Tag Archives: TAX

Surtax /IAET

Surtax   Penalty tax 10% of the improperly Improperly accumulated accumulated profits profits tax every TY (CY/FY) Additional tax to the R/NCIT Effectivity: Starting January 1, 1998 accumulated profits Corp. Covered: Every domestic corporation formed or availed for the purpose … Continue reading

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COMPENSATION INCOME

Under the new tax code, individual taxpayer’s items of income are grouped together as follows: I. Compensation – derived from employment     II. Capital gains – derived from sales of real property and shares of stock   III.  Passive … Continue reading

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Claim for input tax

Claim for input tax on depreciable goods Applies only to domestic purchase or importation of capital goods subject to depreciation for income tax purposes. Where the aggregate acquisition cost (exclusive of VAT) of depreciable capital goods during any calendar month … Continue reading

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VAT

VAT defined. When first introduced last 01 January 1988, VAT means the tax on the value added by every seller to his purchases of goods or services; as well as on importation of goods into the Philippines, whether for personal … Continue reading

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Family Home

Defined – The family home is the dwelling house where a person and his family reside, and the land on which it is situated. Value included in the gross estate. The current fair market value or zonal value of the … Continue reading

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How taxation came to life?

Co-exists with the creation of government. It is an inherent power by which the sovereign state raises revenues for the use and support of the government. Taxation is the lifeblood of the government without it the nation will die. Taxation … Continue reading

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TAX 101

Inherent Powers of the State: PET as Acronym – A. Police Power – The power of the State to enact laws in relation to properties and persons promote public health, safety, public moral, and general welfare. B. Eminent Domain – … Continue reading

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