SEP is subject both) to income tax and business tax as follows: BUS ReS eee Melman Ne CeSSRSr ET elm cto CAT Rel ene NOT EXCEEDING THE VAT THRESHOLD + NVR* MORE THAN THE VAT Threshold o | Applicable Taxes Applicable Taxes Income Tax: Graduated Tax Rate Income Tax: Graduated Tax Rate | Business Tax: OPT under Sec. 116** Business Tax: Value Added Tax | OR (at SEP’s option) | | 4 8% tax on gross sales/receipts and other | operating income in excess of P250,000 IN LIEU of the graduated income tax rate and the | Percentage Tax under Sec. 116** | _ _ _ “VR-vat registered; NVR-nonvat registered “Provided, the SEP is (1)non-vat registered; ( subject to other OPT other than Sec. 116 “Provided, the SEP is (1)not engaged in vat exempt salesitransaction(s) or (2)not subject to other OPT 2)not engaged in vat exempt-sales/transaction(s) (3)notindividual Taxpayer earning Compensation income + ile sii] with Gross Sales and/or Receipts and other non-operati NOT EXCEEDING THE VAT THRESHOLD + NVR MORE THAN THE VAT Thres Compensation Income Compensation Income Subject to graduated tax rate _- Subject to graduated tax rate Income as S.E.P.: Income Tax: Graduated Tax Rate Business Tax: Value Added Tax Income as S.E.P.: Income Tax: Graduated Tax Rate « Business Tax: OPT under Sec. 116** OR (at SEP’s option) os to “mixed income eamers” v 8% tax on gross sales/receipts and other operating income IN LIEU of the graduated income tax rate and the Percentage Tax under Sec. 116** a “* The deduction of 250,000 from gross sales/receipts is not applicatOPTION to be taxed at 8% The option by a Self-employed and/or Professional (SEP) to be taxed at 8% in lieu of the graduated income tax rate and Percentage Tax under Section 116 of the Tax Code is not automatic. The following are the % requisites: 1. The taxpayer is non-vat registered, 2. The taxpayer is vat exempt under Section 109(BB) of the Tax Code. Hence, the reason for vat exemption is simply because the annual gross sales and/or receipts did not exceed the vat threshold of P3,000,000. Therefore, persons exempt from vat due to reason(s) other than having gross sales and/or receipts not exceeding the vat threshold such as those exempt under Section 109(A) to 109(AA) are not covered under Section 116 (refer to Chapter 8 for vat exempt sales). The taxpayer is not subject to other percentage taxes other than Sec. 116 The SEP shall hall signify | his/her intention to be taxed at 8% rate rate. RoSec. 117 Percentage tax domestic common carriers and keepers of garages The 3% common carriers tax (CCT) shall apply to the quarterly gross receipts of operators of: | = Cars for rent (rent-a-car business) = ~Cars for hire driven by the lessee * Transportation contractors including those who transport Passengers such as tourist buses for hire * Other domestic carriers by land for transport of passengers; and Keepers of garagesSec. 117 Percentage tax domestic common carriers and DSS es ocd | The 3% common carriers tax (CCT) shall apply to the quarterly gross receipts of operators of: = Cars for rent (rent-a-car business) ake hs: = ~Cars for hire driven by the lessee | * — Transportation contractors including those who transport passengers such as tourist buses for hire | = Other domestic carriers by land for transport of passengers; and | = Keepers of garages Tax Rate and Busis: 3% of gross receipts Common carriers. tax (CCT) under this provision pertains to Percentage taxes of (domestic) common carriers by land for the transport _of Passengers only. However, CCT shall not apply to: (1) owners of bancas, and (2) animal drawn two-wheeled vehicles.TRANSPORTH.