BusTax Identification Flashcards
(31 cards)
The exclusive right of possessing, enjoying, and disposing of a property.
Ownership
The person in whom the ownership, dominion, or title of property is vested.
Owner
Embraces everything which is or may be the subject of ownership, including possession and the right of use.
Property
A mode of acquisition where a composer owns his musical compositions.
Intellectual Creation
The tax levied on the transmission of property from a decedent to heirs.
Estate Tax
A mode of acquisition where a person disposes of a thing gratuitously of a thing gratuitously in favor of another.
Donation
A tax imposed on the transfer of property from a donor to a donee.
Donor’s Tax
The transfer of property where no consideration is required from the recipient.
Gratuitous Transfer
Taxes imposed upon the gratuitous disposition of private property.
Transfer Taxes
The sum total of all the property of a deceased individual.
Estate
The general term applied to the person whose property is transmitted through succession.
Decedent
The mode of acquisition by which the property, rights, and obligations of a person are transmitted upon death.
Succession
The government agency responsible for collecting estate tax in the Philippines.
Bureau of Internal Revenue
The total value of all the properties and assets owned by the decedent at the time of death.
Gross Estate
Under donor’s tax rules, this refers to the person receiving the gift.
Donee
Refers to the amount derived after deducting allowable exemptions from the gross gift.
Net Gift
A tax on consumption levied on the sale, barter, exchange or lease of goods, properties, and services in the Philippines.
Value-Added Tax (VAT)
The kind of business tax imposed on persons or entities not subject to VAT, usually based on gross sales or receipts.
Percentage Tax
A business tax imposed on the production, manufacture, sale or importation of certain goods such as alcohol, tobacco, and petroleum.
Excise Tax
A performance of an act or service for a fee, compensation, or consideration, including lease of properties.
Sales or Exchange of Services
A person or entity engaged in the business of leasing real property, either residential or commercial, for a fee or rental income.
Real Estate Lessor
A foreign individual or corporation not residing in the Philippines but leasing out property located in the country.
Non-Resident Lessor/Owner
A written agreement between a lessor and lessee outlining the terms of rental of a property or equipment.
Contract Lease
A payment made ahead of the due date for goods or services to be delivered or rendered in the future.
Advance Payment
