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NATIONAL &

LOCAL TAXES
by Maya Bandolon-Cartojano, REC, REA, REB
1

LOCAL TAXES
Real Property Tax Basic & SEF
Transfer Tax (TT)
Idle Tax (IT)
2

NATIONAL TAXES
Capital Gains Tax (CGT)
Creditable Withholding Tax (CWT)
Value Added Tax (VAT)
Percentage Tax (PT)
Documentary Stamps Tax (DST)
3

TAXES WILL DEPEND ON


TYPE OF TAXPAYERS

TAXES WILL DEPEND ON TYPE OF TAXPAYERS

www.cartojanorealty.com
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TAXES WILL DEPEND ON TYPE OF TAXPAYERS

www.cartojanorealty.com
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TAXES WILL DEPEND ON TYPE OF TAXPAYERS

www.cartojanorealty.com
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TAXES WILL DEPEND ON TYPE OF TAXPAYERS

www.cartojanorealty.com
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TAXES WILL DEPEND ON


TYPE OF TAXPAYERS
National Tax

Local Tax

Real Estate Dealers

Lease: CWT, VAT or PT


Lease: RPT
Sale: VAT, CWT, DST, TT Sale: TT

Real Estate Developers

Lease: CWT, VAT or PT


Lease: RPT
Sale: VAT, CWT, DST, TT Sale: TT

Real Estate Lessors

Lease: CWT, VAT or PT


Lease: RPT
Sale: VAT, CWT, DST, TT Sale: TT

Real Estate Practitioners

CWT, VAT or PT

Landowner

Sale: CGT, VAT or PT

Annual: RPT
Sale: TT
9

TAXES WILL DEPEND ON


TYPE OF REAL PROPERTY
ORDINARY ASSET

CAPITAL ASSET

Property acquired by RE Dealer,


Succession or donation to heir or
Developer (developed or
done not engaged in RE business
undeveloped)
Real property received as dividend
Property acquired by RE Lessor
by stockholders not engaged in RE
Properties acquired by a taxpayer Real property received in
habitually engaged in buy&sell
exchange
Properties registered with HLURB
or HUDCC
More than 6 taxable real estate
transactions
10

TAXES WILL DEPEND ON


TYPE OF REAL PROPERTY
National Tax

Local Tax

Sale of Capital
Property

Capital Gains Tax


VAT or OPT
DST and TT

Transfer Tax

Lease Capital
Property

Creditable Withholding Tax Real Property Tax


VAT or OPT

Sale of Ordinary
Property

Creditable Withholding Tax Transfer Tax


VAT or OPT
DST and TT

Lease Ordinary
Property

Creditable Withholding Tax Real Property Tax


VAT or OPT

11

TAXES WILL DEPEND ON


BUYER or SELLER
The SELLER pays for the:
Capital Gains Tax equivalent to 6% of the selling
price on the Deed of Sale or the zonal value,
whichever is higher. (Withholding Tax if the seller is
a corporation)
Unpaid real estate taxes due (if any).
Agent / Broker's commission.
12

TAXES WILL DEPEND ON


BUYER or SELLER
The BUYER pays for the cost of Registration:
Documentary Stamp Tax - 1.5% of the selling price or
zonal value or fair market value, which ever is higher.
Transfer Tax - 0.5% of the selling price, or zonal value
or fair market value, which ever is higher.
Registration Fee - 0.25% of the selling price, or zonal
value or fair market value, which ever is higher.
Incidental and miscellaneous expenses incurred
during the registration process.
13

TAXATION
WORKSHOP
by Maya Bandolon-Cartojano, REC, REA, REB
14

Workshop Question #1
Ms. Mina Malas sells a residential lot in General Santos City with a
floor area of 300sqm on cash with Selling Price of P5 Million. Ms.
Mina is not engaged in a real estate business. The proceeds from the
sale will be used for the retirement farm house and medical bills.
Below are the fair market value information of the real property.
Compute for the national and local taxes of this transaction.
Given:
1. Fair Market Value as determined by BIR (Zonal Valuation)
a. Land - P2,400,000 (8,000/sqm)
b. Improvement - P1,200,000
2. FMValue as determined by City Assessor (per latest TD)
a. Land - 2,100,000
(7,000/sqm)
b. Improvement - P1,300,000

