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Overview of Percentage Taxes in the Philippines

The document outlines the relationship between Value Added Tax (VAT) and Percentage Tax, stating that a transaction subject to VAT cannot also be subject to Percentage Tax. It lists various types of Percentage Taxes, including those on common carriers, franchises, overseas communications, and financial intermediaries. Additionally, it specifies the tax on life insurance premiums, gaming services, and stock transactions.

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3 views2 pages

Overview of Percentage Taxes in the Philippines

The document outlines the relationship between Value Added Tax (VAT) and Percentage Tax, stating that a transaction subject to VAT cannot also be subject to Percentage Tax. It lists various types of Percentage Taxes, including those on common carriers, franchises, overseas communications, and financial intermediaries. Additionally, it specifies the tax on life insurance premiums, gaming services, and stock transactions.

Uploaded by

tuazonkyla7
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

OTHER PERCENTAGE TAXES

a transaction that is subject to vat is no longer subject to percentage tax and vice versa. nonetheless, opt and vat may be imposed together with excise
tax.

Percentage Tax is a tax imposed on sale, barter, or exchange of goods, or sale of services based upon
gross sales, value in money of receipts derived by the manufacturer, producer or seller measured by certain
percentage of gross selling price or receipts

KINDS OF PERCENTAGE TAXES

SEC 116 Tax on person exempt from value-added tax


SEC 117: Common Carriers Tax (CCT) Percentage tax on domestic carriers and keepers of garages
SEC 118: Common Carriers Tax (CCT) Percentage tax on international carriers
SEC 119 Tax on franchises
SEC 120: Overseas Communication Tax (OCT) Tax on overseas dispatch, message or conversation originating from the
Philippines
SEC 121: Gross Receipts Tax (GRT) Tax on banks and non-bank financial intermediaries performing quasi-banking
operations
SEC 122: Gross Receipts Tax (GRT) Tax on other non-bank financial intermediaries
SEC 123 Tax on life insurance premiums
SEC 124 Tax on agents of foreign insurance
SEC 125 Amusement Taxes
SEC 125A: Gaming Tax Gaming Tax on Services rendered by offshore Gaming Licensees (OGLs)
SEC 126 Tax on Winnings
SEC 127: Stock Transaction Tax Tax on sale, barter or exchange of shares of stock listed and traded through the local
stock exchange
SECTION 116: TAX ON PERSON EXEMPT FROM VALUE ADDED TAX

PERSONS LIABLE

1.

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