G. TAX ON LIFE INSURANCE COMPANIES AND AGENTS OF FOREIGN INSURANCE COMPANIES
1. Meaning of insurance company ........................................... 301 2. Rate and basis of the tax...................................................... 301 3. Premiums exempt from the tax ........................................... 302 4. Taxability of the various business activities of life insurance companies ............................................... 303 5. Taxability of non-life insurance companies for business tax .............................................................. 305 H. AMUSEMENT TAXES 1. Kinds of amusement taxes................................................... 306 2. Liability of proprietor, lessee, or operator of amusement place ....................................................... 306 3. Rates and bases of tax.......................................................... 306 4. Meaning of cabarets and day clubs .................................... 307 5. Where bar or restaurant within premises of a cabaret, etc. ............................................................. 309 6. Returns and payment of tax ................................................ 310
THE LAW ON TRANSFER AND BUSINESS TAXATION
5. Percentage taxes imposed.................................................... 279 6. Tax treatment of shifted percentage tax............................. 280
I. TAX ON SALE, BARTER OR EXCHANGE OF SHARES OF STOCK
B. TAX ON SMALL BUSINESS ENTERPRISES
1. Shares of stock listed and traded through
the local stock exchange ................................................ 310
2. Shares of stock sold, bartered, or exchanged
1. Persons exempt from VAT ................................................... 280 2. Meaning of gross annual sales and/or receipts................... 282
through initial public offering ....................................... 312 3. Determination of persons liable to pay ............................... 315
C. TAX ON CARRIERS AND KEEPERS OF GARAGES
J. RETURNS, WITHHOLDING, AND PAYMENT OF THE TAXES
1. Persons liable and exempt from the tax.............................. 282 2. Kinds of domestic carriers ................................................... 283 3. Rate and basis of tax ............................................................ 283 4. Tax liability of domestic carriers ......................................... 284 5. Tax base of autocalesas, jeepneys, etc................................. 285 6. Tax on international carriers............................................... 286 D. TAX ON FRANCHISES 1. Meaning of franchise ............................................................ 286 2. Rates and basis of tax .......................................................... 287 3. Filing of returns and payment of tax .................................. 288 E. OVERSEAS COMMUNICATIONS TAX 1. Persons liable, rate, and payment ....................................... 288 2. Exemptions from the tax...................................................... 288 F. TAX ON BANKS AND NON-BANK FINANCIAL INTERMEDIARIES 1. Definition of terms................................................................ 289 2. Rate and basis of tax on banks and non-bank financial intermediaries ................................................ 293 3. Rate and basis of tax on other non-bank financial intermediaries ................................................ 296 4. Rule in pre-termination ....................................................... 297 5. Meaning of gross receipts..................................................... 299 6. Interest as part of gross receipt........................................... 299 7. Filing and payment of gross receipts tax ............................ 301
xv 1 0. Cancellation of option given to taxpayer............................. 321 11. Compliance activities after registration as non-VAT (percentage) taxpayer ............................... 321 1. Persons liable and time for payment................................... 315 2. Where to file return .............................................................. 317 3. Determination of correct sales or receipts .......................... 317 4. Withholding of percentage tax............................................. 318 5. Returns and payment of percentages taxes withheld ........ 318 6. Certificate of percentage taxes withheld............................. 319 7. Substituted percentage tax return ...................................... 319 8. Regular percentage tax return ............................................ 320 9. Substituted official receipt ................................................... 320
Chapter 4. — EXCISE TAXES ON CERTAIN GOODS A. PRELIMINARY TOPICS
1. Definition of excise taxes...................................................... 323 2. Kinds of excise taxes ............................................................ 323 3. Conditions for imposition of tax .......................................... 324 4. How rates of specific tax levied............................................ 324 5. Nature of excise taxes .......................................................... 324 6. Purpose and justification of excise taxes............................. 326 B. GOODS SUBJECT TO THE TAXES 1. Generally............................................................................... 327 2. Particular goods subject to excise taxes .............................. 327
C. ACCRUAL, FILING OF RETURN, AND PAYMENT OF THE TAXES
G. TAX ON LIFE INSURANCE COMPANIES AND AGENTS OF FOREIGN INSURANCE COMPANIES
1. When excise taxes accrue..................................................... 329 2. Excise taxes on domestic products ...................................... 329 3. Meaning of importation........................................................ 335 4. When importation begins..................................................... 335 5. When importation deemed terminated ............................... 335 6. Excise taxes on imported articles ....................................... 336 7. When articles may be removed without prepayment of tax .......................................................... 338 D. TAX ON ALCOHOL PRODUCTS 1. Meaning of terms.................................................................. 342 2. Pertinent provisions of the Tax Code .................................. 345 3. Rates and bases of excise tax on distilled spirits................ 347 4. How proof liters determined ................................................ 348 5. Rates and bases of the excise tax on wines......................... 349 6. Rates and bases of the excise tax on fermented liquors ............................................................................. 350
xiv
1. Meaning of insurance company ........................................... 301 2. Rate and basis of the tax...................................................... 301 3. Premiums exempt from the tax ........................................... 302 4. Taxability of the various business activities of life insurance companies ............................................... 303 5. Taxability of non-life insurance companies for business tax .............................................................. 305 H. AMUSEMENT TAXES 1. Kinds of amusement taxes................................................... 306 2. Liability of proprietor, lessee, or operator of amusement place ....................................................... 306 3. Rates and bases of tax.......................................................... 306 4. Meaning of cabarets and day clubs .................................... 307 5. Where bar or restaurant within premises of a cabaret, etc. ............................................................. 309 6. Returns and payment of tax ................................................ 310
I. TAX ON SALE, BARTER OR EXCHANGE OF SHARES OF STOCK
xvi
1. Shares of stock listed and traded through
the local stock exchange ................................................ 310
76
2. Shares of stock sold, bartered, or exchanged
through initial public offering ....................................... 312 3. Determination of persons liable to pay ............................... 315
J. RETURNS, WITHHOLDING,
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