ALPHANUMERIC TAX CODE (ATC)
|ATC||Percentage Tax On:||Tax Rate||ATC||Percentage Tax On:||Tax Rate|
|PT 010||Persons exempt from VAT under Sec. 109z (Sec. 116)||3%||
Tax on finance companies
|PT 040||Domestic carriers and keepers of garages||3%||PT 111||1) On interest, discounts and other items of gross income paid to finance companies and other financial intermediaries not performing quasi-banking functions||5%|
|PT 041||International Carriers||3%||PT 112||2) On interest, commissions and discounts paid from their loan transactions from finance companies as well as financial leasing intermediaries based on the remaining maturities of the instruments||5%,3%, 1%,0%|
|PT 060||Franchises on electric utilities, gas and water utility||2%||PT 120||Life Insurance premium||5%|
|PT 070||Franchises on radio/TV broadcasting companies whose annual gross receipts do not exceed P 10 M||3%||
Agents of Foreign Insurance Companies
Tax on banks and non-bank financial
|PT 130||a) Insurance Agents||10%|
|PT 101||1) On interest, commissions and discounts paid to banks and non-bank financial intermediaries arising out of lending activities as well as financial leasing, on the basis of the remaining maturities of the instrument||5%,3%, 1%,0%||PT 131||b) Insurance Agents||5%|
|PT 102||2) On dividends||0%||PT 132||c) Owners of property obtaining insurance directly with foreign insurance companies||5%|
|PT 103||3) On royalties, rentals of property, real or personal, profits from exchange and all other gross income||5%||PT 210||On services rendered by stock, real estate, commercial, customs and immigration brokers||7%|
BIR Form No. 2551M Percentage Tax Return
Guidelines and Instructions
Who Shall FileThis return shall be filed in triplicate by the following:
I. Persons whose gross annual sales and/or receipts do not exceed
P550,000 and who are not VAT -registered persons.
2. Domestic carriers and keepers of garages, except owners of bancas and owners of animal-drawn two wheeled vehicle.
3. Operators of international air and shipping carriers doing business in
4. Franchise grantees of electric, gas or water utilities.
5. Franchise grantees of radio and/or television broadcasting companies
whose gross annual receipts of the preceding year do not exceed Ten
Million Pesos (P10,000,000.00) and did not opt to register as VAT
6. Banks, non-bank financial intermediaries and finance companies.
7. Life insurance companies.
8. Agents of foreign insurance companies.
9. Stock, real estate, commercial, cust oms and immigration brokers.
Provided that cooperatives shall be exempt from the three percent (3%) gross receipts tax.
When and Where to File
The return shall be filed not later than the 20th day following the end of each month, provided, however, that with respect to taxpayers enrolled with the Electronic Filing and Payment System (EFPS), the deadline for e-filing and e-paying the tax due thereon shall be fi ve (5) days later than the deadline set above.
Any person retiring from a business subject to percentage taxes shall notify the nearest Revenue District Office, file his return and pay the tax due thereon within twenty (20) days after closing his business.
The return shall be filed with any Authorized Agent Bank (AAB) within the territorial jurisdiction of the Revenue District Office where the taxpayer is required to register/conducting business. In places where there are no AABs, the return shall be filed with the Revenue Collection Officer or duly Authorized City or Municipal Treasurer within the Revenue District Office where the taxpayer is required to register/conducting business.
A taxpayer may, at his option, file a separate return for the head office and for each branch or place of business or a consolidated return for the head office and all the branches except in the case of large taxpayers where only one consolidated return is required.
When and Where to Pay
Upon filing this return, the total amount payable shall be paid to the
Where the return is filed with an AAB, the lower portion of the return
Basics of Tax
The tax is based on gross receipts except on insurance companies where the basis of tax is the total premium collected. "Gross receipts" means all amounts received by the prime or principal contractor, undiminished by any amount paid to any subcontractor under a subcontract arrangement.
There shall be imposed and collected as part of the tax:
a. Failure to file any return and pay the amount of tax or installment
b. Unless otherwise authorized by the Commissioner, filing a return
c. Failure to pay the full or part of the amount of tax shown on the
d. Failure to pay the deficiency tax within the time prescribed for its
2. A surcharge of fifty percent (50%) of the tax or of the deficiency tax, in
a. Willful neglect to file the return within the period prescribed by the
b. In case a false or fraudulent return is willfully made.
3. Interest at the rate of twenty percent (20%) per annum, or such higher
4. Compromise penalty.
I. Certificate of Creditable Tax Withheld at Source, if appl
A. For CPAs and others (individual practitioners and members