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TAXATION
Mode of raising revenue for public purpose
TAX
The enforced proportional contribution from persons and property, levied by the State, by virtue of its sovereignty, for the support of government and for all public needs
the government is a necessity; the main source of revenue of the government is taxes. The government will not be able to survive and continue to perform its functions without taxes BENEFITS RECEIVED PRINCIPLE In return for the enforced contribution of the citizens, the latter receive general protection and enjoyment of benefits in an organized society. The power of taxation is therefore founded on the reciprocal duties of protection and support between the state and its inhabitants.
PURPOSE OF TAXATION
Primary to provide funds or property with which the
government discharges its appropriate functions for the protection and general welfare of its citizens Non-revenue objectives
To strengthen anemic enterprise by grant of tax
exemptions To protect local industries against foreign competition by increasing import taxes As a bargaining tool in trade negotiations To counter effects of inflation or depression To reduce inequalities in the distribution of wealth To promote science and invention, finance educational activities, and other similar objectives in the promotion of the general welfare
1. Fiscal adequacy
The sources of revenue should be sufficient and elastic to meet the demands of governmental expenditure.
2.
3. Administrative
Feasibility
Tax laws must be capable of convenient, just, and effective administration on the part of both the government and the
2.
1.The assessment and collection of all national internal revenue taxes, fees, and charges
2. The enforcement of all forfeitures, penalties, and fines connected therewith, including the execution of judgments in all cases decided in its favor by the Court of Tax Appeals and the ordinary courts.
and individual incomes in excess of specified amounts and less certain deductions and/or specified exemptions in cases permitted by law
It is a tax on consumption
levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines.
Value Added Lola Litas, Stall Number 30Tax 2008 Year-end Sales
Gross Sales Price VAT Rate Output Tax (VAT on sales) Less Input VAT (VAT on purchases) P 500,000 12% P 60,000
200,000
12% 24,000 P36,000
persons or entities who sell or lease goods, properties or services in the course of trade or business whose gross annual sales or receipts do not exceed P1,500,000 and are not VAT-
Persons Exempt From VAT Domestic Carriers and Keepers of Garages international carriers
franchises (franchises on radio and TV broadcasting companies with annual gross receipts not exceeding P10,000,000
Overseas Dispatch, Message or Conversation Originating from the Philippines
A tax imposed on goods manufactured or produced in the Philippines for domestic sale, consumption or any other disposition, and on things that are imported
2. Automobiles
-1600 cc engine displacement and above
3. Non-essential Products
- jewelry and pearls (precious or semi-precious, real or imitation) - perfumes and toilet waters - yachts and other vessels for pleasure or sports
4. Mineral Products Sec. 151 -metallic, non-metallic minerals and quarry resources
5. Indigenous Petroleum Sec. 148 - lubricating oil and greases, processed gas, waxes and petrolatum, denatured alcohol to be used for motive power, naptha, gasoline, kerosene, diesel fuel oil, thinners, liquefied petroleum gas, aviation turbo fuel, bunker fuel oil and asphalts
6. Tobacco Products Secs. 144 to 147 - scraps, cigars, cigarettes, smoking tobacco, chewing tobacco, tobacco inspection fees uses both ad valorem and specific
is a tax on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
Original Issue of Shares of Stock with par value Bank Checks, Drafts, Certificate of Deposit not bearing interest and other Instruments
Sales, Agreements to Sell, Memoranda of Sales, Deliveries or Transfer of Due-bills, Certificate of Obligation, or Shares or Certificates of Stock
Capital Gains Tax - a tax imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capital assets located in the Philippines, including pacto de retro sales and other forms of
Transfer taxes are those imposed upon the gratuitous disposition of private property. Under our law, they are taxes levied on the transmission of property from a decedent to his heirs or from donor to donee. Types 1.Donors Tax 2.Estate Tax
and control of the Department of Finance. Its powers and duties include:
1. Assessment and collection of lawful revenues/taxes from imported articles and all other dues, fees, charges, fines and penalties accruing under the Tariff and Customs Code of the Philippines (TCCP);
2. Enforce the TCCP and all other laws, rules and regulations relating to tariff and customs administration; 3. Exercise exclusive jurisdiction over seizure and forfeiture cases under the Tariff and Customs laws.
Power to Create Sources of Revenue. Each local government unit shall exercise its power to create its own sources of revenue and to levy taxes, fees, and charges subject to the provisions herein, consistent with the basic policy of local autonomy. Such taxes, fees, and charges shall accrue exclusively to the local government units. Local Government Code
Transfer tax
Professional tax
Amusement tax
Business permit
Mayors permit