Monthly Archives: December 2015

Surcharges( Ad Valorem Penalty)

50%  –  False or Fraudulent Return is Willfully Filed. –  Willful neglect to file the return on time. 25%  –  Failure to file any return and pay the tax due thereon. –  If the return is not filed with the … Continue reading

Posted in Taxation | Tagged , | Leave a comment

Donation Tax Rates

In general, the tax for each calendar year shall be computed on the basis of the total taxable net gifts made during the calendar year in accordance with the following schedule, if net gift is: Over         … Continue reading

Posted in Taxation | Tagged , | Leave a comment

Valuation and Exemptions from Gross Gift

Valuation of Gross Gift Valuation date – at the time the gift is made. Basis of Valuation – FMV of the property donated. In the case of real property, valuation is FMV or Zonal Value as determined by BIR commissioner … Continue reading

Posted in Uncategorized | Leave a comment

Composition of Gross Gift

In the case of a Citizen / Resident alien donor: a. Real property within and without the Philippines. b. Tangible Personal Property within and without the Philippines. c. Intangible Personal Property within and without the Philippines.   2. In the … Continue reading

Posted in Taxation | Tagged , , | Leave a comment

Transfers by Donation Included in the Estate

a. Revocable transfers. b. Transfers where the donor reserves the right to income of the property until death. c. Transfers where the donor reserves the right to the possession or enjoyment of property until death. d. Transfers in Contemplation of … Continue reading

Posted in Taxation | Tagged | Leave a comment

Kinds of Donation

Donation inter vivos – one made between living persons and which is perfected from the moment the donor knows the acceptance of donation by the donee. Donation mortis causa – one which takes effect upon the death of donor. It … Continue reading

Posted in Taxation, Uncategorized | Tagged , , | Leave a comment

Gift or Donation

Act of liberality or generosity. Donor – Individual, citizen or resident alien, not citizen & non-resident with capacity to contract and juridical person. Donee – individual, relative even minors, acceptance thru the parents or guardians, it can be stranger or … Continue reading

Posted in Taxation, Uncategorized | Tagged , | Leave a comment