Documente Academic
Documente Profesional
Documente Cultură
New Laws
A foster child refers to a child placed under foster care who is abandoned,
surrendered, neglected, dependent or orphaned; a victim of sexual, physical, or any
other form of abuse or exploitation; a child with special needs; a street child, a child
in armed conflict or a victim of child labor or trafficking; or in need of special
protection, etc.
(Sec. 4, RA 10165 )
RA 10351 was signed into law on December 19, 2012, and took effect on January 1,
2013
Salient features (RA 10351)
Mandates a gradual shift to a unitary excise tax rate structure for fermented
liquors, and cigars and cigarettes by removing the price classification.
Distilled Spirits
Distilled spirits - subject to specific tax of P20 plus 15% ad valorem tax of the net
retail price (NRP) per proof liter, effective January 1, 2013.
The ad valorem tax shall increase to 20% starting January 1, 2015 while the specific
tax shall increase by four percent every year effective January 1, 2016.
A unitary tax of P23.50 per liter shall be imposed effective January 1, 2017 which
shall increase by 4% every year starting January 1, 2018.
Tobacco
Excise tax on tobacco products shall increase to P1.75 pesos effective on January 1,
2013 on each kilogram of the following tobacco products:
a.
Tobacco twisted by hand or reduced into a condition to be consumed in any
manner other than the ordinary mode of drying and curing;
b. Tobacco prepared or partially prepared with or without the use of any
machine or instruments or without being pressed or sweetened except as
otherwise provided hereunder; and
c. Fine-cut shorts and refuse, scraps, clippings, cuttings, stems and sweepings
of tobacco.
Tobacco specially prepared for chewing unsuitable for use in any other manner - an
excise tax of P1.50 on each kilogram shall be imposed effective on January 1, 2013.
(The excise tax rates on tobacco products shall be increased by four percent (4%)
every year effective on January 1, 2014.)
Wines
The excise tax on wines shall increase by four percent (4%) every year effective on
January 1, 2014.
Cigars
Cigars - subject to specific tax of P5.00 per cigar plus 20% ad valorem tax of the
NRP cigar effective January 1, 2013.
The P5.00 specific tax on cigar shall increase by four percent every year effective
January 1, 2014.
Excise tax on cigarettes packed by hand shall increase by 4% every year effective
January 1, 2018.
Excise tax on cigarettes packed by machine shall become uniform at P30.00 per
pack effective January 1, 2017, and shall increase by 4% every year starting January
1, 2018.
Taxation of International Carriers
Republic Act No. ____
International carriers
An international air carrier having flights originating from any port or point in
the Philippines, irrespective of the place where passage documents are sold
or issued, is subject to the 2 Gross Philippine Billings (GPB) tax.
Reciprocity rule
CCT on international air and sea carriers shall cover only their gross receipts
derived from transport of cargo from the Philippines to another country.
Starting calendar year 2012, the disclosures required under the Supplemental
Information portion of the new ITR Forms (BIR Form 1700 and 1701) shall become
mandatory.
Additional information under Part IV of the BIR Form 1700 and 1701 include(a)
income subjected to final tax, such as interests, royalties, dividends, and winnings,
etc., and (b) income exempt from tax.
- Revenue Memorandum Circular No. 57-2011,
Deductibility of depreciation and maintenance expenses, and input taxes
allowed on purchase of vehicles
Revenue Regulations No.12-2012
October 12, 2012
Conditions in claiming deduction for depreciation and other related expenses, and
input taxes on purchase and maintenance of motor vehicles:
g.
Input taxes on all disallowed expenses above are likewise not allowed
to be claimed as input tax.
Homeowner's Associations are subject to Income Tax VAT/Percentage Tax membership fee and/or dues constitute income payments or compensation
for the beneficial services it provides to its members and tenants.
Exemption under Section 18 of RA 9904 (Homeowner's Act)
Association dues and income of the homeowners' associations may be
exempted from income tax, VAT and percentage tax subject to the following
conditions:
a. It must be a duly constituted "Association" as defined under Sec. 3(b) of RA
9904;
b. The LGU must issue a certification identifying the basic community services
and facilities being rendered by the homeowners' association and therein
stating its lack of resources to render such services; and
c. It must present proof (i.e., FS) that the income and dues are used for the
cleanliness, safety, security and other basic services needed by the
members, including the maintenance of the facilities of their respective
subdivisions or villages.
a. For transactions up to December 31, 2012 under the Amended MPO Rule - a
stock transaction tax at the rate of of 1% of the gross selling price or gross
value in money of the shares of stock imposed under Section 127(A) of the
NIRC, as amended.
b. For transactions after December 31, 2012 - a final tax at either 5% or 10% on
the net capital gains, and DST under Section 175 of the Tax Code
stock options are used for recruitment, increasing productivity, & retention of
employees
Grant Date: Initiation date of the contract. The date on which the company
grants an option to its employee.
Vesting period: Period when the options may be exercised.
Exercise Date: The date on which employees exercise the option.
Tax treatment depends on recipient of stock options
Rank-and-file employees - Income or gain subject to
income tax, and consequently, to withholding taxes on compensation.
Managerial and Supervisory employees Income or gain subject to
fringe benefit tax
Tax base:
A professional who is not required to register for VAT may elect to be VATregistered but he shall not be allowed to cancel such registration for the next
3 years counted from the quarter when the election was made.
VAT treatment on sale of adjacent residential lots, house and lots or other
residential dwellings
Revenue Regulations 13-2012
October 12, 2012
VAT treatment on sale of adjacent residential lots, house and lots or other
residential dwellings
Adjacent
In order to qualify for value-added tax (VAT) zero rating, the services
rendered by a VAT-registered person to a person engaged in international air
transport operations must pertain or be attributable to the transport of goods
and passengers from a port in the Philippines directly to a foreign port
without docking or stopping at any port in the Philippines.