15

RELATED TAXES
NATIONAL TAXES:
Capital Gains Tax (CGT)
Documentary Stamps Tax
(DST)
LOCAL TAXES:
Transfer Tax (TT)

SELLING
REAL ESTATE
PROPERTY
Capital Property
(CGT & DST)

16

Quick Notes on CAPITAL GAINS TAX (CGT)


The rate is 6% based on the Gross Selling Price or Fair
Market Value or Zonal Value whichever is higher. Within 30
days from the sale or disposition of your house and lot
(notarization date) to any authorized agent bank (AAB) within
the jurisdiction of the Revenue District Office where the
property is located.
The Gross Selling Price is the total consideration or purchase price agreed and stipulated in the sale or
exchange agreement. The Fair Market Value is computed and prepared by the local assessors and found
at the Tax Declaration of the real property. The Zonal Value is prepared and established by the Bureau of
Internal Revenue for each area or zone in the country.
17

Workshop#1: Computing CAPITAL GAINS TAX (CGT)


Step 1. Determine the highest fair value (FMV):
FMV of BIR: P2,400,000+P1,200,000 = P3,600,000
FMV of Assessors: P2,100,000+P1,300,000 = P3,400,000
Step 2. Higher between FMV and Selling Price?
Highest FMV = P3,600,000
Selling Price = P5,000,000
Step 3. Calculate Capital Gains Tax.
CGT = P5,000,000 x 6% =P300,000

18

Quick Notes on DOCUMENTARY STAMP TAX (DST)


The rate of DST is P15.00 for every P1,000.00 (1.5%) of the
Gross Selling Price, Fair Market Value or the Zonal Value
whichever is higher or a fractional part thereof.

The DST should be paid within 5 days after the close of the
month when the taxable document was made, signed, issued
or transferred

19

Workshop#1: Computing DOCUMENTARY STAMP TAX


Step 1. Determine the highest fair value (FMV):
FMV of BIR: P2,400,000+P1,200,000 = P3,600,000
FMV of Assessors: P2,100,000+P1,300,000 = P3,400,000
Step 2. Higher between FMV and Selling Price?
Highest FMV = P3,600,000
Selling Price = P5,000,000

Step 3. Calculate Documentary StampTax.


DST = P5,000,000 x 1.5% = P75,000
20

Quick Notes on TRANSFER TAX (TT)


A transfer tax is imposed on tax on the sale, donation, barter,
or any other mode of transferring ownership or title of real
property at the maximum rate of 50% of 1% (75% of 1% in
the case of cities and municipalities within Metro Manila)
of the total consideration involved in the acquisition of the
property or of the fair market value in case the monetary
consideration involved in the transfer is not substantial,
whichever is higher. (Section 135 of the Local Government Code of 1991).
21

Quick Notes on TRANSFER TAX (TT)


Who should pay
The payment of the transfer tax is the responsibility of the seller,
donor, transferor, executor or and administrator.

When to pay
The deadline for payment is sixty (60) days from the date of the
execution of the deed or from the date of the decedents death.
Please note too that notaries public are required to furnish the
provincial treasurers with a copy of any deed transferring
ownership or title to any real property within thirty (30) days from
the date of notarization.
22

Quick Notes on TRANSFER TAX (TT)


Surcharges and penalties for late payments (as per
section 168 of RA 7160)
Surcharge No more than twenty-five percent (25%) of the
amount of taxes, fees or charges not paid on time
Penalty No more than two percent (2%) per month of the
unpaid taxes, fees or charges including surcharges, until
such amount is fully paid, but in not to exceed thirty-six
(36) months or seventy-two percent (72%).
23

Quick Notes on TRANSFER TAX (TT)


Where to pay

The transfer tax is to be paid at the Treasurers Office of the


city or municipality where the property is located.
Requirements
Certificate Authorizing Registration from the Bureau of
Internal Revenue;
Realty tax clearance from the Treasurers Office; and
Official receipt of the Bureau of Internal Revenue (for
documentary stamp tax).
24

Workshop#1: Computing TRANSFER TAX (TT)


Step 1. Determine the highest fair value (FMV):
FMV of BIR: P2,400,000+P1,200,000 = P3,600,000
FMV of Assessors: P2,100,000+P1,300,000 = P3,400,000
Step 2. Higher between FMV and Selling Price?
Highest FMV = P3,600,000
Selling Price = P5,000,000

Step 3. Calculate Transfer Tax.


