xiii 1. Meaning of value-added tax ......................... 181 2. Nature of value-added tax ............................ 181 3. Persons liable to the tax ................................. 182 4. Rate and base of the tax ................................. 182 5. Zero-rated sales and exempt sales ............... 184 6. Computation of the tax .................................. 185 7. Lease of property by a VAT-registered/ non-VAT taxpayer .................................. 187 8. Registration of value-added taxpayers........ 188 9. Filing of return and payment of tax............. 188 5. Meaning of gross estate ................................. 164 6. Meaning of net estate ..................................... 164 7. Tax imposed on net estate ............................. 164 8. Rate and computation of estate tax.............. 164 9. Meaning of gross estate ................................. 165 10. Property included in gross estate ................. 165 11. Determination of value of estate .................. 166 12. Deductions from the gross estate ................. 167 13. Standard deduction/family home allowance ................................................ 168 14. Other deductions ............................................ 168 15. Share of surviving spouse ............................. 170 16. Exemptions from the tax................................ 170 17. Filing of return and payment of tax............. 171 D. Donor’s Tax 1. Meaning of donation or gift .......................... 173 2. Kinds of donations ......................................... 173 3. Donations not subject to donor’s tax ........... 174 4. Meaning of gift tax ......................................... 174 5. Kinds of gift taxes ........................................... 174 6. Nature of gift tax............................................. 175 7. Purpose of gift tax........................................... 175 8. Requisites of a taxable donation................... 175 9. Transfers and persons subject to donor’s tax.......................................... 177 10. Distinctions between donor’s tax and estate tax .......................................... 177 11. Meaning of net gift ......................................... 177 12. Tax imposed on net gift.................................. 178 13. Rates and computation of donor’s tax ........ 178 14. Transfer for less than adequate and full consideration .......................................... 179 15. Exemptions or deductions from gifts .......... 179 16. Filing of return and payment of tax............. 180 E. Value-Added Tax
THE FUNDAMENTALS OF TAXATION
xii 1. Meaning of transfer taxes .............................. 162 2. Kinds of death taxes ....................................... 162 3. Nature of estate tax......................................... 163 4. Purpose of the tax ........................................... 163 5. Meaning of gross estate ................................. 164 6. Meaning of net estate ..................................... 164 7. Tax imposed on net estate ............................. 164 8. Rate and computation of estate tax.............. 164 9. Meaning of gross estate ................................. 165 10. Property included in gross estate ................. 165 11. Determination of value of estate .................. 166 12. Deductions from the gross estate ................. 167 13. Standard deduction/family home allowance ................................................ 168 14. Other deductions ............................................ 168 15. Share of surviving spouse ............................. 170 16. Exemptions from the tax................................ 170 17. Filing of return and payment of tax............. 171 D. Donor’s Tax 19. Existence of taxable income .......................... 131 20. Exclusions from gross income ...................... 132 21. Meaning of deductions .................................. 135 22. Basic rules governing deductions ................ 134 23. Kinds of deductions ....................................... 135 24. Persons not entitled to deductions............... 137 25. Meaning of optional standard deduction ... 138 26. Optional standard deduction for individuals ........................................ 139 27. Optional standard deduction for corporations ............................................ 141 28. Optional standard deduction for general professional partnerships and the partners ..................................... 143 29. Other implications of the optional standard deduction................................ 144 30. Computation of individual income tax ....... 146 31. Certain passive incomes ................................ 147 32. Meaning of tax return/income tax return... 150 33. Individuals required to file income tax return ................................................. 150 34. Individuals not required to file income tax return ................................................. 151 35. Filing of individual income tax return ........ 152 36. Payment of individual income tax ............... 156 37. Filing of corporate income tax return and payment of the tax ......................... 157 38. Exceptions as regards date of payment....... 158 39. Filing of tax returns and payment of taxes by large taxpayers ................... 159 40. Electronic filing and payment system ......... 160 41. Mandatory use of electronic BIR Forms...... 161 C. Estate Tax 1. Meaning of donation or gift .......................... 173 2. Kinds of donations ......................................... 173 3. Donations not subject to donor’s tax ........... 174 4. Meaning of gift tax ......................................... 174
F. Other Percentage Taxes
1. Meaning of percentage taxes......................... 189 2. Nature of percentage taxes............................ 190 3. Basis of percentage taxes ............................... 190 4. Persons or enterprises liable to percentage taxes................................. 190 5. Filing of return and payment of percentage taxes................................. 195
G. Excise Taxes on Certain Goods
1. Meaning of excise taxes ................................. 196 2. Nature of excise taxes..................................... 196 3. Kinds of excise taxes....................................... 197 4. Goods subject to excise taxes ........................ 197 5. Ad valorem tax on automobiles ................... 199 6. How rates of specific tax levied.................... 199 7. Rates and bases of excise taxes ..................... 200 8. Filing of return and payment of excise taxes ......................................... 203
H. Documentary Stamp Taxes
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1. Meaning of documentary stamp tax............ 206 2. Nature and purpose of documentary stamp tax ................................................. 206
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