation 30,000
Other service fees 220,000
Interest income from lending activities from instrument with remaining term of:
Five years and less 700,000
More than five years 800,000

The percentage or gross receipt tax for the month is

a. P0 c. P43,000
b. P189,300 d. P104,500
 SAMPLE
1. The China Bank, a domestic bank, shows the following data for January 2010:
Rentals from safety deposit boxes and real property acquired through foreclosure proceeding
for bad loans P 880,000
Net foreign exchange gains (difference between the value of foreign currency sold and 220,000
purchased)
Net trading gains from trading of securities, commercial papers and other financial instruments
(difference between the yield or selling price and the cost of obtaining the same) 660,000
Trust fees 110,000
Dividend from domestic corporation 30,000
Other service fees 220,000
Interest income from lending activities from instrument with remaining term of:
Five years and less 700,000
More than five years 800,000

The percentage or gross receipt tax for the month is

a. P0 c. P43,000
b. P189,300 d. P104,500
SAMPLE
1. The China Bank, a domestic bank, shows the following data for January 2010:
Rentals from safety deposit boxes and real property acquired through foreclosure proceeding
for bad loans P 880,000
Net foreign exchange gains (difference between the value of foreign currency sold and 220,000
purchased)
Net trading gains from trading of securities, commercial papers and other financial instruments
(difference between the yield or selling price and the cost of obtaining the same) 660,000
Trust fees 110,000
Dividend from domestic corporation 30,000
Other service fees 220,000

Total 2,090,000.00
*.07
= 146,300.00
SAPMPLE
• Interest income from lending activities from instrument with
remaining term of:
• Five years and less 700,000 *.05 = 35000
• More than five years 800,000 *.01 = 8000
 143,600 + 35000 + 8000
1. The China Bank, a domestic bank, shows the following data for January 2010:
Rentals from safety deposit boxes and real property acquired through foreclosure proceeding
for bad loans P 880,000
Net foreign exchange gains (difference between the value of foreign currency sold and 220,000
purchased)
Net trading gains from trading of securities, commercial papers and other financial instruments
(difference between the yield or selling price and the cost of obtaining the same) 660,000
Trust fees 110,000
Dividend from domestic corporation 30,000
Other service fees 220,000
Interest income from lending activities from instrument with remaining term of:
Five years and less 700,000
More than five years 800,000

The percentage or gross receipt tax for the month is

a. P0 c. P43,000
b. P189,300 d. P104,500
SAMPLE
1. Big bank has the following income/loss for the months of March and April:

• March April

• Interest income maturity of less than 5 years P50,000 P 100,000

• Rentals 50,000 50,000

• Net trading gain/loss (10,000) 20,000

•  

• The gross receipts taxes payable for March and April, respectively –

a. P500,000; P8,500 c. P6,000; P9,200

• P6,000; P9,900 d. P5,300; P9,200

SAMPLE
1. Big bank has the following income/loss for the months of March and April:

• March April

• Interest income maturity of less than 5 years P50,000 *.05 2500

• Rentals 50,000 *.07 3500

• Net trading gain/loss (10,000)

•  Total 6000

• The gross receipts taxes payable for March and April, respectively –

a. P500,000; P8,500 c. P6,000; P9,200

• P6,000; P9,900 d. P5,300; P9,200

SAMPLE
1. Big bank has the following income/loss for the months of March and April:

• March April

• Interest income maturity of less than 5 years P 100,000 *.05 = 5000

• Rentals 50,000 *.07 = 3500

• Net trading gain/loss (10,000) 20,000 *.07 = 700

•  Total 9200

• The gross receipts taxes payable for March and April, respectively –

a. P500,000; P8,500 c. P6,000; P9,200

• P6,000; P9,900 d. P5,300; P9,200

SAMPLE
1. Big bank has the following income/loss for the months of March and April:

• March April

• Interest income maturity of less than 5 years P50,000 P 100,000

• Rentals 50,000 50,000

• Net trading gain/loss (10,000) 20,000

•  

• The gross receipts taxes payable for March and April, respectively –

a. P500,000; P8,500 c. P6,000; P9,200

• P6,000; P9,900 d. P5,300; P9,200

 SEC 122
Gross receipts tax

1) Tax on Finance Companies

SEC 122
• Persons Subject:

(1) Finance companies; and

(2) Other non-bank financial intermediaries not performing quasi-banking functions, doing business in the
Philippines.
SEC 122
• The term “finance companies” shall refer to corporations except banks, investment houses, savings and
loans associations, insurance companies, cooperatives, and other financial institutions organized or
operating under other special laws, which are primarily organized for the purpose of extending credit
facilities to consumers and to industrial, commercial, or agricultural enterprises, by direct lending or
by discounting or factoring commercial papers or accounts receivables, or by buying and selling contracts,
leases, chattel mortagages, or other evidences of indebtedness, or by financial leasing of movable as well
as immovable properties.