| sTICN NEWWORK COMPANIES (THCs) - RC 72715 C or Transportation Network Vehicle System (TNVS) is a pec: of | a ce ssibility to the riding pullic ie fr Chat OP gh tt » Tay be in the form of text, teluphone i means. Ths whicles used in trans; orting 4 s°F. peagis endior enviies other than the TNC, on 1stas Apalicaule Business Texes for TNCs «» © TCs Partners with velid “Cu: ‘foate oft 3 passcngers cre cubiect { 3% CCT under Secon 7 of the Tax Code. rout vali’ CPC are cass OFT uncer Sec. 116 of ay lad ranscchly or quarterly gross receipts Per Unit Carrier Jeepney for hire , P2,400 1. Manila and other cities 1,200 2. Provincial Public Uiility bus a. Not exceeding 30 passengers 3,600 b. Exceeding 30 but not exceeding 50 passengers 6,000 c. Exceeding 50 passengers 7,200 Taxis d. Manila and other cities 3,600 e. Provincial ea 2,400 Cars for hire ~ f. With chauffeur __Without chauffeur Senate Committee Report No. 37 ( minimum gross receipts under RR No. 9-2007. Consequent the table above shall still apply. dated 11 February 2008) Suspended the implementation ofthe es tly, the old minimum gross receipts show"U - The different applicable business taxes of “domestic” common carriers are shown in Table 9-2 below: TABLE 9-2 BUSINESS TAXES OF DOMESTIC COMMON CARRIERS Transport of Business Tax Passengers LP} 3% (Sec. 117\regardless of gross receipts | Goods/Cargoes +P} VAT or Sec. 116 if GRSP3M* & not vat reg. VAT or Sec. 116 if GRSP3M* & not vat reg. Passengers L-»| Goods/Cargoes || VAT or Sec. 116 if GRSP3M* & not vat reg. ee ee Int'l flights/shipments of p|_0% VAT if vat registered, otherwise vat “domestic” carriers exempt NOTE: "Under RA9337 (Vat'Law), vat is imposed on sale of goods or services rendered in the Philippines only. {As such, transport of passengers and goods from international fights of domestic common carriers are‘not> subject to vat. Refer also to discussions on zero rated sales in the preceding chapter. * Transport operations of common carriers originating abroad is not/subject to business tax.[SECTION 118 NIRC — Percentage Tax on International Carriers | (Also known as Common Carriers tax on international carriers; RA10378; RR 15-2013) | (A) International air carriers doing; business in the Philippines on their gross receipts | derived from transport of cargo from the Philippines to another country shall pay atax | of three percent (3%) of their quarterly gross receipts. | | (8) International shipping carriers doing business in the Philippines on their gross receipts | derived from transport of cargo from the Philippin equivalent to three percent (3%) of their quarter) another country shall pay a tax | |SECTION 119 NIRC - Tax on Franchises Any provision of general or special law to. the contrary notwithstanding, there shall be levied, assessed and collected in respect to all franchises on radio and/or tele ision companies whose annual gross receipts of the preceding year does’r ‘not & ‘exceed Ten million pesos (PhP10,000,000), subject to Section 236 of this Code, a tax oft three e percent "percent (3%) and and on gas and water utilities, a tax of two percent (2%) on the gross receipts derived from_the business covered by the law granting the franchise: Provided, however, That radio and television broadcasting companies referred to in this Section shall have an option to_be registered as a value-added taxpayer and pay the tax due thereon: Provided, further, 1 That once the option is exercised, said option shall be irrevocable.Pe unde desl SSH =I Coie namie RLS GRANTOR _TYPE OF FRANCHISE BUSINESS TAX j ; ; 3% OPT or 12% vat if vat reg. or if Radio/Telev.Broadcasting Co.'s. GR > P40M for the preceding years G ° Vv Gas and water utilities 2% OPT regardless of gross receipis E [ent | R — N PAGCOR from its” gaming” 5% Frachise Tax on Gross Revenue M operations | (PD 1869/SC ruling preceding page) E [eeaenaeanee eee y Tana ] 12% vat OR 3% OPT under Sec.116 T All other types of franchises | itnyv reg. & GRSP3M 12% vat OR 3% OPT under Sec.116 if NV reg. & GRSP3M All'types of franchises **: Radio and television broadcasting companies referred to in this Section shall have an option to be registered as a value-added taxpayer and pay the tax due thereon, provided, that once the option is exercised, it shall not be revoked. FRANCHISE TAX FORTHE NATIONAL GRID CORPORATION RA 9511 imposed _a_3% franchise tax on/all/gross receipts derived by the National Gi Corporation from its transmission operation.