Professional Documents
Culture Documents
Value-Added Tax
Percentage Tax or
General Consumption Tax
Excise Tax
atty. cleo d. sabado-andrada, cpa, mba
BAR QUESTION/S
BAR QUESTION/S
State whether the following transactions are: a) VAT Exempt ; b) VAT at
10%; (now 12%) c) Subject to VAT at 0%?
EFFECTIVITY OF TRESHOLD
AMOUNTS FOR SALE OF
RESIDENTIAL LOT, SALE OF HOUSE
AND LOT, LEASE OF RESIDENTIAL
UNIT AND SALE OR LEASE OF GOODS
OR PROPERTIES OR PERFORMANCE
OF SERVICES COVERED BY SECTION
109 (p), (q) and (v) of the Tax code of
1997, as amended.
EFFECTIVITY: JANUARY 1, 2012
Not later than January 31, 2009 and every three (3) years
after, the amount of P1,500,000.00 shall be adjusted o its
present value using the Consumer Price Index as published
by the National Statistics Office.
atty. cleo d. sabado-andrada, cpa, mba
EFFECTIVITY OF TRESHOLD
AMOUNTS FOR SALE OF
RESIDENTIAL LOT, SALE OF HOUSE
AND LOT, LEASE OF RESIDENTIAL
UNIT AND SALE OR LEASE OF GOODS
OR PROPERTIES OR PERFORMANCE
OF SERVICES COVERED BY SECTION
109 (p), (q) and (v) of the Tax code of
1997, as amended.
EFFECTIVITY: JANUARY 1, 2012
1,500,000 1,919,500
Sale
of Residential House
and Lot
Lease of Residential Unit
2,500,000 3,199,200
Sale
or Lease
of Goods or
Properties
or
Performance
of
Services
(VAT
Threshold)
1,500,000 1,919,500
10,000
12,800
BAR QUESTION/S
BAR QUESTION/S
State whether the following transactions are: a) VAT Exempt ; b) VAT at
10% (now 12%) ; c) Subject to VAT at 0%?
- Automobiles
- Manufactured fuel oils
- Mineral Products
- Non-essential goods
- Cigarettes
Value-Added Tax
Percentage Tax or
General Consumption Tax
Excise Tax
atty. cleo d. sabado-andrada, cpa, mba
BAR QUESTION/S
Implementing
the
Tax
Privileges
Provisions
of
Republic Act No. 9994,
Otherwise Know as the
Expanded Senior Citizens
Act
of
2010,
and
Prescribing the Guidelines
for the Availment Thereof
atty. cleo d. sabado-andrada, cpa, mba
(1)
(2)
(3)
(2) on
(5) On
(6) On
(9)
(b)
(c)
BAR QUESTION/S
Registration of Business
Every taxpayer subject to the Value Added Tax
must register with the Bureau of Internal Revenue as a
VAT taxpayer.
Pay the Annual registration fee of P 500.00 for
every separate and distinct establishment, including
facility types (sales outlet, places of production,
warehouses and storage places) where the business is
conducted.
For VAT exempt persons, they must also
register as a non-VAT taxpayers.
atty. cleo d. sabado-andrada, cpa, mba
MANDATORY REGISTRATION
Section 236 (G)
OPTIONAL REGISTRATION
Section 236 (H)
MANDATORY REGISTRATION
When the business gross sales or receipts for
the past 12 months, other than those exempt
under Section 109 of NIRC letter A to U,
HAVE EXCEEDED P 1,500,000.00.
When there are reasonable grounds to believe
that his gross sales or receipts for the next 12
months will exceed P 1,500,000.00.
atty. cleo d. sabado-andrada, cpa, mba
OPTIONAL REGISTRATION
Any person who is not required to
register as a VAT taxpayer because
his sales in a 12 month period do not,
shall not exceed
P1,919,500,00, may register for the
Value Added Tax.
But.
Persons
whose
taxable
transactions do not exceed
P1,919,500, per year may
register as non-VAT person
or
may elect under certain conditions
to register as VAT-registered
person,
which
shall
be
irrevocable for 3 years. (R. A.
