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Tax Treatment of Educational Institutions
Tax Journals

The Promise of Forever | On Receipts and Invoices

Revenue Regulations No. 6-2022 removes the validity period of receipts and invoices prescribed under RR No. 10-2015 and RR No. 18-2012....
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Real Property Tax
Legal SheetsProperty LedgersTax Journals

On Real Property Tax Collection Case and Boundary Dispute Between Local Government Units

The real property tax is due to the local government unit where the property is located. Pending resolution of the boundary dispute...
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Irrevocability Rule Section 76 NIRC
Legal SheetsTax Journals

Irrevocability Rule Under Section 76 of the Tax Code and Its Applicability to Refund and Tax Credit Options

Its marking of the box "To be refunded" in its 2005 annual ITR constituted its exercise of the option, and from then onwards Rhombus became precluded from carrying-over the excess creditable withholding tax...
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Letter of Authority and Letter Notice
Legal SheetsTax Journals

Letter Notice Not a Valid Substitute for Letter of Authority in Tax Audit

An LN is entirely different and serves a different purpose than an LOA. After an LN has served its purpose, the revenue officer should have properly secured an LOA before proceeding...
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Law and Jurisprudence
Legal SheetsTax Journals

Sale by PSALM of the Power Plants of NPC Not Subject to Value-Added Tax

The sale of the power plants is not "in the course of trade or business" as contemplated under Section 105 of the NIRC, and thus, not subject to VAT...
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Tax Treatment of Educational Institutions
Legal SheetsTax Journals

Income Tax Treatment of Educational Institutions

The tax exemption granted to non-stock, non-profit educational institutions is conditioned only on the actual, direct and exclusive use of their revenues and assets for educational purposes...
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Collection of real property tax
Legal SheetsProperty LedgersTax Journals

Authority to Collect Real Property Tax During Pendency of Boundary Dispute Case Between Local Government Units

It is imperative to determine the location of the property in order to identify who between the local government units involved has the authority to collect real property tax...
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Irrevocability Rule
Legal SheetsTax Journals

Applicability of Irrevocability Rule Under Section 76 of the Tax Code to Refund or Tax Credit Option

UPSI-MI constructively chose the option of carry-over, for which reason, the irrevocability rule forbade it to revert to its initial choice...
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Gross Receipts HMO
Legal SheetsTax Journals

Gross Receipts of a Health Maintenance Organization (HMO) for Value-Added Tax

For VAT purposes, the gross receipts of an HMO do not include the amounts earmarked and actually spent for medical utilization of its members...
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Deposit Requirement - Section 267 LGC
Legal SheetsProperty LedgersTax Journals

On Deposit Requirement Under Section 267 of the Local Government Code

The deposit is a jurisdictional requirement which must be satisfied before the court can entertain any action assailing the validity of the public auction sale...
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Tax Exemption of Compensation for Personal Injuries
Legal SheetsTax Journals

Gross Income Exclusion and Tax Exemption of Damages on Account of Personal Injuries

The amount of the consequential damages representing loss of the victim’s earning capacity is subject to tax since such damages are merely replacement of income which would have been subjected to tax if earned...
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Quarterly Income Tax
Legal SheetsTax Journals

Quarterly Payments of Basic Corporate Income Tax

The quarterly tax payments are advance payments of the tax due on the entire taxable income of that particular taxable year. Thus, these quarterly tax payments are deducted from the total tax due for the entire year as indicated in the final adjustment return...
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Documentary Stamp Tax
Legal SheetsTax Journals

Documentary Stamp Tax Payment Date for DST Metering Machine Users

For DS metering machine users, the payment of the DST upon loading/reloading is merely an advance payment for future application...
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Recent Articles

Tax Treatment of Educational Institutions

The Promise of Forever | On Receipts and Invoices

Delivery of Stock Certificate

Delivery of Stock Certificate and Rescission of Sale | Finvest Securities v. Trans-Phil Marine

Tax Treatment of Educational Institutions

Income Tax Treatment of Educational Institutions

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