LOCAL TAXATION. Local Government Units: - provinces, cities, municipalities, barangays, Muslim Mindanao and Cordillera Region - Republic Act 7160, otherwise.

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Presentation transcript:

LOCAL TAXATION

Local Government Units: - provinces, cities, municipalities, barangays, Muslim Mindanao and Cordillera Region - Republic Act 7160, otherwise known as the “Local Government Code of 1991 ” Governing Law:

PROFESSIONAL TAX  Profession means a calling which requires the passing of an appropriate government board or bar examination.

PROFESSIONAL TAX  It is the Provincial/City Government which has the authority to impose professional tax at such amount as the Sanggunian may determine but shall not exceed P300.  Professional Tax is payable annually on or before the 31st day of January.

BUSINESS TAX It is the Municipal/City Government which has the authority to impose business tax at such amount as the Sanggunian may determine but shall not exceed 2% of the total gross sales or receipts. It is the Municipal/City Government which has the authority to impose business tax at such amount as the Sanggunian may determine but shall not exceed 2% of the total gross sales or receipts.

COMMUNITY TAX It is imposed upon certain inhabitants of the Philippines. It is imposed upon certain inhabitants of the Philippines. It is payable in the place of residence of the individual and shall accrue on the 1st day of January of each year which shall be paid not later than the last day of February. It is payable in the place of residence of the individual and shall accrue on the 1st day of January of each year which shall be paid not later than the last day of February.

REAL PROPERTY TAX It is a tax on the property located within a certain territory and determined on the basis of a fixed proportion of the value of the property. It is a tax on the property located within a certain territory and determined on the basis of a fixed proportion of the value of the property.

Real property shall be classified, valued and assessed on the basis of its actual use regardless of where located, whoever owns it, and whoever uses it. Real property shall be classified, valued and assessed on the basis of its actual use regardless of where located, whoever owns it, and whoever uses it. RATE:in case of a province, rate is not exceeding 1% of the assessed value and in case of a city/municipality (Metropolitan Area), rate is not exceeding 2% of the assessed value RATE:in case of a province, rate is not exceeding 1% of the assessed value and in case of a city/municipality (Metropolitan Area), rate is not exceeding 2% of the assessed value

ASSESSMENT LEVEL :at the rate not exceeding the following: ASSESSMENT LEVEL :at the rate not exceeding the following:Residential…………..20%Agricultural………….40%Commercial………….50%Industrial…………….50%Mineral……………….50%

Computation of Real Property Tax Market Value (P10,000,000) _____multiplied by: Assessment level (20%) =Assessed value (P2,000,000) _____multiplied by: Tax rate (2%)_________ = Amount of real property tax due (P40,000)

CLASSIFICATION OF LANDS for purposes of assessment AGRICULTURAL LAND - land devoted principally to the planting of trees, raising of crops, livestock and poultry, dairying, salt making, inland fishing. COMMERCIAL LAND - land devoted principally for the object of profit.

INDUSTRIAL LAND - land devoted principally to industrial activity as capital investment. MINERAL LANDS - lands in which minerals, metallic or non-metallic, exist in sufficient quantity to justify the necessary expenditures to extract and utilize such materials. RESIDENTIAL LAND - land principally devoted to habitation.