Other Percentage Taxes
Coverage
116
Persons exempt from VAT (Sec. 116)
Tax Base
Tax Rate
Gross sales or receipts
1% (July 1, 2020 to June 30,
2023)
3% (July 1, 2023 onwards)
117
Domes c carriers and keepers of garages (Sec. 117)
Gross receipts
3%
Minimum quarterly gross receipts
Jeepney for hire
Taxis
Manila and other ci es
2,400
Manila and other ci es
Provincial
1,200
Provincial
Public u lity bus
2,400
Car for hire
Not exceeding 30 passengers
3,600
With chauffeur
3,000
Over 30 but not 50
6,000
Without chauffeur
1,800
Over 50 passengers
7,200
118
International air and shipping carriers doing business in
the Philippines (Sec. 118)
119
Franchise grantees (Sec. 119)
120
3,600
Gross receipts
3%
Gas and water u li es
Gross receipts
2%
Radio and television broadcas ng companies
Gross receipts
3%
Amount paid for the service
10%
Gross receipts or income
See below
Overseas dispatch, message or conversation
originating from the Philippines (Sec. 120)
Exempt:
Diploma c services
International organizations
News agencies or services
Government
121
Banks and non-bank financial intermediaries
performing quasi-banking functions (Sec. 121)
Interest, commissions, and discounts from lending ac vi es and financial leasing:
122
If the maturity period is five (5) years or less
5%
If the maturity period is more than five (5) years
1%
Dividends and equity shares and net income of subsidiaries
0%
Royal es, rentals of property, real or personal, profits from the exchange and all other
items treated as gross income under Sec. 32 of the Tax Code
7%
Net trading gains within the taxable year of foreign currency, debt securi es, deriva ves,
and other similar financial instruments
7%
Other non-bank financial intermediaries (Sec. 122)
Gross receipts or income
Interest, commissions, discounts and all other items treated as gross income under the
Tax Code
See below
5%
Interest, commissions, discounts from lending ac vi es and financial leasing:
If the maturity period is five (5) years or less
5%
If the maturity period is more than five (5) years
123
1%
Total premiums collected
Life insurance premiums (Sec. 123)
2%
Exempt:
Premiums refund within six (6) months a er payment on account of rejec on of risk or returned for other reasons
Reinsurance premiums
Premiums from life insurance of non-residents received from abroad by branches of domes c corpora on, firm or
associa on doing business outside the Philippines
Excess of premiums on variable contracts in excess of the amounts necessary to insure the lives of the variable contract
owners
Premium collected by a purely coopera ve company or associa on
124
Agents of foreign insurance companies (fire/marine or miscellaneous insurance) (Sec. 124)
Agents of non-resident foreign corpora ons engaged in
insurance business
Total premiums collected
4%
Total premiums paid
5%
Place for boxing exhibi ons*
Gross receipts
10%
Place for professional basketball games
Gross receipts
15%
Cockpits, cabarets, night or day clubs
Gross receipts
18%
Jai-alai and racetracks
Gross receipts
30%
Owners of property obtaining insurance directly with
foreign insurance companies
125
Amusement (Sec. 125)
Liable: proprietor, lessee or operator of the following:
*Requisites for exemp on of boxing exhibi ons:
1. World or oriental championship is at stake
2. One of the contenders is a ci zen of the Philippines
3. Promoted by ci zens of the Philippines or by a corpora on or associa on at least 60% of the capital of which is owned
by such ci zen
126
Winnings (Sec. 126)
Owner of the winning horse
Gross winnings
10%
Ordinary
Net winnings
10%
Special (double, forecast, quinella, trifecta)
Net winnings
4%
Be or in a horse race or jai-alai:
127
Sale, barter or exchange of shares of stock listed and traded through the local stock exchange or through initial
public offering (IPO) (Sec. 127)
Shares of stock listed and traded
Gross selling price
6/10 of 1%
Shares of stock sold through IPO
Gross selling price
See below
Ratio of shares sold/outstanding shares after the listing:
Up to 25%
4%
Over 25% to 33 1/3%
2%
Over 33 1/3%
1%
*** Nothing follows ***
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