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Cael, Michelle Karen Joy - PreTest - Chapter 12

Donor's tax refers to the tax imposed on donations or gifts, including gratuitous transfers between individuals. Resident or citizen donors of the Philippines are taxable on all gifts regardless of location. For non-resident donors, intangible gifts located in the Philippines may be taxed depending on reciprocity agreements. The first 250,000 PHP of gifts is tax exempt, and donor's tax returns are due within 30 days of the donation along with payment.

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44 views1 page

Cael, Michelle Karen Joy - PreTest - Chapter 12

Donor's tax refers to the tax imposed on donations or gifts, including gratuitous transfers between individuals. Resident or citizen donors of the Philippines are taxable on all gifts regardless of location. For non-resident donors, intangible gifts located in the Philippines may be taxed depending on reciprocity agreements. The first 250,000 PHP of gifts is tax exempt, and donor's tax returns are due within 30 days of the donation along with payment.

Uploaded by

Karen Cael
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Cael, Michelle Karen Joy

BSA 2A

PRE-TEST DONOR’S TAX

1. What is Donor’s Tax? (4 points)


A donor’s tax refers to the tax imposed on a donation or a gift. It is also imposed on the
gratuitous transfer of property between two or more persons who are living together at the
time of the transfer.

2. Who is the donor that are taxable on their gifts whether located within or outside the
Philippines? (4 points)
A resident or a citizen of the Philippines are taxable on their gifts or donation regardless
of their location (within or outside the country).

3. Who is the donor that are subject to rule of reciprocity with respect to his intangible
donations located in the Philippines? (7 points)
Due to reciprocity, the transposal of an intangible personal property located in the
Philippines of a non-resident alien donor is not to be subjected to tax. However when there is
no reciprocity, the transposal of an intangible personal property located in the Philippines of a
non-resident alien donor will be subjected to tax.

4. What amount of gift is tax exempt? (2 points)


The donor’s tax shall be computed on the amount that exceeds P250,000.

5. What is the prescribed date of filing and payment of Donor’s tax? (3 points)
The donor’s tax return must be filed within thirty days after the date the donation was
made. Furthermore, the payment of donor’s tax will be paid at the time the return is filed and
with the office where the return is filed.

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