A list of important things you need to know about Percentage Tax
Percentage Tax is a business tax regulated in our country
Taxpayers who are Non-VAT with annual revenues less than PHP 3M
Filing of 2551Q is on or before the 25th day after the last quarter
Failure to pay BIR form 2551Q, individual will incur 12% interest based on their tax payables
Percentage Tax is a business tax that is regulated in the Philippines which is imposed on individuals or businesses that sell/lease goods and services with annual sales not exceeding PHP 3 Million and is not VAT registered.
Those who need to file percentage tax are any of the following individuals/business listed below:
Individuals who are not VAT-registered with annual gross sales/receipts not more than Php 3,000,000
Individuals who lease residential units where monthly rentals exceed Php 15,000 but the aggregate of rentals is not more than Php 3,000,000
Individuals engaged in the following industries:Franchise grantees of gas/water utilities, radio/TV broadcasting with revenue, not more than Php 10,000,000 Million and did not opt to register as VATCars for rent and hireDomestic and international air/shipping carriersBanks and Non-Bank intermediaries Individuals, company, or corporations doing life insurance Fire, marine, or agents of foreign insurance companies Operators and/or lessee of cockpits, clubs, exhibitions, pro-basketball games, racetracks, Jai-Alai, music lounges under the RMC No. 18-2010
ā