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Consumption Taxation > Excise Tax > Flashcards

Excise Tax Flashcards

(54 cards)

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1
Q

Scope of Excise Tax

A
  1. Alcohol products
  2. Tobacco products
  3. Petroleum products
  4. Mineral products
  5. Miscellaneous articles
  6. Non-essential services
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2
Q

Alcohol products

A

Distilled spirits
Sparkling wines / Champagnes
Still wines and carbonated wines
Fermented Liquors

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3
Q

Tobacco products

A

Cigars

Cigarettes

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4
Q

Petroleum products

A 
Gas
Gasoline
Diesel
Wax
Lubricant oils and greases
Kerosene
Naphtha
Denatured alcohol
Coke
Asphalt
Bunker fuel oil
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5
Q

Mineral products

A

Metallic minerals
Non-metallic minerals
Quarry resources

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6
Q

Miscellaneous articles

A

Automobiles
Non-essential goods
Sweetened beverages

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7
Q

Non-essential goods

A

Jewelry
Perfume
Yacht

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8
Q

Sweetened beverages

A

Soft drinks

Sweetened drinks

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9
Q

Non-essential services

A

Cosmetic surgery

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10
Q

Which excisable articles or service are taxable at the point of importation?

A

All, except non-essential services

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11
Q

Which excisable articles or service are taxable at the point of production?

A

All, except mineral products and non-essential services

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12
Q

Which excisable articles or service are taxable at the point of sale?

A

Mineral products and non-essential services only

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13
Q

Timing of Excise Taxation

Taxable at the point of

A

Importation
Production
Sale

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14
Q

Nature of Philippine Excise Tax

A 
Regulatory Tax
Indirect Tax
Consumption Tax
Additional Business Tax
Specific and Ad Valorem Tax
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15
Q

Regulatory Tax

A

Environmental Tax
Sumptuary Tax
Sin Tax

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16
Q

Environmental Tax

Green Tax

A

Petroleum Tax
Quarry resources
Minerals products

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17
Q

Sumptuary Tax

Vanity Tax

A

Intrusive cosmetic surgery
Automobiles and yacht
Jewelry

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18
Q

Sin Tax

Health Tax

A

Alcoholic beverages

Tobacco products

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19
Q

Upon whom is excise tax levied?

A

Producers

Importers

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20
Q

Who pays excise tax?

A

VAT taxpayers

Non-VAT taxpayer

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21
Q

What is specific tax (per unit tax) based on?

A

Weight or volume capacity

Any other physical unit of measurement

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22
Q

What is ad valorem tax imposed on?

Study These Flashcards
A

Selling price and other specified value

23
Q

At what rate are specific sin taxes now indexed to inflation?

24
Q

What is the basis for ad valorem tax on locally produced goods?

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A

Gross selling price
or
Production costs + Costs to sell + Proportionate margin of profit

25
What is gross selling price?
The price, excluding VAT, at which goods are sold at wholesale
26
What is the minimum margin?
Not less than 10% of production costs and costs to sell
27
The ad valorem excise tax (based on gross selling price) shall be computed as:
``` Wholesale invoice price Divide by: 112% = Wholesale price Multiply by: [ad valorem excise tax rate] = Excise tax ```
28
The ad valorem excise tax (based on total cost) shall be computed as:
``` Production costs + Costs to sell = Total costs + Minimum margin (10%) = Tax base Multiply by: [ad valorem tax rate] = Excise tax ```
29
What is the basis for ad valorem tax on imported goods?
General rule: | Same rates and basis of excise taxes applicable to locally manufactured articles
30
For imported goods, the computed excise tax is included in the computation for
Customs duties | VAT on importation
31
Are importation of products into tax and duty-free shops, Freeport zones, and special economic zones subject to excise taxes?
Yes, except for Products subject to sin taxes Vehicles not exclusively used within ecozones
32
Are subsequent sales of sin products exempt from excise tax?
Yes, because the tax was already paid at the point of importation.
33
What may excise tax paid on exported goods be claimed as?
Tax refund or tax credit, except for excise tax on mineral products, except coal and coke
34
What is net retail price (NRP)?
Price at which distilled spirits are sold on retail in at least five major supermarkets in the region
35
What does a proof mean?
50% alcohol content
36
What does 70 proof mean?
70/2 or 35% alcohol content
37
Examples of Distilled Spirits
``` Whisky Brandy Rum Gin Vodka Other similar products or mixtures ```
38
The excise tax (on distilled spirits) shall be computed as:
Total alcohol content in liters (alcohol content x liters per bottle x number of bottles produced) Multiply by: 2 = Total proof liters Multiply by: [specific tax] = Total specific tax Add: [Ad valorem tax (bottles produced x net retail price)] = Total excise tax
39
Which fortified wines shall be taxed as distilled spirits?
Fortified wines containing MORE THAN 25% of alcohol
40
The excise tax (on wines) shall be computed as:
``` Cases produces Multiply by: [Bottles per case] = Total bottles Multiply by: Liters per bottle = Total liters Multiply by: [specific tax] Add: [Total excise taxes from fortified wines > 50 proof] = Total excise tax ```
41
Are sparking wines / champagnes with alcoholic content > 25% taxed as distilled spirits?
No, the excise tax on champagne applies regardless of proof.
42
Examples of fermented liquors
Beer, lager beer, ale, porter, and similar products, | except tuba, basi, tapuy, and similar products
43
Conditional tax-free removal of alcohol products
Denaturation of alcohol Rectification of spirits Removal of fermented liquors to bonded warehouses Removal of damaged liquors
44
Is the sale of lose tobacco subject to excise tax?
Yes, if the sale is to end users, | but no, if the sale is to manufacturers
45
Are cigarette packs withdrawn for exportation subject to excise tax?
Yes, but the taxpayer can claim tax refund or tax credit upon showing proof of actual exportation
46
Which tobacco products may be removed tax-free for agricultural or industrial use?
Tobacco products entirely unfit for chewing or smoking
47
Are all petroleum products subject to excise tax?
No, petroleum products are exempt from excise tax if they are used as raw materials in the manufacture of other petroleum products or as fuel for power plants
48
Which petroleum product can be subject to creditable excise tax?
Basestock (bunker fuel) in the manufacture of excisable articles and forming part thereof
49
What tests are conducted/rendered in relation to the mandator marking of all petroleum products?
Random field test | Confirmatory test
50
Petroleum products sold to the ff. are exempt from excise taxes:
International carriers Entities exempted under tax treaties Entities which are exempt from direct and indirect tax
51
[General Rule] Who are the persons liable to excise tax?
For domestically produced excisable article: Producers | For imported excisable article: Importers
52
[Exception Rule] For domestically produced excisable article, who are the persons liable to excise tax on indigenous petroleum, natural gas or liquefied natural gas?
For local sale: The first buyer or assignee | For export sale: The owner, lessee, concessionaire, or operator of the mining claim
53
[Exception Rule] For domestically produced excisable article, who are the persons liable to excise tax on excisable article removed without payment?
The owner or person having possession thereof
54
[Exception Rule] For imported excisable article, who are the persons liable to excise tax on excisable article removed without payment?
The non-exempt buyer

Consumption Taxation (1 decks)

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