9337)
BAR QUESTION/S
BAR QUESTION/S
BAR QUESTION/S
State whether the following transactions are: a) VAT Exempt ; b) VAT at
10% (now 12%) ; c) Subject to VAT at 0%?
TAX
BASE
Section 106(1)[par. 2]
TAX
RATES
A. Twelve percent (12%)
of the gross selling
price;
TAX
RATES
B. Zero percent (0%) of the gross
selling price if:
a. Export Sale
(Section 106[2]{a})
TAX
RATES
TAX
RATES
TAX
RATES
TAX
BASE
GROSS SELLING
PRICE
12% OR 0%
Output tax (Output VAT) is the valueadded tax due on the sale or lease of
taxable goods or properties or services
by any registered person or any
person required to register under
Sec. 236.
The amount is reduced by input tax (if any)
to arrive at the net VAT payable.
If there is no creditable input tax, the
entire amount of the output tax becomes
the VAT payable.
BAR QUESTION/S
3. Distribution to Creditors
Transfers of inventory in payment of debts
constitute transactions deemed sale.
(Sec. 106B, NIRC)
atty. cleo d. sabado-andrada, cpa, mba
12%
Section 108(A)
TAX
BASE
GROSS RECEIPTS
TAX
RATES
A. Twelve percent (12%)
of the gross receipts;
TAX
RATES
B. Zero percent (0%) of the gross
receipts on the following sale or exchange
of services:
(Section 108)[B]{1 to 7} of the NIRC
atty. cleo d. sabado-andrada, cpa, mba
But
TAX
RATES
TAX
BASE
GROSS
RECEIPTS
12% OR 0%
TAX CREDITS
Input tax (Input VAT) is the valueadded tax due paid by a VATregistered person in the course
of his trade or business on
importation of goods or local
purchases of goods or services,
including lease or use of property
from VAT-registered person.
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
sale
conversion into or intended to form part of a
finished product for sale, including packaging
materials
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
WHAT ARE THE INPUT TAXES?
TAX
BASE
TAX
RATES
VALUE PAID on
PURCHASES and
IMPORTATION of
GOODS
12%
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
THE VALUE ADDED TAX IN THE SALES INVOICE
Example:
P 12,857.14
P107,142.86
P120,000.00
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
Mr. DEE LAH TAH purchases sardines from fishermen and
processes them into canned sardines called BUBOY
SARDINES. Going to processing in a certain taxable period
were the following purchases, value added tax not included:
Fish from fishermen
P 100,000.00
Tin Cans
P 20,000.00
Tomato paste in cans
P 5,000.00
Olive oil in plastic bottles
P 2,500,00
Pepper from farmers
P 1,800.00
Paper labels from printers
P
500.00
Sales during the period, value added tax not included,
amounted to P400,000.00.
atty. cleo d. sabado-andrada, cpa, mba
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
Determine the VAT Output or Output Tax.
Determine the VAT Input or Input Tax.
Output Tax (400,000 x 12%)
Input Taxes:
P 48,000.00
P0
P 2,400.00
P 600.00
P 300.00
P
72.00
P
60.00
( 100,000.00 x 0%)
( 20,000.00 x 12%)
( 5,000.00 x 12%)
( 2,500,00 x 12%)
( 1,800.00 x 4%)
(
500.00 x 12%)
P 3,432.00
TAX CREDITS
RULES in VALUE ADDED TAX
TAX CREDITS
RULES in VALUE ADDED TAX
VAT formula:
VAT Output/Output Tax
Less : VAT Input/Input Tax
VAT Payable to the BIR
Section 110 (B)
atty. cleo d. sabado-andrada, cpa, mba
TAX CREDITS
CREDITABLE INPUT TAX or VAT INPUT
Output Tax (400,000 x 12%)
Input Taxes:
Fish from fishermen
( 100,000.00 x 0%)
Tin Cans
( 20,000.00 x 12%)
Tomato paste in cans
( 5,000.00 x 12%)
Olive oil in plastic bottles( 2,500,00 x 12%)
Pepper from farmers
( 1,800.00 x 4%)
Paper labels from printers(
500.00 x 12%)
P 48,000.00
P0
P 2,400.00
P 600.00
P 300.00
P
72.00
P
60.00
P 3,432.00
VAT PAYABLE
P 44,568.00
TAX CREDITS
RULES in VALUE ADDED TAX
Section 110 (C)
If the Input VAT, inclusive of input tax carried over from
the previous quarter(s) exceeds the Output VAT, the
excess Input VAT shall be carried over to the
succeeding quarter or quarters.