• The term “other non-bank financial intermediaries” above shall include pawnshops and non-stock
savings and loan associations.
SEC 122
• Tax:

a) On interest, commissions, discounts from lending activities as well as income from financial leasing, on the
basis of the remaining maturities of instruments from which such receipts are derived:

1) Maturity period is five (5) years or less 5%

2) Maturity period is more than five (5) years 1%

a) On gross receipts derived from interest, commissions, 5%

• discounts, and all other items treated as gross income under the

• Tax Code
 SEC 123
Gross receipts tax

1) Tax on Life Insurance Premiums (Premiums Tax) : 2% of gross premiums collected

SEC 123
1) Tax on Life Insurance Premiums (Premiums Tax)

• Person subject: Any person/entity offering life insurance in the Philippines, except purely cooperative
companies or associations.
SEC 123
• Gross premiums” shall include re-issuance fees, reinstatement fees, renewal fees, penalties paid to the
insurance company in connection with the insurance policy, and premiums on health and accident
SEC 123
• Exemptions: The following premiums are exempt from the premium tax:

(1) Premiums received by purely cooperative companies or associations;

(2) Premiums refunded within six (6) months after payment on account of rejection of risk, or returned for any
other reason to a person insured;

(3) Premiums paid upon reinsurance by a company that has already paid the tax;

(4) Premiums collected or received by any branch of a domestic corporation, firm, or association doing business
outside the Philippines on account of any life insurance of the insured who is a non-resident, if any tax on
such premium is imposed by the foreign country where the branch is established;
SEC 123
(1)Premiums collected or received on account of any reinsurance, if the insured, in case of personal insurance, resides
outside the Philippines, if ant tax on such premium is imposed by the foreign country where the original insurance has
been issued or perfected; and

(2)Portion of the premiums collected or received by the insurance companies on variable contracts in excess of the
amounts necessary to insure the lives of the variable contract owners.

(3)Management fees, rental income, or any other income earned by the life insurance company from services which can
be pursued independently of the insurance business activity;

(4)Investment income earned by the life insurance company from investing the premiums;

• Note: If investment income arises from funds solicited for purposes other than for the payment of premiums,
the same shall be subject to the GRT under Section 121 of the Tax Code.
 • Madulag Insurance Company had the following data on collections of premiums and disbursements during the month:

• Life insurance Non-life insurance

• Cash collections P150,000 P145,700

• Checks 45,000 34,600

• Accounts receivable 25,200 58,900

• Payments of expenses to VAT businesses 43,000

• Payment of expenses to non-VAT businesses 35,000

•  

• The amounts indicated pertaining to VAT transactions do not include the value-added tax.

•  

1. The percentage tax due is –

a. P8,000 b. P9,750 c. P11,010 d. P9,015

•  
 • Madulag Insurance Company had the following data on collections of premiums and disbursements during the month:

• Life insurance Non-life insurance

• Cash collections P150,000 P145,700

• Checks 45,000 34,600

• Accounts receivable 25,200 58,900

• Payments of expenses to VAT businesses 43,000

• Payment of expenses to non-VAT businesses 35,000

•  

• The amounts indicated pertaining to VAT transactions do not include the value-added tax.

•  

1. The percentage tax due is –

a. P8,000 b. P9,750 c. P11,010 d. P9,015

•  
 • Madulag Insurance Company had the following data on collections of premiums and disbursements during the month:

• Life insurance Non-life insurance

• Cash collections P150,000 P145,700

• Checks 45,000 34,600

• Accounts receivable 25,200 58,900

• Payments of expenses to VAT businesses 43,000

• Payment of expenses to non-VAT businesses 35,000

•  

• The amounts indicated pertaining to VAT transactions do not include the value-added tax.