| SECTION 120 NIRC - Tax on Overseas Dispatch, Message or Conversation Originating from the Philippines 7 (A) Persons Liable - There shall be collected upon every overseas dispatch, message or conversation transmitted from the Philippines by telephone, telegraph, telewriter | exchange, wireless and other communication equipment service, a tax of ten percent (10%) on the amount paid for such services. The tax imposed in this Section shall be XX payable by the person paying for the services rendered and shall be paid to the | person rendering the services who is required to collect and pay the tax within twenty \____(20) days after the end of each quarter ae ”The tax imposed on this section SHALL NOT APPLY to [Sec. 120(B)]: 1. Government. Amounts paid for messages transmitted by the Government of the Republic of the Philippines or any of its political subdivisions or instrumentalities. Diplomatic Services. Amounts paid for messages transmitted by an embassy and consular offices of a foreign government. International Organizations. Amounts paid for messaged transmitted by a public international organization or any of its agencies based in the Philippines cenjoying privileges, exemptions, and immunities which the Philippine Government is committed to recognize pursuant to an International Agreement. News services. Amounts paid for me: association, radio or television newspaper, broadcasting agency, or news ticker service or to bona fide cor | : : respondent, which messages_9@ exclusively with the collection of news items, for or the dissemination news item through, public press, tadio or television broadcasting, of ene ice furnishing a general news service ‘similar to that of a public sages from any newspaper, press[SECTION 121 NIRC (Gross Receipts Tax) | Tax on banks and non-bank financial intermediaries performing quasi-banking functions | performing quast-oanking functions There shall be a collected tax on gross receipts derived from sources within the Philippines by all banks and non-bank financial intermediaries (performing quasi banking functions) in accordance with schedule: ~ following Kind of Income a. Interest, commissions and discounts from lending activities and financial leasing on the basis of remaining maturities of instruments Tax Rate from which such interests are derived**: 5% (a) Maturity period is 5 years or less*** 1% (b) Maturity period is more than 5 years**** b. Dividends and equity shares in net income of subsidiaries ~ 0% c. Royalties, rentals of property, real or personal, profits from exchange ~ 7% and all other item treated as gross income under Sec. 32 of the Tax Code . , 4. Net trading gains withinthe taxable year on foreign currency, debts Securities, derivative and other similar financial instruments 7%Kind of Income = Tax Rate Interest, commissions and discounts from lending activities and financial Jeasing on the basis of remaining maturities of instruments from which such interests are derived**: 5% (a) Maturity period is 5 years or less*** 1% (b) Maturity period is more than 5 years**** Dividends and equity shares in net income of subsidiaries ~0% Royalties, rentals of property, real or personal, profits from exchange ~ 7% and all other items treated as gross income under Sec. 32 of the Tax Code Net trading gains within the taxable year on foreign currency, debts securities, derivative and other similar financial instruments 7% short-term; _ “***also known as long-term “Provided, however, that in case the maturity period referred to in paragraph (A) of Sec. 121 is shortened thru pre-termination, then the maturity period shall be reckoned to end as of the date of pre-termination for purposes of classifying the transaction and the correct re rate of tax shall be applied accordingly. rat the generally accepted accounting principles as may be prescribed by Foe coda ng Ae ee the bank or non-bank financial intermediary performing the Bangko Sentral ng Pilipinas quasibasleng functions shall likewise be the basis for for the calculation of gross receipts. Nothing in this Code sf shall preclude the Commissioner from imposing the same tax herein provided on persons performing ‘similar banking activities.