or mountings for spectacles or eyeglasses and dental gold or gold alloys and

Or mountings for spectacles or eyeglasses and dental

This preview shows page 9 - 12 out of 54 pages.

or mountings for spectacles or eyeglasses, and dental gold or gold alloys and other precious metals used in filling, mounting or fitting of the teeth) --opera glasses and lorgnettes 2) Perfumes and toilet waters 3) Yachts and other vessels intended for pleasure or sports EXCISE TAX ON MINERAL PRODUCTS 1. Mineral Products a) On coal and coke -- P10.00/metric ton b) On all nonmetallic minerals and quarry resources -- 2% based on the actual market value of the gross output thereof at the time of removal (if locally extracted or produced) or the value used by the Bureau of Customs in determining tariff and customs duties, net of excise tax and value-added tax ( in the case of importation) c) c) locally extracted natural gas and liquefied natural gas 2%
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TAX REVIEWER d) On all metallic minerals --Copper and other metallic minerals On the 1st 3 years upon the effectivity of RA 7729 1% On the 4th and 5th years 1½% On the 6th year and thereafter 2% --Gold and chromite 2% e) On indigenous petroleum -- 3% of the fair international market price TITLE VII DOCUMENTARY STAMP TAX A. WHAT is a DST? It is a tax on documents, instruments & paper evidencing the acceptance, assignment, sale or transfer of an obligation, right, or property incident thereto. I. NATURE of DST It is an excise tax because it is really imposed on the transaction than on the document. It is paid only once. The liability to the tax and the amount thereof are determined from the face of the document itself.
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TAX REVIEWER II. WHO are the persons liable: (M I S A T) The ones 1) M aking 2) I ssuing 3) S igning 4) A ccepting 5) T ransfering the document, instrument or paper III. DOCUMENTS SUBJECT TO TAX Corporate documents Commercial documents Insurance policies Deeds of sale Special contracts Maritime documents Certificates Luxuries Other assignments and renewals A. CORPORATE DOCUMENTS 1) Original issue of shares of stock (s175) (a) Cost of imposition is borne by the corporation originally issuing the stock certificate (b) Revenue Memorandum Circular #47-97 The documentary stamp tax on original issues of certificates of stock as provided under Section 175 of the Tax Code attaches upon acceptance of the stockholder’s subscription in the capital stock of a corporation regardless of the physical issuance and delivery to the stockholder of the certificate of stock evidencing his stockholding. Therefor, taxes accrue at the time the shares are issued. Meaning of the term “original issue” is - point at which the stockholder acquires and may exercise attributes of ownership over the stocks. (c) Phil. Consolidated Coconut Industries v CIR, 70 SCRA 22 Certificates of stock temporarily subject to suspensive conditions shall only be liable for DST only when released from said conditions. For then and only then shall they truly acquire any practical value for their owners.
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