ACCTAX RATES

SEC. 24 (A) NIRC

Not over P10,000

5%
Over P10,000 - P30,000

500.00 + 10%
Over P30,000 - P 70,000

2,500.00 + 15%
Over P70,000 - P140,000

8,500.00 + 20%
Over P140,000 - P250,000

22,500.00 + 25%
Over P250,000 - P500,000

50,000.00 + 30%
Over P 500,000
125,000.00 + 32%
OPT Rates
sales of goods/services by domestic
common carriers, international air
and shipping carriers, franchise
grantees of radio/tv broadcasting
(less than P10M)
Services by franchise grantees of
gas and wate utilities
insurance premium by company
within
insurance services without, services
of oversease dispatch/message
originating within
Stocks in PSE

LC/Ds
IC alone
LC, IC
1 LC, SS
LC, SS
IC, SS
LC, IC, SS
Parents/As alone
SS alone
As, SS
As, SS, IC

1/2
1/2
1/2, 1/2 of 1 LC
1/2, 1/4
1/2, 1 LC
1/3, 1/3
1/2, 1/2 of 1 LC, 1 LC
1/2
1/2 or 1/3
1/2, 1/4
1/2, 1/8, 1/4

Not over P200,000

Over P200,000 - P 500,000
Over P500,000 - P 2,000,000
Over P2,000,000 - P 5,000,000
Over P5,000,000 - P10,000,000
Over P10,000,000

Exempt

15,000.00
135,000.00
465,000.00
12,150,000.00

DONOR'S TAX

3%

2%
5%

10%
0.02%

DISTRIBUTION OF NET ESTATE (TESTATE)

TAX RATES

ESTATE TAX

Not over P100,000

Over P100,000 - P 200,000
Over P200,000 - P500,000
Over P500,000 - P1,000,000
Over P1,000,000 - P3,000,000
Over P3,000,000 - P5,000,000
Over P5,000,000 - P10,000,000
Over 10,000,000

Exempt

2,000.00
14,000.00
44,000.00
204,000.00
404,000.00
1,004,000.00

DISTRIBUTION OF NET ESTATE

(INTESTATE)
LC
1
LC, SS
1, 1 LC
LC, IC
Proportion 10 : 5
LC, IC, SS
10 : 5, 1 LC
IC alone
1
IC, LP
1/2, 1/2
IC, SS
1/2, 1/2
IC, LP, SS
1/4, 1/2, 1/4
LP, SS
1/2, 1/2
IP, SS
1/2, 1/2
Parents, bro/sis
1 (parents only)
SS alone
1
SS, bro/sis
1/2, 1/2
Adopted, LC
equally

+ 2%
+ 4%
+ 6%
+ 8%
+ 10%
+ 12%
+ 15%

VAT
OPT
Transitional Input Tax
Presumptive Input Tax
Zero-VAT Rated
Final Witholding VAT
SIV to the government

+ 5%
+ 8%
+ 11%
+ 15%
+ 20%

12%
3%
2%
4%
0%
5%
7%

TO BE non-VAT registered
ITEM
LIMIT
Gross receipts/sales
1,919,500.00
Sale of residential lot
1,919,500.00
Sale of residential house & lot
3,199,200.00
Lease of residential units (monthly) 12,800.00
P1.50 per P200

P2.00 per P200

P0.50 per P200

P1.50 per check

Debentures

original issue of
shares

certificates of
profit

bank checks,
drafts, certificate
of deposit

life insurance
policies

due-bill

policies of
annuities
P0.30 per P200

P0.50 per P4.00

bonds, loan
agreements,
property
promissory notes
insurance policies
issued by the
government
insurance policies
on losses,
bill of exchange
damages and
liabilities
foreign bill of
exchange, letters
of credit

P0.30 per P4.00

bonds
indemnifying a
person

P15.00 per
certificate

P0.10 per P1.00

issued by notary jai-alaihorse race

public
ticket, lotto

warehouse
receipt

proxy

ACCTAX RATES
Casual Sale of Real Property
CGT = 6% x higher of SP or ZV
DST = 1.5% X higher of SP or ZV

Medical Expenses (w/in 1 year prior to death)

Actually incurred
Limit: P 500,000

Net Estate = Gross Estate Debts Taxes Funeral Expenses

Share of SS Other permissible deductions

Share of SS = 50% x Net conjugal property

ELITE (NRA) =

Funeral Expenses (lower)

Actual (paid or unpaid) or 5% of gross estate
Limit: P 200,000

Estate Tax Credit

Only 1 foreign country is involved (lower)
=

Claims against insolvent person

Recoverable Amount
= ( )

Vanishing Deductions
Rate
100% within 1 year
80%
more than 1 2 years
60%
more than 2 3 years
40%
more than 3 4 years
20%
more than 4 5 years
Value taken (lower) = previous transfer or at date of death
Initial Basis = Value taken Paid mortgage
Proportionate deduction = ( + )

= Actual estate tax paid outside

2 or more foreign countries (lower)
=
=

= Actual estate tax paid outside

Donors Tax Credit
Only 1 foreign country is involved (lower)
=

= Actual donors tax paid outside

2 or more foreign countries (lower)
=

Basis of vanishing deduction = Initial Basis Proportionate

deduction

Family Home
FMV (divide by 2 if conjugal property)
Limit: P 1,000,000

Non-VAT person collecting VAT

Tax Liability = OTP + VAT collected + Surcharge (50% x VAT
collected)

= Actual donors tax paid outside

ACCTAX RATES
Transactions w/ government units
If VAT registered
Net proceeds = Sales + VAT (12%) Final VAT (5%) CWIT (1% if
goods; 2% if services)
If non-VAT registered
Net proceeds = Sales OPT (3%) CWIT (1% if goods; 2% if services)

Presumptive Input VAT = 4% x purchases of VAT exempt

agricultural and marine products used as inputs to processing

FMV > SP Installment sale of real property

( )
=
12%
( )
VAT on Professional fees
= 12% of gross receipts
= additional CWIT of:
10%
P 720,000 and below
15%
above P 720,000
Service Contractors with transaction to the government
= 12% VAT + 5% Final withholding tax + CWIT (2% if services; 1% if
goods)
Input VAT on depreciable goods
Aggregate acquisition cost P1M deduct full input VAT
Aggregate acquisition cost > P1M spread over lower of 60
months or EUL
Transitional Input VAT (higher)
= 2% x inventory
= actual input VAT