Unit 12 Session 13

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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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)


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)


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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Unit 12 Session 13

Documents

Transcript of Unit 12 Session 13