Output VAT from sales
Less: Input VAT from:
Purchases
Carry-over from last quarter
Excess Input VAT
P100,000
P60,000
50,000
P110,000
(P10,000)
TAX CREDITS
RULES in VALUE ADDED TAX
1.EXECUTIVE
ORDER
NO.
68:
MONETIZATION
PROGRAM OF OUTSTANDING VALUE-ADDED TAX (VAT)
TAX CREDIT CERTIFICATES (TCCs)
TAX CREDITS
RULES in VALUE ADDED TAX
Cancellation of registration as a VAT taxpayer
The registration of any person as a value added taxpayer
may be cancelled if:
He makes a written application and can demonstrate to the
Commisioners satisfaction that his gross sales for the
following 12 months will not exceed P1,500,000.00.
He has ceased to carry on his trade or business and does
not expect to recommence any trade or business within the
next 12 months.
TAX CREDITS
RULES in VALUE ADDED TAX
Cancellation of registration as a VAT taxpayer
WITHIN TWO (2) YEARS FROM THE DATE OF
CANCELLATION, apply for issuance of a tax credit certificate
for any UNUSED INPUT TAX which may be used in payment
of his other internal revenue taxes.
BIR will grant a refund or issue tax credit certificate
within 120 days from submission of complete documents
in support of the application.
TAX CREDITS
RULES in VALUE ADDED TAX
MONTHLY DECLARATION AND QUARTERLY RETURN
TAX CREDITS
RULES in VALUE ADDED TAX
WITHHOLDING OF VALUE-ADDED TAX
The Government , or any of its political subdivisions,
instrumentalities or agencies, including GOCCs, shall,
before making payment on account of its purchase of goods
from sellers who are subject to the value-added tax, deduct
and withhold a final value-added tax at the rate of 5% of
the gross payment, to be remitted within ten (10) days
following the end of the month the withholding was made.
But for lease or use of properties or property rights to nonresident owners shall be subject to 12% withholding tax
a the time of payment.
TAX CREDITS
RULES in VALUE ADDED TAX
TAX RATES
3% percentage tax based on gross
quarterly sales on persons exempt from the value
A.
TAX RATES
B. Tax on Domestic Carriers
There are common carriers that can be
subjected to Percentage Tax
known as
common carriers tax. and there are also
common carriers that can be
subjected to
Value Added Tax.
TAX RATES
COMMON CARRIER BY LAND:
1. Transporting goods or cargoes
12% Value Added Tax
2. Transporting passengers
3% Common Carriers Tax
3. Cars for rent or hire driven
by the lessee
3% Common Carriers Tax
4. Carriers Transportation Contractors,
including persons who transport
passengers for hire
3% Common Carriers Tax
5. Other domestic carriers by land for
transport of passengers, except owners
of animal-drawn two wheeled vehicles 3% Common Carriers
6. Keepers of garages
3% Common Carriers Tax
TAX RATES
TAX RATES
Quarterly
Jeepney for hire:
Manila and other cities
P 2,400
Provincial
P 1,200
Public Utility Bus:
Not exceeding 30 passengersP 3,600
Exceeding 30 but not 50 pax P 6,000
Exceeding 50 passengers
P 7,200
Taxis:
Manila and other cities
P 3,600
Provincial
P 2,400
Car for hire:
With chauffeur
P 3,000
Without chauffeur
P 1,800
Monthly
P 800
P 400
P 1,200
P 2,000
P 2,400
P 1,200
P 800
P 1,000
P 600
TAX RATES
COMMON CARRIER BY AIR or SEA
From one point in the Philippines to
another point in the Philippines
Transporting goods or cargoes 12% VAT
Transporting passengers
12% VAT
From one point in the Philippines to a
point outside the Philippines
Transporting goods or cargoes 0% Value Added Tax
Transporting passengers
0% Value Added Tax
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
C. INTERNATIONAL CARRIERS
International air carriers and international
shipping carriers doing business in the
Philippines shall pay a tax equivalent to 3% of
their quarterly gross receipts from
shipping outgoing from the Philippines.
