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Capital Gains Tax LAW 101

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  Republic of the Philippines    Official Gazette    Office of the President    Official Directory    Official Calendar Resources    Project NOAH    Official Calendar    Official Directory Executive    Office of the President    Office of the Vice President    Department of Education    Department of Interior and Local Government    Department of Finance    Department of Health    Department of Science and Technology    Department of Trade and Industry Legislative    Senate of the Philippines    House of Representatives Judiciary    Supreme Court    Court of Appeals    Sandiganbayan    Court of Tax Appeals    Judicial Bar and Council 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. Documentary Stamp Tax is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property incident thereto. 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. 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. Income Tax  is a tax on all yearly profits arising from property, profession, trades or offices or as a tax on a person’s income, emoluments, profits and the like.   Percentage Tax  is a business tax imposed on persons or entities who sell or lease goods,  properties or services in the course of trade or business whose gross annual sales or receipts do not exceed P550,000 and are not VAT-registered. Value-Added Tax  is a business tax imposed and collected from the seller in the course of trade or business on every sale of properties (real or personal) lease of goods or properties (real or  personal) or vendors of services. It is an indirect tax, thus, it can be passed on to the buyer.  Withholding Tax on Compensation  is the tax withheld from individuals receiving purely compensation income. Expanded Withholding Tax  is a kind of withholding tax which is prescribed only for certain  payors and is creditable against the income tax due of the payee for the taxable quarter year. Final Withholding Tax  is a kind of withholding tax which is prescribed only for certain payors and is not creditable against the income tax due of the payee for the taxable year. Income Tax withheld constitutes the full and final payment of the Income Tax due from the payee on the said income. Withholding Tax on Government Money Payments  is the withholding tax withheld by government offices and instrumentalities, including government-owned or -controlled corporations and local government units, before making any payments to private individuals, corporations, partnerships and/or associations. *  Sorry, but this pages are being updated in line with the TRAIN Law Primary Registration   ã  Application for Taxpayer Identification Number (TIN)   ã  Application for Registration Update   Secondary Registration   ã  Registration of Book of Accounts   ã  Application for Authority to Print Receipts & Invoices   ã  Application for Authority to Use Computerized Accounting Systems and/or Components thereof/Loose-leaf Book of Accounts   ã  Application for Permit to Use Cash Register Machine (CRM) and/or Point of Sales Machine (POS) Application for Taxpayer Identification Number (TIN)   DESCRIPTION  Any person, whether natural or juridical, required under the authority of the Internal Revenue Code to make, render or file a return, statement or other documents, shall be supplied with or assigned a Taxpayer Identification Number (TIN) to be indicated in the return, statement or document to be filed with the Bureau of Internal Revenue, for his proper identification for tax  purposes (Sec. 236 (i) of the Tax Code). FOR SELF-EMPLOYED AND MIXED INCOME INDIVIDUALS   Tax Form  BIR Form 1901- Application for Registration for Self-Employed and Mixed Income Individuals, Non-Resident Alien Engaged in Trade/Business, Estates/Trusts Documentary Requirements   › BIR Form No. 1901   › Any identification issued by an authorized government body (e.g. Birth Certificate, passport, driver’s license, Community Tax Certifica te) that shows the name, address and birthdate of the applicant; › Photocopy of Mayor’s Business Permit; or    Duly received Application for Mayor’s Business Permit, if the former is still in process with the LGU; and/or Professional Tax Receipt/Occupational Tax Receipt issued by the LGU [For Professionals where PTR is not required (e.i. Consultants, Agents, Artist, Underwriters & the like)]; or DTI Certificate; › Proof of Payment of Annual Registration Fee (ARF)  (if with existing TIN or applicable after TIN issuance);  › BIR Form No. 1906;   › Final & clear sample of Principal Receipts/ Invoices;   Other documents for submission only if applicable:   ›  Special Power of Attorney (SPA) and ID of authorized person, in case of authorized representative who will transact with the Bureau; › Franchise Documents (e.g. Certificate of Public Convenience) (for Common Carrier);   › Photocopy of the Trust Agreement (for Trusts);   ›  Photocopy of the Death Certificate of the deceased (for Estate under judicial settlement); › Certificat e of Authority, if Barangay Micro Business Enterprises (BMBE) registered entity; › Proof of Registration/Permit to Operate BOI/BOI -ARMM, PEZA, BCDA and SBMA Procedures  a) Accomplish BIR Form 1901 and 1906 and submit the same together with the documentary requirements with the New Business Registrant Counter of the RDO having jurisdiction over the  place where the head office and branch, respectively.  