IDENTIFICATION 2 Flashcards
(10 cards)
The general term applied to the person whose property is transmitted through succession.
Answer: Decedent
The mode of acquisition by which the property, rights, and obligations of a person are transmitted upon death.
Answer: Succession
The government agency responsible for collecting estate tax in the Philippines.
Answer: Bureau of Internal Revenue
The total value of all the properties and assets owned by the decedent at the time of death.
Answer; Gross Estate
Under donor’s tax rules, this refers to the person receiving the gift.
Answer: Donee
Refers to the amount derived after deducting allowable exemptions from the gross gift.
Answer: Net Gift
A tax on consumption levied on the sale, barter, exchange or lease of goods, properties, and services in the Philippines.
Answer: 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.
Answer: Percentage tax
A business tax imposed on the production, manufacture, sale, or importation of certain goods such as alcohol, tobacco, and petroleum.
Answer: Excise tax
A performance of an act or service for a fee, compensation, or consideration, including lease of properties.
Answer: Sales or Exchange of Services