•  

1. The percentage tax due is –

a. P8,000 b. P3,900 c. P11,010 d. P9,015

•  
SAMPLE
1. ABC Insurance Corporation, a domestic corporation, received the following premiums (net of any tax):

•  

• INSURANCE
• Life Fire Marine
•Cash received P 400,000 P 300,000 P 200,000
•Promissory notes 100,000 100,000
•TOTALS P 500,000 P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P20,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
SAMPLE
1. ABC Insurance Corporation, a domestic corporation, received the following premiums (net of any tax):

•  

• INSURANCE
• Life Fire Marine
•Cash received P 400,000 P 300,000 P 200,000
•Promissory notes 100,000 100,000
•TOTALS P 500,000 P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P20,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
 SEC 124
Insurance tax

1) Tax on Agents of Foreign Insurance Companies

a) For fire, marine, or miscellaneous insurance agent 4% of total premiums collected

b) For owners of property who obtain insurance 5% of premiums paid

directly with foreign companies

SEC 124
• Persons Subject:

(1) Every fire, marine, or miscellaneous insurance agent authorized under the Insurance Code to procure
policies of insurance as he may have previously been legally authorized to transact, on risks located in the
Philippines for companies not authorized to transact, on risks located in the Philippines for companies not
authorized to transact business in the Philippines; and

(2) Owners of property who obtain insurance directly with foreign companies.
SAMPLE
1. CDE an agent of ABC Insurance Corporation, a Nonresident foreign corporation, received the following premiums (net of any tax):

•  

• INSURANCE
• Life Fire Marine
•Cash received P 400,000 P 300,000 P 200,000
•Promissory notes 100,000 100,000
•TOTALS P 500,000 P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P34,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
SAMPLE
1. CDE an agent of ABC Insurance Corporation, a Nonresident foreign corporation, received the following premiums (net of any tax):

•  

• INSURANCE
• Life Fire Marine
•Cash received P 400,000 P 300,000 P 200,000
•Promissory notes 100,000 100,000
•TOTALS P 500,000 P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P34,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
SAMPLE
1. HIJ Insured his property in the Philippines from ABC Insurance Corporation, a Nonresident foreign corporation, and paid the following premiums
(net of any tax):

•  

• INSURANCE
• Fire Marine
•Cash received P 300,000 P 200,000
•Promissory notes 100,000
•TOTALS P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P30,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
SAMPLE
1. HIJ Insured his property in the Philippines from ABC Insurance Corporation, a Nonresident foreign corporation, and paid the following premiums
(net of any tax):

•  

• INSURANCE
• Fire Marine
•Cash received P 300,000 P 200,000
•Promissory notes 100,000
•TOTALS P 400,000 P 200,000
•  
• Required: Determine the following:
1) The percentage tax due is
• a. P45,000 b. P55,000 c. P30,000 d. 10,000
•  
1) The output vat is
• a. P0b. P72,000 c. P48,000 d 72,000
 SEC 125
Amusement tax

Persons Subject: proprietor, or operator of cockpits, cabarets, night or day clubs, boxing
exhibitions, professional basketball games, jai-alai, and race tracks.
SEC 125
• Persons Subject: proprietor, or operator of cockpits, cabarets, night or day clubs, boxing exhibitions,
professional basketball games, jai-alai, and race tracks.
EC 125
• Tax:

• Amusement Places Tax

1) Cockpits 18% of gross receipts

2) Cabarets 18% of gross receipts

3) Night or day clubs 18% of gross receipts

4) Boxing exhibitions 10% of gross receipts

5) Professional basketball games 15% of gross receipts

6) Jai-alai 30% of gross receipts

7) Race tracks 30% of gross receipts

SEC 125
(a) Gross receipts includes admission charges, rents, and income from television, radio, and motion picture
rights.

(b) If the proprietor, lessee, or operator of the amusement place also operates, at the same time within the
premises, a bar or restaurant, the receipts of the bar or restaurants shall form part of gross receipts subject to
the amusement tax above.

(c) If such bar or restaurant in (b) is operated by a third person, the gross receipts thereof shall subject either to
VAT or to the OPT under Section 116.

• Amusement places include videoke bars, karaoke televisions, karaoke boxes, and music lounges
SEC 125
• Exemption: Being exhibition where:

(1) The world or oriental title is at stake;

(2) One of the contenders is a Filipino citizen; and

(3) Is promoted by a Filipino citizen, or a by a corporation/association which is ≥ 60% owned by Filipinos.