TT = P5,000,000 x 0.50% = P25,000
25

Workshop Question #2
Ms. Mina Malas sells a residential lot in General Santos City
with a floor area of 300sqm on cash with Selling Price of P3
Million. Ms. Mina is engaged in a real estate business. The
proceeds from the sale will be used to purchase another
property that she will renovate and resell after a year.
Compute for the national and local taxes of this transaction.
Given:
1. Fair Market Value as determined by BIR (Zonal Valuation)
a. Land - P2,400,000 (8,000/sqm)
b. Improvement - P1,200,000
2. FMValue as determined by City Assessor (per latest TD)
a. Land - 2,100,000
(7,000/sqm)
b. Improvement - P1,300,000

26

RELATED TAXES
NATIONAL TAXES:
Value Added Tax (VAT)
Creditable Withholding
Tax (CWT)
Documentary Stamp Tax
LOCAL TAXES:
Transfer Tax (TT)

SELLING
REAL ESTATE
PROPERTY
Ordinary Property
(VAT & CWT)

27

Quick Notes on VALUE ADDED TAX (VAT)


VAT are applied to those involving sale, lease or sub-lease
of real property by persons engaged in the business of
selling, developing, leasing or sub-leasing of real property.

The following are liable to pay VAT:


1. Those who are engaged in the business of selling,
developing, leasing or sub-leasing of real property.
2. Those licensed to engage in real estate brokerage
business based on their commission.

28

Quick Notes on VALUE ADDED TAX (VAT)


1. The monthly VAT declaration return should be filed and the
tax due thereon should be paid on or before the 20th day of
the following month using BIR Form 2550M.
Eg. Tax on the Gross Sales Receipts received in January should be paid not later than February 20.

1. The quarterly VAT Return should be filed and the tax due
should be paid on or before the 25th day of the month
following the end of each quarter using BIR Form 2550Q.
Eg. Tax on the Gross sales receipts (GSR) received in March must be paid and the VAT return must be filed not
later than April 25. But instead of the monthly return (BIR Form 2550 M) the quarterly return (BIR Form 2550 Q)
should be used and must also report GSR in January and February.
29

Quick Notes on VALUE ADDED TAX (VAT)


The following are the tax rates of VAT:
1. 12% of the gross receipts for lessors;
2. 10% of the gross selling price or zonal value, whichever is
higher, for cash sale or deferred plan sales;
3. 10% of installments received or constructively received for
installment plan sales.
4. 12% of selling price or FMV (whichever is higher) for sale of
ordinary assets (effective Feb1,2006 - Section 106 of the Tax
Code, as amended by R.A. No. 9337 dated May 24, 2005)

30

Quick Notes on VALUE ADDED TAX (VAT)

The following real estate transactions are exempted from VAT:


1. Sale of real property classified as residential not exceeding is
P 1,919,500.00 (effective January 1, 2012 RR No. 16-2011)
2. Sale involving low cost housing (P750,000) and socialized
housing (P400,000) as defined by RA7279 or UDHA of 1992
3. Sale of properties not primarily held for sale to customers or
held for lease in the ordinary course of trade or business
(capital asset)
4. Sale of residential house and lot not exceeding P3,199,200
(effective January 1, 2012 RR No. 16-2011)

31

Quick Notes on VALUE ADDED TAX (VAT)


Computing for VAT:
VAT should be separately indicated in the document of sale
and official receipt as there are penalties for non-compliance.
If VAT is not billed separately in the document of sale, the
selling price stated in the deed is deemed inclusive of VAT.
Thus, to get the selling price without VAT, divide the selling
price in the deed by 1.12. To get the VAT, multiply the selling
price without VAT by .12.
32

33

RR16 2011

Residential lot
House & Lot
Monthly rent
Percentage tax

34

35

36

37

38

39

40

41

Workshop#2: Computing VALUE ADDED TAX (VAT)


CASE1. VAT not declared in Deed of Sale, Selling
Price inclusive of VAT
Selling Price = P3,000,000 / 1.12 = P2,678,571
VAT = P3,000,000 - P2,678,571 = P321,428
CASE2. VAT is declared in Deed of Sale
VAT = P3,000,000 * 12% = P360,000
CASE2. Sale Transaction is exempted from VAT
VAT = P3,000,000 * 3% = P90,000

42

Quick Notes on CREDITABLE WITHHOLDING TAX (CWT)


