Top Tweets for #RandomThursdayTaxTidbits
Sales and services rendered to offshore gaming licensees subject to gaming tax under Section 125-A are VAT zero-rated. (RA 11590) #taxmadelesstaxing #randomthursdaytaxtidbits
The estate may deduct the value of the family home of the decedent, but the deductible amount has a max or cap of P10,000,000.
#RandomThursdayTaxTidbits #TaxMadeLessTaxing
The sale or importation of all drugs, vaccines, and medical devices specifically prescribed and directly used for COVID-19 is VAT exempt until December 31, 2023.
Hopefully wala ng covid nun. #taxmadelesstaxing #randomthursdaytaxtidbits
The forgiveness of a debt may amount to the payment of income which will be subject to income tax.
The forgiveness for a broken heart may amount to the start of closure. Lol.
#taxmadelesstaxing #randomthursdaytaxtidbits
R.R. 9-2021 has removed the VAT zero-rating of certain export sales and services and have made them 12% VAT because the conditions set down in TRAIN have apparently been met. #taxmadelesstaxing #randomthursdaytaxtidbits
In determining if prescription to assess has set it, we look at the date when the FAN was released, mailed, or sent by the BIR to the taxpayer—not necessarily the date of receipt. Of course, there are exceptions. DUN DUN.
#taxmadelesstaxing 3 is out tom! #randomthursdaytaxtidbits
When the BIR assesses a government agency or office and said government agency protests and loses, the next step is to appeal to the Secretary of Justice, not the CTA. Dun dun dun. PD 242.
#randomthursdaytaxtidbits #taxmadelesstaxing
Cemetery companies owned and operated exclusively for the benefit of its members are tax-exempt corporations. Mumus included.
#taxmadelesstaxing #randomthursdaytaxtidbits
Cash or in kind contributions to any candidate or political party for campaign purposes are not subject to donor's tax, as long as these are reported to the COMELEC.
Surprise: #TaxMadeLessTaxing 3rd Edition )tentatively!) out this month.
#randomthursdaytaxtidbits
National athletes and coaches are allowed a 20% discount for food, sports equipment, and medicines, among others. Establishments are allowed to deduct said discounts from their gross income.
#taxmadelesstaxing #randomthursdaytaxtidbits #sportslaw
The failure to print the word “zero-rated” on the VAT invoices or official receipts is fatal to claims for a refund of unutilized input VAT on the zero-rated sales. *fatality!*
#randomthursdaytaxtidbits #taxmadelesstaxing
Golf courses are not subject to amusement taxes imposed by provinces or cities, because they are not places of amusement as defined by law. Not taking shots at golf, that's really what the Supreme Court said. 😬⛳️
#taxmadelesstaxing #randomthursdaytaxtidbits
Tax exemptions granted by the President are invalid. Tax exemptions must be by law and passed with the concurrence of a majority of all the members of Congress.
The President though can veto items in a tax bill. Yun lang.
#taxmadelesstaxing #randomthursdaytaxtidbits
Improperly accumulated earnings tax (IAET, which I like pronouncing as "aight" para cool) will no longer be imposed for taxpayers whose taxable years end after the passage of the CREATE Law. Aight!
#taxmadelesstaxing #randomthursdaytaxtidbits
If you're a parent and you give your kids allowance, then sorry. That's a personal expense and not deductible. 😂 #HindiATMsiDaddyDoctrine
#taxmadelesstaxing #randomthursdaytaxtidbits
Because it's tax day: the BIR has generally three years to assess (i.e. say that you owe more taxes, lol) from the day you file your return or from the last day of filing as prescribed by law, whichever's later.
#randomthursdaytaxtidbits #taxmadelesstaxing
Banks may now allow the withdrawal of cash from the deposit accounts (single or joint) of deceased persons, subject to a final withholding tax of 6%.
This wasn't allowed before TRAIN came chugging along in 2018.
#RandomThursdayTaxTidbits #taxmadelesstaxing
Starting on the 4th year following its commencement of operations, corps are subject to either 30% regular corporate tax on its taxable income or MCIT of 2% on its gross income, whichever is higher.
#RandomThursdayTaxTidbits #taxmadelesstaxing
The sale of one's principal residence is exempt from 6% capital gains tax under certain conditions, which begs the question: what are these conditions?
(Hassle ka! Just answer it na kasi! Haha!)
#RandomThursdayTaxTidbits #TaxMadeLessTaxing
De minimis benefits are facilities and privileges of relatively small value furnished or offered by an employer to his employees, like uniforms and clothing allowance not exceeding P6,000/month.
De minimis benefits are not taxable. #RandomThursdayTaxTidbits #TaxMadeLessTaxing
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