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. During the month, it had the following gross receipts for various activities, to wit:

•  

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. During the month, it had the following gross receipts fro various activities, to wit:

•  

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. He also has food stalls and restaurants operated within the vicinity of Arana
coliseumDuring the month, it had the following gross receipts for various activities, to wit:

•  

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  Gross receipts from food stalls and restaurant. 36,700

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. He also has food stalls and restaurants operated within the vicinity of Arana
coliseumDuring the month, it had the following gross receipts for various activities, to wit:

•  

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  Gross receipts from food stalls and restaurant. 36,700

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. He also has food stalls and restaurants operated within the vicinity of Arana coliseumDuring the month, it
had the following gross receipts for various activities, to wit: 

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  Gross sales from food stalls and restaurant. 56,700

• AR beginning 20,000

• AR ending 40,000

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Boy Arana is the operator of Arana Coliseum. He also has food stalls and restaurants operated within the vicinity of Arana coliseumDuring the month, it
had the following gross receipts for various activities, to wit: 

• Concert by Rosa Mia P 85,000

• Professional basketball 120,000

• Amateur basketball 36,700

• Billiard 45,000

•  Gross sales from food stalls and restaurant. 56,700

• AR beginning 20,000

• AR ending 40,000

• The percentage tax payable by Boy Arana on the coliseum is –

a. P18,000 b. P23,505 c. P43,005 d. P24,750

SAMPLE
1. Which of the following is subject to percentage tax?

a. Derby winnings c. Premiums on re-insurance contract

b. Cinema houses d. Van for hire driven by lessees

SAMPLE
1. Which of the following is subject to percentage tax?

a. Derby winnings c. Premiums on re-insurance contract

b. Cinema houses d. Van for hire driven by lessees

SAMPLE
1. One of the following is not subject to amusement tax on gross receipts

a. Disco houses c. Professional basketball

b. Cockpits d. Bowling alleys

SAMPLE
1. One of the following is not subject to amusement tax on gross receipts

a. Disco houses c. Professional basketball

b. Cockpits d. Bowling alleys

 SEC 126
: Winnings (from Horse Races)
SEC 126
• Persons subject:

a) Persons who win horse races; and

b) Owners of winning race horses.

SEC 126
• Tax:

• 1) Winnings in horse races Ten percent (10%) of winnings or

“dividends”

• 2) Winnings in from double, Four percent (4%) of winnings or

• forecast/quinella, and trifecta bets in “dividends”

• horse races

• 3) Owners of winning race horses Ten percent (10%) of the prizes

SEC 126
• Notes:

(a) The tax in (1) and (2) above shall be based on the actual amount paid for every winning ticket after
deducting the cost of the ticket.

(b) The tax shall be withheld by the operator, manager, or person in charge of the horse races before paying the
dividends or prizes.
SEC 126
• The operator, manager or person in charge of horse races shall,
within twenty (20) days from the date the tax was deducted and
withheld in accordance with the preceding paragraph, file a true
and correct return with the Commissioner of Internal Revenue in
the manner or form prescribed by the Secretary of Finance, and
pay within the same period the total amount of tax so deducted
and withheld.
SAMPLE
1. A horseracing enthusiast has the following winnings during a particular racing day

• Total winnings (winner take all) P10,000

• Cost of winning tickets 500
•  
• The tax on winnings is
• a. P1,000 b. P400 c. P950 d. Zero
SAMPLE
1. A horseracing enthusiast has the following winnings during a particular racing day

• Total winnings (winner take all) P10,000

• Cost of winning tickets 500
•  
• The tax on winnings is
• a. P1,000 b. P400 c. P950 d. Zero
SAMPLE
1. Bayani’s ticket (daily double) won P42,000, gross of withholding tax and cost of ticket, in a horse race in
San Lazaro Hippodrome. His ticket had cost him P250. Bayani had other non-winning tickets costing
P2,500. How much tax was withheld on winnings in horse races by Bayani?

a. P1,680 b. P4,200 c. P1,670 d. P4,175

SAMPLE
1. Bayani’s ticket (daily double) won P42,000, gross of withholding tax and cost of ticket, in a horse race in
San Lazaro Hippodrome. His ticket had cost him P250. Bayani had other non-winning tickets costing
P2,500. How much tax was withheld on winnings in horse races by Bayani?