Those transactions involving sale, transfer or exchange of real property
classified as ordinary assets, shall be subject to creditable withholding
tax. The following are liable to pay the CWT:
1. Seller or transferor of real property classified as ordinary assets
habitually engaged in real estate business as per proof of
registration with the Housing and Land Use Regulatory Board
(HLURB) or the Housing and Urban Development Coordinating
Council (HUDCC);
2. Seller or transferor of real property classified as ordinary assets not
habitually engaged in real estate business.
43

Quick Notes on CREDITABLE WITHHOLDING TAX (CWT)


Ordinary assets refer to the following types of property:
1. Stock in trade;
2. Other property of a kind which would properly be included in the
inventory of the taxpayer if on hand at the close of the taxable
year;
3. Property held by the taxpayer primarily for sale to customers in the
ordinary course of his trade or business;
4. Property used in the trade or business or a character which is
subject to the allowance for depreciation;
5. Property used in trade or business of the taxpayer.
44

Quick Notes on CREDITABLE WITHHOLDING TAX (CWT)


The rates of CWT are as follows:
1. Seller or transferor is habitually engaged in real estate
business as per proof of registration with HLURB or HUDCC:
Selling price is P500,000 or less = 1.5%
Selling price is more than P500,000 but not more than P2
Million = 3%
Selling price is more than P2 Million = 5%
2. seller or transferor is not habitually engaged in real estate
business = 6%

45

Quick Notes on CREDITABLE WITHHOLDING TAX (CWT)


The CWT, deducted and withheld by the withholding
agent/buyer on the sale, transfer or exchange of real property,
shall be paid upon filing of the return (BIR Form 1601E) with
the Authorized Agent Bank located within the Revenue District
Office where the property is located.
The CWT should be paid within ten (10) days following
the end of the month in which the transaction occurred,
provided, however that taxes withheld in December shall be
filed on or before January 15, of the following year.

46

Workshop#2: Computing CREDITABLE WITHHOLDING TAX


Step 1. Determine the highest fair value (FMV):
FMV of BIR: P2,400,000+P1,200,000 = P2,600,000
FMV of Assessors: P2,100,000+P1,300,000 = P2,400,000
FMV Combo1:
P2,400,000+P1,300,000 = P2,700,000
FMV Combo2:
P2,100,000+P1,200,000 = P2,300,000
Step 2. Higher between FMV and Selling Price?
Highest FMV = P2,900,000
Selling Price = P3,000,000

Step 3. Calculate Creditable Withholding Tax.


VAT = P3,000,000 x 6% = P180,000

47

Workshop Question #3
Ms. Mina Malas sells a residential lot in GenSan with a
floor area of 200sqm on cash with Selling Price of P3
Million. Ms. Mina is engaged in a real estate business.
Compute for the national and local taxes of this
transaction if payment is 20% downpayment and
balance in equal payments for 5 years.
Given: Fair Market Value as determined by BIR (Zonal Valuation)
a. Land - P2,400,000 (8,000/sqm)
b. Improvement - P1,200,000
2. FMValue as determined by City Assessor (per latest TD)
a. Land - 2,100,000
(7,000/sqm)
b. Improvement - P1,300,000

48

RELATED TAXES
NATIONAL TAXES:
Value Added Tax (VAT)
Creditable Withholding
Tax (CWT)
Documentary Stamp Tax
LOCAL TAXES:
Transfer Tax (TT)

SELLING
REAL ESTATE
PROPERTY
Installment Basis
(VAT & CWT)

49

Quick Notes on VALUE ADDED TAX (VAT)


Deferred payment/Cash basis
A sale is considered as cash or deferred payment if the initial
payments in the year of sale exceed 25% of the gross selling
price. The entire selling price subject to VAT in the month of sale.
Installment basis
A sale is on installment if the initial payments in the year of sale
do not exceed 25% of the gross selling price. Each installment
payment actually and/or constructively received by the seller is
subject to VAT.
50

Quick Notes on VALUE ADDED TAX (VAT)


Initial Payment
Payment or payments which the seller receives before or upon
execution of the instrument of sale and payments which he
expects or is scheduled to receive in cash or property during
the taxable year when the sale or disposition of the real
property was made. It covers any downpayment made and
includes all payments actually or constructively received
during the year of sale, the aggregate of which determines the
limit set by the law.