[SECTION 122 NIRC (Gross Receipts Tax) Jax on other non-bank financial intermediaries** Taxon other non-bank financial intermediaries** SE © There shall be collected a tax of : Bpon the gross receipts derived by all_ finance companies, as well as by other financial intermediaries doing business in the Philippines from interests, commissions, discounts and all other items treated as gross income under the tax code. Provided, that interest, commissions and discounts from lending activities, as well as income from financial leasing, shall be taxed on the basis of remaining maturities of the instruments from which such receipts are derived, in accordance with the following schedule”: Tax Rate Remaining maturity period in 5 years or less*** 5% Remaining maturity period is more than 5 years**** 1% = ***Also known as short-term = ***Also known as long-term Provided, however. that in case the maturity period is shortened thru pre-termination, then the maturity period shall be reckoned to end as of the date of pre-termination for purposes of classifying the transaction and the correct rate of tax shall be applied ecording)) eee accepted accounting principles as may be prescribed = Provided, finally, that the generally d account y ‘te Sec ities and’ Exchange Commission for other non-bank financial intermediaries shall likewise be the basis for the calculation of gross Tecepts. «Nothing inthis Code shall preclude the Commissioner from imposing the same fax herein provided ‘on persons performing similar financing activities.SECTION 123 NIRC - Tax on life insurance premiums There shall be collected from every person, « ion (excep é C /ery person, company or corporation (excep? purely cooperative companies or associations) sig Ke eepae Baas Oe sort in the Philppines a tax of two percent (2%) of the total premium collected, whether such premiums are paid in money, notes, credits or any Substitute for money, but premiums refunded within six (6) months after payment on account of rejection of risk or returned for other reason fo a person insured shalf not be included in the taxable receipts; nor shall any tax be paid upon reinsurance by a company that hi 2ady paid the tax; nor upon doing business outside the Philippines on account of any life insurance of the insured who. is a nonresident, if any tax on such premium is imposed by the foreign country where the branch is established nor upon premiums collected or received on account of any reinsurance | if the insured, in case of personal insurance, resides outside the Philippines, if any tax on such premiums is imposed by the foreign country where the original insurance has been issued or perfected; nor upon that portion of the premiums collected or received by the insurance companies on variable contracts (as defined in Section 232(2) of Presidential | Decree No, 612), in excess of the amounts necessary to insure the lives of the variable contract workers. i jations' ‘h as are conducted ‘by the members ‘Co ive companies or associations’ are suc! by the members sea he aa collected from among themselves and solely for their own protecti Land not for profit.The following shali not be included in the taxable receipts: 1, Premiums refunded within six (6) months after payment on account of rejection of risk or returned for other reasons to the insured. 2. Reinsurance premiums where tax has Previously been paid.3. Premiums collected ort received byanypbranch ofa domestic Corporation, firm, or association doing b business usiness_ outside WANY LIFE insurance of a NON-RESIDEN premium is imposed by a foreign country where the branch is established, 4. Premiums collected or received on account of RE-INSURANCE, ‘iDtte insured, in case of personal insurance resides outside the Philippines, if any tax on such premiums is imposed by a foreign country where the original insurance has been issued or perfected. 5. Portion of the premiums collected or received by the insurance companies on variable contracts in excess of the amounts necessa ry_to insure the lives of the variable contract workers.SECTION 124 NIRC Tax rate & Basis: Tax on agents of foreign insurance Agent: 4%; premiums collected companies Owner: 5% of premiums paid Section 124 of the Tax Code provides that “every; fire, marin or miscellaneous: insurance “agent” authorized under the Insurance Code to Procure policies of insurance as he may have previously been legally authorized to transact on risks located in the Philippines for companies not authorized to transact business in the Philippines