A compromise is a contract whereby the parties, by reciprocal concessions, avoid a litigation or to put an

end to one already commended.

Abatement Reduction of or exemption from taxes granted by a government for a specified period,
usually to encourage certain activities

Distraint

It is a remedy available to the government whereby the collection of the tax is enforced on the goods,
chattels or effects of the taxpayer.

Losses from fires, storms, shipwrecks, theft, or other casualties. Only uncompensated losses are
allowed as a deduction.

1. Capacity of the donor to make donation

2. Donative intent

3. Delivery

4. Acceptance

VAT is a tax on the value added by every seller to the purchase price or cost in the sale or lease of goods,
property or services in the ordinary course of trade or business as well as on importation of goods into
the Philippines, whether for personal or business use.

Output tax means the vat due on the sale, lease or exchange of taxable goods or properties or services
by any person registered or required to register under section 236 of the Tax Code.

Input tax means the vat due on or paid by a vat registered on importation of goods or local purchase of
goods, properties or services.

the gross value is the sum of all asset values, and the net value is the gross value minus any debts

The executor/administrator of an estate has the primary obligation to pay the estate tax but the heir or
beneficiary has subsidiary liability for the payment of that portion of the estate which his distributive
share bears to the value of the total net estate.
whenever value is added at each stage of the supply chain, from production to the point of sale

3%

the taxpayer affected may, within 30 days from the receipt of the decision denying the
claim or after the expiration of the 120-day period, appeal the decision or the unacted
claim with the CTA.

4% of the gross value in money of their purchases of primary agricultural products which are used as
inputs to their production.

A. Actual Export Sales

B.Effectively Zero Rated Sales

a. It must be an insurance on the life of the decedent

b. The beneficiary must be either of the following:

- his estate, his executor, his administrator (revocable or not)

- any third person provided that the designation is not irrevocable.

a. Gifts made to or for the use of the National Government or any entity created by any of its agencies
which is not conducted for profit, or to any political subdivision of the said Government;

b. Gifts in favor of an educational and/or charitable, religious, cultural or social welfare corporation,
institution, accredited non-government organization, trust or philanthropic organization or research
institution or organization

(by resident and Nonresident Citizen of the Philippines)

means the regular conduct or pursuit of a commercial or economic activity, including transactions
incidental thereto, by any persons regardless of whether or not the person engaged therein is a non-
stock, non-profit private organization, or government entity.
twelve percent (12%) based on the total value in determining tariff and customs duties, plus customs
duties, excise taxes, if any, and other charges, such as tax to be paid by the importer prior to the release
of such goods from customs custody

subject to a 12% VAT based on the gross receipts derived by any person engaged in the sale of such
services or lease of properties

a. Appeal to the CTA within 30 days after the expiration of the one hundred eighty 180 day period

b. Await the final decision of the Commissioner's duly authorized representative on the disputed
assessment.

Sales or receipts x 12%

Donations used before or after the campaign period would be subject to donor’s tax only contributions
spent and utilized during the campaign period are exempt from tax.

If a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or
jointly with another, it shall allow any withdrawal from the said deposit account, subject to a final
withholding tax of 6 percent.