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BUSINESS TAXES
BUSINESS
As defined by the Local
Government Code (LGC) of
1991, it pertains to trade or
commercial activity regularly
engaged in as a means of
livelihood or with a viewpoint
of obtaining profit.
TRANSACTION SUBJ.
TO TAX:
1. Commercial Activity
-sales of goods and
services
2. By a nonresident
foreign person
-without the rule of
SOME NON-BUSINESS
1. Sales of stocks in Stock
Exchange
-subj. To .5% or 1% of
other percentage tax (OPT)
2. Overseas dispatch subj. to
10% OPT
3. Horse-race winning subj.
CASUAL
SALE
Not subject to business tax but
subject to income tax
Example:
-sale of house as capital asset
-sale of personal car
-employment services
BUSINESS
TAXES
Impositions collected by the
National Government
BUSINESS TAXES
Value-Added Tax (VAT)
12% add. tax on sales price of
goods/services
Other Percentage Taxes
(OPT)
-3% based on gross
sales/receipts
Excise Taxes taxes
Business
Registration
Noncompliance to business
registration
will lead the business illegal
REGISTRATION
PROCEDURES
INITIAL
ANNUAL
-Application Forms
-a person will be
issued with only
one Taxpayers
Identification
Number (TIN), two
TIN will result to
criminal
-P500.00 upon
registration, and
every year on or
before the 31st
day of January
-each payment for
branch,
warehouse, and
EXEMPTION FROM
REGISTRATION FEE
1.
2.
3. SelfIndividua Overseas employe
ls
workers
d
earning
and
individua
purely
Cooperat
ls, not
compens
ives
exceedin
ation
g
income.
P100,000
VAT or NON-VAT
REGISTRATION
Value-Added Tax (VAT) 12%
tax
Non-VAT 3% Other
Percentage Tax
VAT OR NON-VAT
REGISTRATION
Mandat
ory
Option
al
Non-VAT
P1, 919,
500
INVOICES AND
RECEIPTS
The taxpayer shall apply for Authority to
Print with the BIR
PROPRIETOR
S BUSINESS
NAME &
ADDRESS
VAT OR
NONVAT
NUMB
ER
AMOUNT
AND DATE
OF
TRANSACTI
ON
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