TAX RATES
D. FRANCHISE TAX
Franchise is a law. It authorizes a certain person, natural
or juridical persons, to operate a public utility. Certain
franchise grantees are subject to percentage tax and also
known as franchise tax .
However, there are also other franchise grantees that
shall be subject to the value added tax.
TAX RATES
FRANCHISE TAX IS:
On Gross Receipts covered by the law granting the
franchise;
1. for radio and/or television broadcasting
companieswhose annual gross
receipts of the
preceding year did not exceed P10,000,000.00
3%
2.
2%
TAX RATES
TAX RATES
Note:
On radio and/ or television broadcasting company
whose annual gross receipts of the preceding year
exceeded P 10,000,000 shall be subject to the
value added tax.
However, those whose gross receipts did not
exceed P10,000,000.00 may opt to be registered
under the value added tax system. But once the
option is exercised, (as a VAT registered) the option
is IRREVOCABLE.
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
E. OVERSEAS COMMUNICATIONS TAX
AMOUNTS RECEIVED FOR OVERSEAS
DISPATCH
MESSAGE
OR
CONVERSATION
ORIGINATING FROM THE PHILIPPINES (outgoing
message) SHALL BE SUBJECTED TO A PERCENTAGE
TAX KNOWN AS THE OVERSEAS COMMUNICATIONS
TAX.
Tax Base
Tax Rate-
TAX RATES
TAX RATES
But, the overseas communications tax shall
not apply to :
1.Government
2. Diplomatic Services
3. International Organization
4. News services
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
TAX RATES
TAX RATES
F. Tax ON BANKS AND NON-BANK FINANCIAL
INTERMEDIARIES
PERFORMING
QUASI-BANKING
FUNCTIONS.
TAX RATES:
1.On interest, commissions and discounts from lending
activities as well as income from financial leasing on the
basis of the remaining maturities of instruments from which
such receipts were derived:
Maturity period is five years or less
5%
Maturity period is more than five years
1%
TAX RATES
F. Tax ON BANKS AND NON-BANK FINANCIAL
INTERMEDIARIES
PERFORMING
QUASI-BANKING
FUNCTIONS.
TAX RATES:
2. On dividends and equity shares in net income
subsidiaries
0%
3. On royalties, rentals of property, real or personal, profits
from exchange and all other items treated as gross
income under the income tax law and on net trading
gains on foreign currency, debt instruments, derivatives
and other similar financial instruments
7%
TAX RATES
G. Tax ON OTHER NON-BANK FINANCIAL INTERMEDIARIES
TAX BASE:
Gross receipts from sources WITHIN the Philippines.
TAX RATES:
1.On interest, commissions and discounts from lending
activities as well as income from financial leasing on the
basis of the remaining maturities of instruments from which
such receipts were derived:
Maturity period is five years or less
5%
Maturity period is more than five years
1%
2. On interest, commissions, discounts and all other items
treated as gross income under the income tax law.
5%
TAX RATES
H. Tax ON INSURANCE COMPANIES.
Insurance companies may be divided into two classes:
A.Non-life insurance companies; and
B.Life insurance companies.
Note: NON-LIFE INSURANCE COMPANIES ARE
SUBJECT TO THE VALUE ADDED TAX.
LIFE INSURANCE COMPANIES ARE SUBJECT
TO A PERCENTAGE TAX, called PREMIUM TAX.
TAX RATES
H. Tax ON INSURANCE COMPANIES.
Tax Base:
Tax Rate:
TAX RATES
Exemptions:
1.
Premiums refunded within six (6) months after
payment on account of rejection of risk or returned for
other reasons to a person insured;
2.
Reinsurance premiums paid by a company that has
already paid a tax;
3.
Premiums collected or received by any branch of a
domestic
corporation, firm or association doing
business in the Philippines
on account of any life
insurance of an insured who is a non
resident , if any tax
on such premiums is imposed by the foreign
country
where the branch is established;
TAX RATES
Exemptions:
4.