b) Pay the Annual Registration Fee (P500.00) and/or payment for the BIR Printed Receipt/Invoice (if taxpayer opted to buy for use) at the New Business Registrant Counter in the BIR Office. c) The RDO shall then issue the Certificate of Registration (Form 2303) together with the “Ask for Receipt” notice, Authority to Print, BIR Printed Receipt/Invoice (if applica  ble) and eReceipt as proof of payment.  Note: Taxpayer may attend the scheduled initial briefing for new business registrants to be conducted by the concerned RDO in order to apprise them of their rights and duties/responsibilities. Deadline   › All Individua ls engaged in trade or business shall accomplish and file the application on or  before the commencement of business, it shall be reckoned from the day when the first sale transaction occurred or within thirty (30) calendar days from the issuance of Mayor's Permit/Professional Tax Receipt (PTR) by LGU, which ever comes earlier   ESTATES (under judicial settlement)   Tax Form  BIR Form 1901- Application for Registration for Self-Employed and Mixed Income Individuals, Non-Resident Alien Engaged in Trade/Business, Estates/Trusts Documentary Requirements   › Photocopy of the Death Certificate of the deceased and judicial settlement;   Other documents for submission only if applicable:  a) DTI Certificate of Registration Business Name, if business trade name shall be used;  b) Certificate of Authority if Barangay Micro Business Enterprises (BMBE) registered entity; c) Proof of Registration/Permit to Operate with Board of Investment (BOI/Board of Investment for Autonomous Region for Muslim Mindanao (BOI-ARMM), Philippine Export Zone Authority (PEZA), Bases Conversion Development Authority (BCDA) and Subic Bay Metropolitan Authority (SBMA); d) Franchise Documents; e) Marriage Contract. Procedures    a) Accomplish BIR Form 1901and submit the same, together with the required attachments, to the Revenue District Office having jurisdiction over the registered address of the estate.  b) Pay the Annual Registration Fee (P 500.00) at the Authorized Agent Banks of the RDO Deadline   › Application for registration shall be accomplished and fi led before filing a return, statement or declaration as required in the Tax Code and payment of any tax due. TRUSTS   Tax Form  BIR Form 1901 - Application for Registration for Self-Employed and Mixed Income Individuals, Non-Resident Alien Engaged in Trade/Business, Estates/Trusts Documentary Requirements   › Photocopy of Trust Agreement   Other documents for submission only if applicable:  a) DTI Certificate of Registration Business Name, if business trade name shall be used;  b) Certificate of Authority if Barangay Micro Business Enterprises (BMBE) registered entity; c) Proof of Registration/Permit to Operate with Board of Investment (BOI/Board of Investment for Autonomous Region for Muslim Mindanao (BOI-ARMM), Philippine Export Zone Authority (PEZA), Bases Conversion Development Authority (BCDA) and Subic Bay Metropolitan Authority (SBMA); d) Franchise Documents. Procedures  a) Accomplish BIR Form 1901and submit the same together with the required attachments to the Revenue District Office having jurisdiction over the registered address of the trusts.  b) Pay the Annual Registration Fee (P500.00) at the Authorized Agent Banks of the RDO Deadline   › Application for registration shall be accomplished and filed before filing a return, statement or declaration as required in the Tax Code and payment of any tax due INDIVIDUALS EARNING PURELY COMPENSATION INCOME   Tax Form  BIR Form 1902 - Application for Registration For Individuals Earning Purely Compensation Income (Local and Alien Employee) Documentary Requirements  1. Any identification issued by an authorized government body (e.g. Birth Certificate, passport, driver’s license, Community Tax Certificate) that shows the name, address and birthdate of the applicant; 2. Marriage Contract, if applicable; 3. For Alien Employee - Passport; and 4. Working Permit; or Photocopy of duly received Application for Alien Employment Permit (AEP) by the Department of Labor and Employment (DOLE)  For employers using eREG System, the above requirements shall be required from their employees   Procedures  
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