51

Workshop Question #3
Ms. Mina Malas sells a residential lot in GenSan with a
floor area of 300sqm on cash with Selling Price of P3
Million. Ms. Mina is engaged in a real estate business.
Compute for the national and local taxes of this
transaction if payment is 20% downpayment and
balance in equal payments for 5 years.
Given: Fair Market Value as determined by BIR (Zonal Valuation)
a. Land - P2,400,000 (8,000/sqm)
b. Improvement - P1,200,000
2. FMValue as determined by City Assessor (per latest TD)
a. Land - 2,100,000
(7,000/sqm)
b. Improvement - P1,300,000

52

Workshop#3: Computing VALUE ADDED TAX (VAT)


Step 1: Determine Payments Received
Downpayment = P3,000,000 x 20% = P600,000
Annual Installment =P2,400,000/5 = P480,000
Initial Payment = P600,000 is less than 25%

Hence Installment Basis

53

Workshop#3: Computing VALUE ADDED TAX (VAT)


Step 2: Determine if cash or installment basis
CASE1. If cash/ deferred basis
VAT = P3,000,000 * 12% = P360,000
CASE2.If installment basis
VAT for Year 1 = P600,000 x 12% = P72,000
VAT for Year 2- 5 = P480,000 x 12% = P57,600

54

Workshop Question #4
Ms. Mina Malas rents out her 6-door apartment in
General Santos City for P3,000 per room per month.
Compute for her annual national and local taxes
Given:
1. 80% occupancy rate
2. 90% collection rate
3. Fair Market Value as determined by BIR (Zonal Valuation)
a. Land - P2,400,000 (8,000/sqm)
b. Improvement - P1,200,000
2. Fair Market Value as determined by City Assessor (per latest TD)
a. Land - 2,100,000
(7,000/sqm)
b. Improvement - P1,300,000
55

RELATED TAXES
NATIONAL TAXES:
Value Added Tax (VAT)
Creditable Withholding
Tax (CWT)
LOCAL TAXES:
Real Property Tax (RPT)

LEASING
REAL ESTATE
PROPERTY
Ordinary Property
(RPT, SEFT, VAT & CWT)
56

Quick Notes on VAT on LEASE OF REAL PROPERTIES


In general, all forms of lease of properties held primarily
for lease to customers in the ordinary course of trade or
business, whether personal or real, shall be subject to
12% Value Added Tax (VAT), except or unless the
gross annual receipts of the lessor do not exceed
P1,919,500 and is non-vat registered shall be subject to
3% percentage tax under Section 116 of the Tax Code.
57

Workshop#4: Computing COMPUTE VALUE ADDED TAX


Step 1. Determine the annual rent income:
Monthly
Total Expected Maximum Revenue: P3,000 x 6 units = P18,000
less Occupancy Rate 20%
3,600
P14,400
less Collection Efficiency 10%
1,440
Expected Annual Rent Income
P12,960
Step 2. Apply VAT/OPT Rate:
If OPT
If VAT

3% P 388.80
12% P1,555.20

or

Annually
P216,000
43,200
P172,800
17,280
P155,520

P 4,665.60
P18,662.40

Hence Percentage tax only because monthly and aggregate yearly is less than threshold
58

Workshop Question #4
A 1,000 sqm property located in General Santos
City with a 3-storey, 6-BR, 4T & B , and 4-car
garage residential building was sold for P25.0M.
Using the rule- of-thumb of building to land ratio
of 3:2, what is the value of the building?
Compute for the national and local taxes if the
selling price is higher than the FMV of BIR and
City Assessors.
59

Computing National and Local Taxes


1) Solve for Value of Building
2) Determine Tax Base

3) Solve for National and Local Taxes

60

Workshop Question #5
In a sale of condominium unit following information were gathered
Value per Deed of Sale.. P3,00.000.00
Zonal Value of Condominium UnitP22,500/q.m.
Market Value of Condominium Unit.P1,500,000.00
Assessor Value of Land where the Condo unit is built.P2,500.00/sq.m.
Zonal Value Land where condominium project is built.P5,000.00/sq.m.
Floor area of the condominium unit sold .P150 sq.m.
Compute for the national and local taxes on the above transaction. If
this sale was by your realty firm thru one of your accredited
salesperson, compute the taxes to be paid by your realty firm.
61

