Comments on: Good news! Amusement tax now at 10% max http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/ E-text book on tax, investments, incentives, and doing businesses in Philippines. Thu, 17 Jun 2010 18:22:52 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: tudor clothes http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/comment-page-1/#comment-3506 tudor clothes Wed, 14 Apr 2010 19:07:27 +0000 http://pinoytaxation.com/?p=199#comment-3506 Wonderful insight Wonderful insight

]]> By: Lhou_acctng http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/comment-page-1/#comment-3407 Lhou_acctng Mon, 22 Mar 2010 10:47:21 +0000 http://pinoytaxation.com/?p=199#comment-3407 when is the 10% amusement tax implemented? why is it that in some localities, the LGUs are still collecting 30% amusement tax, when in fact, the 10% rate was already effective since Aug 2009. thanks! when is the 10% amusement tax implemented? why is it that in some localities, the LGUs are still collecting 30% amusement tax, when in fact, the 10% rate was already effective since Aug 2009. thanks!

]]> By: Online Stock Trading http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/comment-page-1/#comment-1613 Online Stock Trading Fri, 16 Oct 2009 17:22:03 +0000 http://pinoytaxation.com/?p=199#comment-1613 Hey, I found your blog while searching on Google. I have a blog on <A>online stock trading</A>, I'll bookmark your site. Hey, I found your blog while searching on Google. I have a blog on online stock trading, I’ll bookmark your site.

]]> By: pinoytaxation http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/comment-page-1/#comment-19 pinoytaxation Fri, 14 Aug 2009 10:11:46 +0000 http://pinoytaxation.com/?p=199#comment-19 thanks jojopaler for the comment. if i am not mistaken, the issue had been in one of the forums i had joined. i just could not remember which forum. My thoughts on the issue: Before, under RR 7-95 - old VAT regulations, establishments with gross sales not exceeding P100k in 12-month period is exempted from OPT. I am not seeing the same however on RR No. 16-05, the new VAT regulations. The letter is only an estimate maybe because the BIR anticipates that no OR or invoice is being issued on sales. Under the rules, OR or invoices are required to be issued (mandatory at P25 selling price, if i remember it right) and this will be the basis of OPT computation. I had not encountered yet any regulation similar to that one, except on domestic carriers prescribing mandatory minimum tax base. if you can have other documents to illustrate that BIR computation is far from reality, then, it maybe worth to formally contest the BIR. At 15% gross margin to sales, P10 bought will be sold at P11.5 with mark-up of P1.5. I don't think its reasonable but I guess it was made on the average. The logic of the BIR is maybe that if you can survive in that small business, then, you must be earning at least equivalent to the minimum wage of the locality. On that aspect, it maybe reasonable, but again, if you can provide them documents to establish that it does not apply to you, then, it maybe good. thanks jojopaler for the comment. if i am not mistaken, the issue had been in one of the forums i had joined. i just could not remember which forum. My thoughts on the issue: Before, under RR 7-95 – old VAT regulations, establishments with gross sales not exceeding P100k in 12-month period is exempted from OPT. I am not seeing the same however on RR No. 16-05, the new VAT regulations. The letter is only an estimate maybe because the BIR anticipates that no OR or invoice is being issued on sales. Under the rules, OR or invoices are required to be issued (mandatory at P25 selling price, if i remember it right) and this will be the basis of OPT computation. I had not encountered yet any regulation similar to that one, except on domestic carriers prescribing mandatory minimum tax base.

if you can have other documents to illustrate that BIR computation is far from reality, then, it maybe worth to formally contest the BIR. At 15% gross margin to sales, P10 bought will be sold at P11.5 with mark-up of P1.5. I don’t think its reasonable but I guess it was made on the average. The logic of the BIR is maybe that if you can survive in that small business, then, you must be earning at least equivalent to the minimum wage of the locality. On that aspect, it maybe reasonable, but again, if you can provide them documents to establish that it does not apply to you, then, it maybe good.

]]> By: pinoytaxation http://pinoytaxation.com/2009/08/good-news-amusement-tax-now-at-10-max/comment-page-1/#comment-16 pinoytaxation Fri, 14 Aug 2009 09:49:01 +0000 http://pinoytaxation.com/?p=199#comment-16 @jhay.Nope, cockpits are under NIRC amusement taxes and the present amendment is on LGU taxes. thanks for the comment, jhay. @jhay.Nope, cockpits are under NIRC amusement taxes and the present amendment is on LGU taxes. thanks for the comment, jhay.

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