a. P1,680 b. P4,200 c. P1,670 d. P4,175

SAMPLE
1. A horseracing enthusiast has the following winnings during a particular racing day

• Total winnings (winner take all) P10,000

• Cost of winning tickets 500
• Using the data above, but the total winnings came from double bet, the percentage tax on winnings is
• a. P1,000 b. P400 c. P950 d. P380
SAMPLE
1. A horseracing enthusiast has the following winnings during a particular racing day

• Total winnings (winner take all) P10,000

• Cost of winning tickets 500
• Using the data above, but the total winnings came from double bet, the percentage tax on winnings is
• a. P1,000 b. P400 c. P950 d. P380
 SEC 127
Stock Transaction Tax
Sale, Barter, or Exchange of Shares Listed and Traded Through the Local Stock Exchange
Sale or Exchange Through Initial Public Offering (“IPO”) of Shares of Stock in Closely-Held
Corporations
SEC 127
• Persons Subject:

• The tax is imposed on the seller or transferor of the shares of stock, whether individual (citizen or alien),
corporation (domestic or foreign), or other taxpayer such as estates, trust funds, and pension funds.

• However, the following are not liable for the tax on such sales, namely:

(a) Dealers in securities;

(b) Investors in shares of stock in a mutual fund company upon redemption of said shares in a mutual fund;

(c) All other persons, whether natural or juridical, who are specifically exempt from national internal revenue
taxes under existing investment incentives and other special laws.
SEC 127
• Sale, Barter, or Exchange of Shares Listed and Traded Through the Local Stock Exchange

• Rate and Basis of the Tax: (6/10 of 1%) of the gross selling price. or Gross value in money received

• Duty of the Stockbroker:

• To withhold of the tax and remit the same to the AAB or RDO where the broker is registered
within 5 Business days from the date of collection.
SEC 127
• Sale or Exchange Through Initial Public Offering (“IPO”) of Shares of Stock in Closely-Held
Corporations

• Persons Subject

• The tax is imposed on:

a) The issuing corporation in a primary offering, or

b) The selling shareholder of the shares in a secondary offering during an IPO

SEC 127
• Rate and Basis of the Tax

• The tax shall be based:

(a) On the gross selling price or gross value in money of the shares of stock sold

(b) In accordance with the proportion of shares of stock sold to the total outstanding shares of stock after the listing in the local stock exchange:

• Tax Rate

• Up to twenty-five percent (25%) 4%

• Over twenty-five percent (25%) but not over thirty 2%

• three and one-third percent (33 1/3%)

• over thirty-three and on-third percent (33 1/3%) 1%

SEC 127
• Rate and Basis of the Tax

• The tax shall be based:

(a) On the gross selling price or gross value in money of the shares of stock sold

(b) In accordance with the proportion of shares of stock sold to the total outstanding shares of stock after the listing in the local stock exchange :

• Tax Rate

• Up to twenty-five percent (25%) 4%

• Over twenty-five percent (25%) but not over thirty 2%

• three and one-third percent (33 1/3%)

• over thirty-three and on-third percent (33 1/3%) 1%

SEC 127
• shares of stock sold during IPO____________
• total outstanding shares of stock after the listing in the local stock
exchange
SEC 127
• shares of stock sold during IPO____________
• total outstanding shares of stock after the listing in the local stock
exchange

• If Shares of stock sold during IPO is 200,000 shares

• And Outstanding shares before IPO is 300,000 shares
• The ratio will be 40%
• 200000/200000+300000
SAMPLE
1. All of the following except one are liable to 6/10 of 1% stock transaction tax.
Which one is not?
a. Individual tax payers, whether citizens or alien c. Estates and Trust
b. Corporate taxpayers, whether domestic or foreign d. Dealers in securities
SAMPLE
1. All of the following except one are liable to 6/10 of 1% stock transaction tax.
Which one is not?
a. Individual tax payers, whether citizens or alien c. Estates and Trust
b. Corporate taxpayers, whether domestic or foreign d. Dealers in securities
1. One of the following statements is incorrect
a. The 6/10 of 1% tax shall be collected by the brokers who made the sale and shall be remitted within 5
banking days from the date of collection
b. The tax paid on sale of shares through local stock exchange and initial public offering and secondary
offering shall not be allowable deduction for income tax purposes
c. The 6/10 of 1% tax stock transaction is a final withholding tax on income
d. The 6/10 of 1% tax stock transaction is collected whether there is an income or loss and is a percentage
tax
SAMPLE
1. One of the following statements is incorrect
a. The 6/10 of 1% tax shall be collected by the brokers who made the sale and shall be remitted within 5
banking days from the date of collection
b. The tax paid on sale of shares through local stock exchange and initial public offering and secondary
offering shall not be allowable deduction for income tax purposes
c. The 6/10 of 1% tax stock transaction is a final withholding tax on income
d. The 6/10 of 1% tax stock transaction is collected whether there is an income or loss and is a percentage
tax
SAMPLE
1. Chess sold the following shares of stock thru his stock broker:

• Selling Price Market Value

• Ex Company, not traded P 123,670 P 114,850

• Why Company, traded 65,980 62,540

• See Company, traded 143,750 156,230

• The percentage tax due on the above transactions is –

a. P1,667.00 b. P1,258.38 c. P1,093.85 d. P1,668.10

SAMPLE
1. Chess sold the following shares of stock thru his stock broker:

• Selling Price Market Value

• Ex Company, not traded P 123,670 P 114,850

• Why Company, traded 65,980 62,540

• See Company, traded 143,750 156,230

• The percentage tax due on the above transactions is –

a. P1,667.00 b. P1,258.38 c. P1,093.85 d. P1,668.10

SAMPLE
• 57.Stock Addict had the following transactions of shares of stock:
• Selling Price Cost
• Sales:
• Bee Corporation, not traded P 32,450 P31,980
• Cee Corporation, traded 69,780 64,321
• Dee Corporation, traded 123,820 98,760

• Purchases:
• Eef Corporation, not traded 32,415
• Gee Corporation, traded 48,657

• The total percentage tax on the above transaction is –

• a. P1,130.25 b. P724.89 c. P1161.6 d. P815.40
SAMPLE
• 57.Stock Addict had the following transactions of shares of stock:
• Selling Price Cost
• Sales:
• Bee Corporation, not traded P 32,450 P31,980
• Cee Corporation, traded 69,780 64,321
• Dee Corporation, traded 123,820 98,760

• Purchases:
• Eef Corporation, not traded 32,415
• Gee Corporation, traded 48,657

• The total percentage tax on the above transaction is –

• a. P1,130.25 b. P724.89 c. P1161.6 d. P815.40
SAMPLE
1. Tito owns shares of stock of domestic corporations which are not traded in the Philippines Stock Exchange. Due to
the unstable prices in the stock exchange, he decided to sell the shares directly to the buyer. The data of which are
as follows:

• Selling Price Cost Gain/Loss

• Vic Corporation P230,000 P220,000 P10,000

• Joey Corporation 360,000 395,000 (35,000)

•  

• The stock transaction tax is –

a. P2,950 b. P1,150 c. P50 d. Zero

SAMPLE
1. Tito owns shares of stock of domestic corporations which are not traded in the Philippines Stock Exchange. Due to
the unstable prices in the stock exchange, he decided to sell the shares directly to the buyer. The data of which are
as follows:

• Selling Price Cost Gain/Loss

• Vic Corporation P230,000 P220,000 P10,000

• Joey Corporation 360,000 395,000 (35,000)

•  

• The stock transaction tax is –

a. P2,950 b. P1,150 c. P50 d. Zero

SAMPLE
1. Benzene Corporation, a closely held corporation, decided to open itself to the public. The initial public
offering of its shares had a selling price of P6,250,000 which is 22.5%of its total outstanding shares after the
listing in the local stock exchange. The percentage tax due is –

a. P31,250 b. P125,000 c. P1,406,250 d. P250,000

•  
SAMPLE
1. Benzene Corporation, a closely held corporation, decided to open itself to the public. The initial public
offering of its shares had a selling price of P6,250,000 which is 22.5%of its total outstanding shares after the
listing in the local stock exchange. The percentage tax due is –

a. P31,250 b. P125,000 c. P1,406,250 d. P250,000

•  
SAMPLE
1. Benzene Corporation, a closely held corporation, decided to open itself to the public. The initial public
offering of its shares had a selling price of P6,250,000 which is 30%of its total outstanding shares after the
listing in the local stock exchange. The percentage tax due is –

a. P31,250 b. P125,000 c. P1,406,250 d. P250,000

•  
SAMPLE
1. Benzene Corporation, a closely held corporation, decided to open itself to the public. The initial public
offering of its shares had a selling price of P6,250,000 which is 30%of its total outstanding shares after the
listing in the local stock exchange. The percentage tax due is –

a. P31,250 b. P125,000 c. P1,406,250 d. P250,000

•  
SAMPLE
1. After the IPO, RFB Corporation decided to increase the capitalization by offering another 30,000,000
unissued shares for P2.0 to the investing public. Compute the percentage tax.