Reinsurance premiums, if the insured of personal
insurance
resides outside the Philippines, if ay tax on
such premium is
imposed by the foreign country where
the original has been
issued or perfected.
5.
Portion of the premiums collected or received by
insurance
companies on variable contracts in
excess
of the amount
necessary to insure the
lives of
variable contract owners.
TAX RATES
I. Tax ON AGENTS OF FOREIGN INSURANCE
COMPANIES.
Every fire, marine or miscellaneous insurance agent
authorized under the Insurance Code to procure
insurance as he may have previously been authorized
to transact on risks located in the Philippines, for those
companies not authorize to transact business in the
Philippines, SHALL PAY A TAX EQUAL TO TWICE THE
TAX IMPOSED ON LIFE INSURANCE COMPANIES-
TAX RATES
I. Tax ON AGENTS OF FOREIGN INSURANCE
COMPANIES.
BUT,
An owner of property can obtain
directly for himself policies in foreign
companies but he must report to the Insurance
Commissioner and to the Commissioner of
Internal Revenue such case, and pay a tax of
five percent (5%) on premiums paid.
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
J. AMUSEMENT TAX
Amusement Tax on admissions to theaters,
cinematographs, concert halls, circuses and other
places of amusement is a local tax.
TAX RATES
Amusement Places NOT ALL ARE SUBJECT TO THE
AMUSEMENT TAXES.
Amusement Activities- NOT ALL ARE SUBJECT TO
AMUSEMENT TAXES.
Amusement Places subject to percentage tax called
amusement tax:
Place for boxing exhibition
Place for professional basketball
Cockpits, cabarets, night or day clubs
Jai-alai and race tracks
atty. cleo d. sabado-andrada, cpa, mba
10%
15%
18%
30%
TAX RATES
J. AMUSEMENT TAX
Exemption:
Boxing exhibitions where World or Oriental
Championships in any division is at stake shall
be exempt from amusement tax, IF ONE OF THE
CONTENDERS is a citizen of the Philippines and
said exhibitions are promoted by citizens of the
Philippines or a by a corporation or association at
least sixty percent (60%) of the capital of which is
owned by such citizens.
TAX RATES
K. TAX ON WINNINGS.
The tax is on winnings of:
1. person who wins in horse races and jai-alai. Tax must
be based on his WINNINGS .
10%
But if winnings is from double,
forecast, quinella and trifecta bets
4%
2. Owner of winning race horses,
based on the prize.
10%
Note:
The tax shall be withheld from the
winnings or prize by the operator, manager, or
person in charge of the horse races or jai alai.
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
L. TAX ON STOCK TRANSACTIONS
On sale, barter, exchange or other disposition of
shares listed and traded thru a
local stock
exchange, other than by a dealer in securities:
of 1 percent based on the gross selling price
or gross value
in money of
the shares
sold.
atty. cleo d. sabado-andrada, cpa, mba
TAX RATES
L.TAX ON STOCK TRANSACTIONS
On sale, barter, exchange or other disposition of shares thru
initial public offering of shares of stock in a closely held
corporation, in accordance with the proportion of the
shares sold, bartered, exchanged, or otherwise disposed of
to the total outstanding shares of stock after listing in the
local stock exchange, as follows:
Up to 25%
Over 25%, but not over 33 and 1/3%
Over 33-1/3%
atty. cleo d. sabado-andrada, cpa, mba
4%
2%
1%
TAX RATES
SPECIFIC
TAX
an excise tax imposed
and based on weight
or volume or capacity
or any other physical
unit of measurement.
AD VALOREM
TAX
an excise tax imposed
and based on selling
price or other specified
value of the article.
ARTICLES
TAX
SUBJECT
TO
EXCISE
TOBACCO
PRODUCTS
l
o
h
o
Alc
ts
c
u
d
pro
PETROLEUM
PRODUCTS
ARTICLES
TAX
l
a
r
e
n
Mi
ts
c
u
d
pro
SUBJECT
TO
EXCISE
AUTOMOBILES
NON-ESSENTIAL
GOODS
atty. cleo d. sabado-andrada, cpa, mba
Alcohol Products-Wines
Wines
alcoholic beverages produced by fermentation
without distillation from juice of any kind of fruit.
