Return and payment of other percentage taxes
- General rule: Every person liable to pay percentage taxes shall file a monthly return of the amount of his gross sales, receipts or earnings and pay the tax thereon within twenty (20) days after the end of each taxable month. The taxpayer may file a separate return for each branch or place of business, or a consolidated return for all branches or places of business with the authorized agent bank, Revenue District Officer, Collection Agent or duly authorized Treasurer of the City or Municipality where said business or principal place of business is located, as the case maybe.
- The tax on overseas dispatch, message or conversation originating from the Philippines shall be paid `by the person rendering the service within twenty (20) days after the end of each quarter.
- Amusement taxes shall be paid by the proprietor, lessee, operator or any party liable within twenty (20) days after the end of each quarter.
- The tax on winnings shall be deducted and withheld by the operator, manager or person in charge of the horse races and remitted to the Bureau of Internal Revenue within twenty (20) days from the date the tax was deducted and withheld.
- The stock transaction tax of 1/2 of 1%, shall be collected by the stock broker and remitted to the Bureau of Internal Revenue within five (5) banking days from the date of collection.
- The stock transaction tax of 4%, 2% and 1%, in case of primary offering, shall be paid by the corporation within thirty (30) days from the date of listing of the shares of stock in the local stock exchange. In case of secondary offering, the tax shall be collected by the stockbroker and remitted to the Bureau of Internal Revenue within five (5) banking days from the date of collection.
- Any person retiring from a business subject to percentage tax shall notify the nearest internal revenue officer, file his return and pay the tax due thereon within twenty (20) days after closing his business.
JONATHAN RUIZ CPA, MIB