a. P 0 c. P800,000

b. P600,000 d. P1,200,000

•  
SAMPLE
1. After the IPO, RFB Corporation decided to increase the capitalization by offering another 30,000,000
unissued shares for P2.0 to the investing public. Compute the percentage tax.

a. P 0 c. P800,000

b. P600,000 d. P1,200,000

•  
Other percentage tax 3%

Common carrier tax Passenger 3%

Common carrier tax Cargo 3%

Franchise tax RBN 3%

Gas & water 2%

Pagcor 5%

Overseas communications tax 10%

Gross receipts tax up to 5 year 5%

more thsn 5 years 1%

Gross income 7%

net traiding gains 7%

Gross receipts tax up to 5 year 5%

more thsn 5 years 1%

Gross income 5%

Insurance tax 2%

Insurance tax on agents Marine and fire 4%

owner files 5%

Amusement tax cockpits 18%

Cabarets 18%

Night and day clubs 18%

Boxing 10%

Prof basketball 15%

Jai-alai 30%

Race tracks 30%

Winnings (from Horse Races) winnings 10%

double, trifecta 4%

owner of horse 10%

Stock Transaction Tax Shares listed 0.60%

during IPO

Shares sold/outstanding after IPO 25% 4%

Shares sold/outstanding after IPO More that 25% to 33% 2%

Shares sold/outstanding after IPO More than 33% 1%

PAYMENT
• In general, every person subject to the percentage taxes imposed under Title V of the Tax Code shall file a
quarterly return (BIR Form No. 2551Q) of the amount of his gross sales, receipts, or earnings and pay the tax
due thereon within twenty-five (25) days after the end of each taxable quarter.
PAYMENT
a. Overseas communication tax under Section 120 of the Tax Code – the tax shall be paid to the person rendering the service, and such person is
required to collect and pay the tax within twenty (20) days after the end of each quarter;

b. Gross receipts tax on banks, non-bank financial intermediaries performing quasi-banking functions, and finance companies under Sections
121 and 122 of the Tax Code – the tax shall be paid monthly within twenty (20) days following the end of the taxable month.

c. Amusement tax under section 125 of the Tax Code – the tax shall be payable within twenty (20) days after the end of each quarter;

d. Tax on winnings under Section 126 of the Tax Code – the tax shall be withheld by the operator, manager or person in charge of the horse races, and
must be remitted to the BIR within twenty (20) days from the date of withholding;

e. Stock transaction tax under Section 127 (A) of the Tax Code;
(5) banking days from the date of collection

f. Stock transaction tax (IPO tax) under Section 127(B) of the Tax Code;
a primary offering within thirty (30) days from the date of listing
a secondary offering, (5) banking days from the date of collection
PAYMENT
a. Overseas communication tax under Section 120 of the Tax Code – the tax shall be paid to the person rendering the service, and such person is
required to collect and pay the tax within twenty (20) days after the end of each quarter;

b. Gross receipts tax on banks, non-bank financial intermediaries performing quasi-banking functions, and finance companies under Sections
121 and 122 of the Tax Code – the tax shall be paid monthly within twenty (20) days following the end of the taxable month.

c. Amusement tax under section 125 of the Tax Code – the tax shall be payable within twenty (20) days after the end of each quarter;

d. Tax on winnings under Section 126 of the Tax Code – the tax shall be withheld by the operator, manager or person in charge of the horse races, and
must be remitted to the BIR within twenty (20) days from the date of withholding;

e. Stock transaction tax under Section 127 (A) of the Tax Code;
(5) banking days from the date of collection

f. Stock transaction tax (IPO tax) under Section 127(B) of the Tax Code;
a primary offering within thirty (30) days from the date of listing
a secondary offering, (5) banking days from the date of collection