Alcohol Products-Wines
Retail Price /Liter
(exclusive of VAT & Excise Tax)
Sparkling wine/Champagne, regardless of proof liter:
P500 and less
More than P500
P 12
P 100
P 300
P 24
Same manner
as in distilled
spirits.
Tobacco Products
1. P 0.75/KILO of the following tobacco products:
Tobacco twisted by hand or reduced into a condition to be
consumed in any manner other than the ordinary mode of
drying and curing;
Tobacco prepared or partially prepared with or without the
use of any machine or instrument or without being pressed or
sweetened;
Fine-cut shorts and refuse, scraps, clippings, cuttings, stems
and sweepings of tobacco.
Tobacco Products
2. P 0.60/KILO of tobacco specially prepared
for chewing and not suitable for use in any other
manner;
3. P 1.00 per piece on cigar (cigar means all rolls of
tobacco or any substitute thereof, wrapped in leaf
tobacco)
4. P0.40 per pack on cigarettes packed by hand
(cigarette means all rolls of finely cut leaf tobacco or
any substitute thereof, wrapped in paper or in any
other similar materials).
Tobacco Products
5. Cigarette packed by machine:
Retail price/pack
(excluding VAT & Excise Tax)
Below P 5.00
P5.00 to P6.50
P 1.00
P 5.00
P 8.00
P12.00
Petroleum Products
1. P 4.50/LITER of volume or P4.50/KILO of
lubricating oil
and greases.
2. P 0.05/LITER on processed gas
3. P 3.50/KILO on waxes and petroleum
4. P0.05/LITER on denatured alcohol used for or
motive power.
5. P4.50/LITER on Naptha, regular gasoline and
other similar products of distillation.
6. P5.35/LITER on leaded premium gasoline
Petroleum Products
7. P3.67/LITER on aviation turbo jet fuel
8. P0.60/LITER on kerosene
9. P1.63/LITER of diesel fuel oil
10. ZERO on liquefied petroleum gas
11. P.056/KILO of asphalt
12. P.030/LITER of bunker fuel oil-But if other
petroleum product will be produce from the
banker oil, the excise which have been levied shall
be credited with excise taxes paid in the produced
petroleum products.
atty. cleo d. sabado-andrada, cpa, mba
Mineral Products
1. P10 per metric ton on coal and coke;
2. On all non metallic minerals and quarry resources 2% based
on actual market value of gross output thereof at the
time of removal.
3. On all metallic minerals based on actual market value of
the gross output at the time of removal thereof; for:
- Copper and other metallic resources minerals:
1% on the 1st 3 years of effectivity of RA 7729
1 % on the 4th and 5th year
2% on the 6th year and thereafter
- Gold and Chromite 2%
- On indigenous petroleum- 3% on the fair
international market price on the first taxable
sale, barter, exchange or such similar
transaction.
AUTOMOBILES
TAX BASE
1.If
locally manufactured or if imported for re-sale
domestically, the tax base shall be the manufacturer or
importers selling price net of excise and value added
tax.
2. If the importation is not intended for re-sale domestically,
the tax base shall be the total value used by the
Bureau of customs in determining tariff and custom
duties, including custom duty and all other charges,
plus 10% of the total thereof.
atty. cleo d. sabado-andrada, cpa, mba
AUTOMOBILES
TAX RATE
Engine Displacement in cubic centimeter:
Gasoline Driven
Diesel Driven
Tax Rate
Up to 1600cc
1601 to 2000cc
2001 to 2700cc
2701cc and over
Up to 1800 cc
1801 to 2300cc
2301 to 3000cc
3001cc or over
15%
35%
50%
100%
Non-ESSENTIAL GOODS
Non essential goods include the following:
All goods commonly or commercially known
as Jewelry, whether real or imitation,
pearls,
precious and semi-precious
stoned and
imitations thereof;
Perfumes and toilet waters;
Yachts and other vessels intended for
pleasure or
sports.
Non-ESSENTIAL GOODS
EXCISE TAX BASE and RATE
20%
THANK
YOU!!