OPT Flashcards
OPT cannot be imposed together with VAT.
Who are exempt from OPT?
- those who avail of 8% income tax
- cooperatives
Examples of OPT (BICAP FLOW)
- Bank and Non Bank
- International CCT
- CCT
- Amusement Tax
- PSE sale of stock by non dealer
- Franchise Tax
- Life Insurance
- Overseas Communication Tax
- Winnings
NOTE : 3M Threshold → only for Sec.116 (✗ BICAP FLOW)
What is the OPT rate
- loans, bank
- loans, non bank
both 5% (loans = 5 letters)
Base → Gross Receipts (gross of final tax)
What is the OPT rate
- loans, bank (more than 5 years)
- loans, non bank (more than 5 years)
both 1% since more than 5 years na
Base → Gross Receipts (gross of final tax)
What is the OPT rate
- dividends, bank
- dividends, non bank
both 0% (wala namang dividend income)
Base → Gross Receipts (gross of final tax)
What is the OPT rate
- others, bank
- others, non bank
bank - 7%
non bank - 5%
Base → Gross Receipts (gross of final tax)
What is the rate and base for International CCT and CCT?
- 3% (3 letters)
- quarterly gross receipts
CCT, VAT/OPT, Exempt, 0%
- from PH to PH
- domestic carrier
- by land
- passenger (tao)
refer to table
3% CCT
CCT, VAT/OPT, Exempt, 0%
- from PH to PH
- domestic carrier
- by land
- cargo
refer to table
VAT/OPT
CCT, VAT/OPT, Exempt, 0%
- from PH to PH
- domestic carrier
- by air / sea
- whether passenger (tao) or cargo
refer to table
VAT/OPT
CCT, VAT/OPT, Exempt, 0%
- from PH to PH
- international carrier
- whether by land or by air / sea
- whether passenger (tao) or cargo
refer to table
VAT/OPT
CCT, VAT/OPT, Exempt, 0%
- from PH to FC
- domestic carrier
- by air / sea (alangan namang may by land)
- passenger (tao)
refer to table
0% (like export)
nasa 0% (SEND RIT)
CCT, VAT/OPT, Exempt, 0%
- from PH to FC
- domestic carrier
- by air / sea (alangan namang may by land)
- cargo
refer to table
0% (like export)
nasa 0% (SEND RIT)
CCT, VAT/OPT, Exempt, 0%
- from PH to FC
- international carrier
- by air / sea (alangan namang may by land)
- passenger (tao)
refer to table
exempt (nasa VAT-exempt)
CCT, VAT/OPT, Exempt, 0%
- from PH to FC
- international carrier
- by air / sea (alangan namang may by land)
- cargo
refer to table
3% International CCT
CCT, VAT/OPT, Exempt, 0%
- from FC to PH
refer to table
Exempt (because no jurisdiction → destination principle)
- whether domestic or international carrier
- whether passenger or cargo
What is the base for Amusement Tax?
Gross Receipts
What is the rate for Amusement Tax
- boxing
- basketball
- cockpits, clubs
- jai alai
Boxing = 10% Tententen (sound)
Basketball = 15% 12 players + 3 coaches
Cockpit … = 18% 18 age - restriction
Jai Alai and Horse Race = 30% 30 yrs old (for oldies)
Exempt from OPT (Boxing)
- world championship
- 1 contender = pinoy
- promoter = filipino or 60% filipino-owned corporation
Yes
What is the rate and base for PSE sale of stock?
6/10 of 1% of Gross Selling Price
- must be by a non dealer (refer to CGT)
What is the rate for Franchise Tax
- TV and Radio
3% (GMA and ABS)
As long as within the 10M threshold
What is the rate for Franchise Tax
- Gas or Water
2% (CO2 and H2O)
on sale of gas and water only
What is the rate for Franchise Tax
- Electricity
WALA (VATABLE siya)
Life Insurance
- what type of insurance only?
health and accidence insurance (life insurance nga e)