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

62

Workshop Question #6
Mr. Samson hired the services of a broker to sell his property.
The owner said he bought it at P6,300,000,00 and wants a 30%
gross profit. If you were a broker, at how much would you sell
the property? If you will be paid 5% commission, how much shall
be added to the selling price that the 30% profit of Mr. Samson
will not be affected? Compute for the national and local taxes on
the above transaction? Compute the national and local taxes of
the brokers realty firm if he sold the property himself. Compute
the taxes if he will share the commission with another licensed
broker..
63

Computing National and Local Taxes


1) Determine Selling Price
2) Determine Tax Base
3) Solve for National and Local Taxes on the Sale
Transaction
4) Solve for National and Local Taxes on the Sales
Commission

64

Workshop Question #7

An 800 sq.m. lot with a house was sold for


P3,500,000.00. Per tax declaration, the fair
market value of the house is P1.5 M and lot
is P1.6M. The zonal value of the lot is
P3,500.00/sq.m. Compute for the national
and local taxes on the above transaction.
65

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

66

Workshop Question #8
A corporation owns two adjoining lots. Lot 1 with an
area of 1,000 sq.m. and Lot 2 with an area of 800
sq.m. Recently, it sold Lot 1 at P2,000/sq.m. with 20%
downpayment and the balance payable in 5 years at
the rate of P43,200.00 equal monthly amortizations. If
the corporation will sell Lot 2 at the same price and
terms as Lot 1, compute for the national and local
taxes
on
the
above
transaction.
67

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

68

Workshop Question #9
A 3-hectare land was sold for P300/sq.m. and the seller
agreed to pay commission based on the following rate:
5% for the first p1,000,000.00; 4% for the next 1,
500,00.00; and 3% on the excess over P2,500,000.00.
Compute for the gross commission of the listing broker
and selling broker if they agreed to 40%-60% sharing in
favor of the selling broker. Compute for the national
and local taxes on the above transaction.
69

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

70

Workshop Question #10


An office of 110 sq.m. is for lease at a cheap monthly
rental of P30.00/sq.m for 5 years with 2 years advance
rental. Because the owner is leaving for states, he is
allowing you as an incentive, aside from your
commission of one month per year, to lease it for a
higher price and that the excess amount should go to
you. Compute for the national and local taxes on the
above transaction for the lessor and for your realty firm.
71

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

72

Workshop Question #11

A real estate broker received a commission


in the sale of real estate property in the
amount of P6,400.000, which is equivalent
to 5% of the selling price. What is the
selling price of the property? Compute for
the national and local taxes on the above
transaction for the seller and the broker.
73

Computing National and Local Taxes


1) Determine Tax Base
2) Solve for National and Local Taxes on the Sale
Transaction
3) Solve for National and Local Taxes on the Sales
Commission

74

Workshop Question #12


A real estate broker has a listing where the seller
agreed to shoulder capital gains tax and brokers
5% proceed of P4,895,000.00 commission. At
how much should the broker sell the property in
order that the seller will realize a net proceed of
P4,895,000.00? Compute for the national and
local taxes on the above transaction for the seller
and the broker.
75

Computing National and Local Taxes


1) Determine Selling Price
2) Determine Tax Base
3) Solve for National and Local Taxes on the Sale
Transaction
4) Solve for National and Local Taxes on the Sales
Commission

76

Workshop Question #13

How much will be the surcharge for the


late payment of capital gains tax on the
sale of a house and lot in the amount
of P 3,000,000.00

77

Workshop Question #14

The owner failed to pay his basic real


estate tax of P10,000 in 2006 and P5,
000 SEF. How much will be the total
interest to be paid for the unpaid basic
real property for the 5 years
delinquency?
78

Workshop Question #15

How much will be the quarterly tax


payment for a residential parcel of land
valued at P 1,800,000.00 if the tax rate
is 2%?

79

Workshop Question #16

Ruther owned a residential house used


for business and assessed as
commercial. What will the assessed
value of the land if the lands fair
market value is P 4,500, 000.00?
80

Computing National and Local Taxes


1) Determine Assessment Level and Rate
2) Solve for the assessed value

81

Workshop Question #17

What will be the interest monthly in


case the owner fails to pay the basic
real estate taxes due in the amount of
P 5,000.00

82

Workshop Question #19

A parcel of land was assessed as


commercial at a rate of 45% with a fair
market value of P 2, 300,000.00,
although the zonal value is P
3,000,000.00. What will be the
assessed value?
83

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