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8/3/2019 Unit 12 Session 13
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UNIT 12
TAXATIONSession 13
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RequiredRequired
Calculate the tax
payable in respect ofcapital gains
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Topics
Review of Last session
Test ofbaseline knowledge
Tax form used
Tax rates
Calculating the tax payable Reporting Period
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Review of Last session
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Test of
baselineknowledge
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ax form usedand Documents
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8/3/2019 Unit 12 Session 13
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Stocks nottraded in PSE
1)1) BIR Form1707 & 1707ABIR Form1707 & 1707A
2)2) One originalcopy and one photocopy of the Notarized Deed ofOne originalcopy and one photocopy of the Notarized Deed of
Sale/ Exchange ofshares ofstockSale/ Exchange ofshares ofstock
3)3) Photocopy of the Deed of Acquisition orproof ofcost/ fairPhotocopy of the Deed of Acquisition orproof ofcost/ fair
market value of thestocksat the time ofacquisitionmarket value of thestocksat the time ofacquisition
4)4) Photocopy ofcertificate ofshares ofstockPhotocopy ofcertificate ofshares ofstock
5)5) Photocopy ofevidences ofexpensesrelated to salePhotocopy ofevidences ofexpensesrelated to sale
6)6) Photocopy of the Audited Financial Statements ofissuingPhotocopy of the Audited Financial Statements ofissuing
corporationnearest thedate ofsale ortransfercorporationnearest thedate ofsale ortransfer
7)7) Duly approved Tax Debit Memo, ifapplicableDuly approved Tax Debit Memo, ifapplicable
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Tax rates
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Rates
Real Estate = 6%Real Estate = 6%
StocksStocks == Not overP100,000Not overP100,000-- 5%5%
= Any amount inexcess ofP100,000= Any amount inexcess ofP100,000--
10%10%
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Go TopGo TopReportingPeriodReportingPeriod
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Real Property
ProceduresProcedures
File the CapitalGains Tax returnin triplicate (twoFile the CapitalGains Tax returnin triplicate (two
copies fortheBIRand onecopy forthe taxpayer)copies fortheBIRand onecopy forthe taxpayer)
with the Authorized Agent Bank (AAB)in thewith the Authorized Agent Bank (AAB)in the
Revenue District where the property islocated.Revenue District where the property islocated.
DeadlineDeadline
Within30daysaftereach sale, exchange, transferorWithin30daysaftereach sale, exchange, transferor
otherdisposition ofreal property.otherdisposition ofreal property.
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Stocks (Form1707)Stocks (Form1707)
ProceduresProcedures
File the CapitalGains Tax returnin triplicate (two copiesFile the CapitalGains Tax returnin triplicate (two copies
fortheBIRand onecopy forthe taxpayer) with thefortheBIRand onecopy forthe taxpayer) with the
Authorized Agent Bank (AAB)in theRevenue DistrictAuthorized Agent Bank (AAB)in theRevenue District
where thesellerortransferor ofstocksisregistered.where thesellerortransferor ofstocksisregistered.
DeadlineDeadline
Within30daysaftereach sale ordisposition ofshares ofWithin30daysaftereach sale ordisposition ofshares of
stocks orreal property.Incase ofstocks orreal property.Incase ofinstallmentinstallment sale, thesale, the
returnshall be filed within30days following thereceiptreturnshall be filed within30days following thereceipt
of the first down payment and within30days followingof the first down payment and within30days following
thesubsequentthesubsequent installmentinstallment payments.Only onereturnpayments.Only onereturn
shall be filed formultiple transactions within theday.shall be filed formultiple transactions within theday.
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Stocks (Form1707A)Stocks (Form1707A)
ProceduresProcedures
File the CapitalGains Tax returnin triplicate (two copiesFile the CapitalGains Tax returnin triplicate (two copies
fortheBIRand onecopy forthe taxpayer) with thefortheBIRand onecopy forthe taxpayer) with the
Authorized Agent Bank (AAB)in theRevenue DistrictAuthorized Agent Bank (AAB)in theRevenue District
where thesellerortransferor ofstocksisregistered.where thesellerortransferor ofstocksisregistered.
DeadlineDeadline
Individual TaxpayersIndividual Taxpayers On orbefore April15 ofeach yearOn orbefore April15 ofeach year
coveringallstock transactions of the preceding taxablecoveringallstock transactions of the preceding taxable
yearyear
Corporate TaxpayersCorporate Taxpayers On orbefore the fifteenth (15)dayOn orbefore the fifteenth (15)day
of the fourth (4)month following theclose of the taxableof the fourth (4)month following theclose of the taxable
yearcoveringall transactions of the preceding taxableyearcoveringall transactions of the preceding taxable
yearyear
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Topics forResearch
END OF RESEARCH
DO YOUR PAPER
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Required
ASSIGNMENT 1 & 2
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