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PERCENTAGE TAX

Percentage Tax On Tax


Rate
Persons exempt from VAT under Sec. 109(BB) (Sec. 116) 3%
Domestic carriers and keepers of garages (Sec. 117) 3%
International Carriers (Sec. 118) 3%
Franchises on gas and water utilities (Sec. 119) 2%
Franchises on radio/TV broadcasting companies whose annual gross receipts do not exceed P10 M 3%
(Sec. 119)
Overseas dispatch, message or conversation originating from the Philippines (Sec. 120) 10%
Cockpits (Sec. 125) 18%
Tax on amusement places, such as cabarets, night and day clubs, videoke bars, karaoke bars, 18%
karaoke television, karaoke
boxes, music lounges and other similar establishments (Sec. 125)
Boxing Exhibition (Sec. 125) 10%
Professional Basketball Games (Sec. 125) 15%
Jai-alai and Race Tracks (Sec. 125) 30%
Tax on Banks and Non-Bank Financial Intermediaries Performing Quasi-Banking Functions (Sec.
121)
1. On interest, commissions and discounts from lending activities as well as income from
financial leasing, on the basis of remaining maturities of instruments from which such
receipts are derived
o Maturity period is five (5) years or less 5%
o Maturity period is more than five (5) years 1%
2. On dividends and equity shares and net income of subsidiaries 0%
3. On royalties, rentals of property, real or personal, profits from exchange and all other gross 7%
income
4. On net trading gains within the taxable year on foreign currency, debt securities, derivatives 7%
and other financial instruments
Tax on Other Non-Bank Financial Intermediaries not Performing Quasi-Banking Functions (Sec. 122)
1. On interest, commissions and discounts from lending activities as well as income from
financial leasing, on the basis of remaining maturities of instruments from which such
receipts are derived
o Maturity period is five (5) years or less 5%
o Maturity period is more than five (5) years 1%
2. From all other items treated as gross income under the code 5%
Life Insurance Premiums (Sec. 123) 2%
Agents of Foreign Insurance Companies (Sec. 124)
1. Insurance Agents 4%
2. Owners of property obtaining insurance directly with foreign insurance companies 5%
Percentage Tax Return for Transactions Involving Shares of Stock Listed and Traded
Through The Local Stock Exchange or Thru Initial and/or Secondary Public Offering
(Sec. 127)
Every stock broker, who effected a sale, exchange or other disposition of shares of stock listed and .6 of
traded through the Local Stock Exchange (LSE) other than the sale by a dealer in securities 1%
A corporate issuer, engaged in the sale, exchange or other disposition through Initial Public
Offering (IPO) of shares of stock in closely-held corporations at the rates provided hereunder
based on the gross selling price or gross value in money of the shares of stock sold, bartered,
exchanged or otherwise disposed in accordance with the proportion of shares of stock sold,
bartered, exchanged or otherwise disposed to the total outstanding shares of stock after the listing
in the local stock exchange:
o Up to 25% 4%
o Over 25% but not over 33 1/3% 2%
o Over 33 1/3% 1%
A stock broker who effected a sale, exchange or other disposiiton through secondary public
offering of shares of stock in closely held corporations at the rates provided hereunder based on
the gross selling price or gross value in money of the shares of stock sold, bartered, exchanged or
otherwise disposed in accordance with the proportion of shares of stock sold, bartered, exchanged
or otherwise disposed to the total outstanding shares of stock after the listing in the local stock
exchange:
o Up to 25% 4%
o Over 25% but not over 33 1/3% 2%
o Over 33 1/3% 1%