shall pay a tax equal to twice'the tax imposed in Section 123 of NIRC. Hence, a percentage tax of four percent (2% x 2 = 4%) “on total premiums” collected shall be assessed from every person, company or corporation acting as insurance “agents” authorized under the insurance code to procure policies of insurance for tompanies Not authorized to transact business in the Philippines. On the other hand, a percentage tax of five percent GY) “on tll premiums paid” shall be collected on “owners _of property” obtain" " insurance directly with foreign insurance companies. : ] |SECTION 125 NIRC Amusement Taxes / There shall be collected from the proprietor, lessee_or operator of cockpits, cabarets, night or day Clubs, boxing exhibitions, professional basketball games, Jai-Alai and racetracks, a tax equivalent to: ie Amusement Place OPT Rate Jai-alia and racetracks ae a Cockpits, cabarets, night or day clubs fo Professional basketball games (PD 871) Pe Boxing exhibitionsLp SECTION 126 NIRC | Tax on Winnings mot tf Every person who wins in horse races shall pay a ‘a equivalent to ten percent (10%) of his “winnings or dividends”, the tax to be based on the actual amount paid to him for every winning ticket after deducting the cost of the ticket. Provided, that in the case of winnings from double, forecast/quinella and trifecta bets, the tax shall be four percent (4%). In the case of owners of winning race horses, the tax shall be ten percent (10%) of the prizes. To summarize, refer'to the table below: TABLE 9-6: TAX ON WINNINGS Taxpayer Winnings from Rate Basis Bettor _Regular bet 10% | Winning or dividends less cost of ticket Bettor Double, forecast/quinella 4% | Winning or dividegds and trifecta bets less cost of ticket ss Winnings lorse owners 7 10% The tax herein prescribed shall be deducted from the ‘dividends’ corresponding to each winning ticket or the ‘prize’ of each winning race horse owner and withheld by the operator, manager or person in charge of the horse races before paying the dividends i: en poet Of prizes to the persons Gro: jon. The operator, Manager or person i shal — . in charge of horse races 5'* ‘within twenty (20) days from the date the tax wee dechotted and withheld accordance with the second paragraph hereof, file-a true and correct feu? vith_the Commissioner in the manner or form to Ge presctbed by Secretary of Finance, and ithi tax so deducted and withheld en the same period the total amount of[ SECTION 127(A) NIRC Tax rate & Basis: | Tax on sale, barter or exchange of shares of stock 6/10 of 1% of Gross Selling [sled and traded through the local stock Price (TRAIN Law) The following sellers or transferors of stock are liable to this tax (RR 6-2008): a. Individual taxpayer, whether citizen or alien. b. Corporate taxpayer, whether domestic or foreign. c. Other taxpayers not falling under (a) and (b) above, such as estate, trust, trust funds, and pension funds, among others. The seller shall not be a dealer in securities. Since the basis of the tax is gross sellifig price or gross value in money, any gain or loss from sale or exchange shall therefore be ignored. For this reason, the percentage tax paid herein is also referred to as STOCK TRANSACTION TAX. Any gain derived from the sale, barter, exchange or other disposition of shares of stock under Sec. 127 (A) shall be exempt from capital gains tax and from the régular individual or corporate income tax. Every stockbroker who effected the sale shall collect the tax and temit the same to the Bureau of Internal Revenue (BIR) within five (5) banking days from the date of collection thereof. The said stockbroker is also Tequired to submit on Mondays of each week to the secretary of the stock exchange, of which, he/she is a member, a true and complete return which Shall contain a declaration of all the transactions effected though him/her during the preceding week and of taxes collected by him/her, and turned over tothe BIR.Under RR 6-2008, the taxes imposed under this section (sec. 127A) shall NOT APPLY to the following: 1. Dealers in securities 2. Investor in shares of stock in a mutual fund company, as defined in Section 22 (BB) of the Tax Code, as amended, in connection with the gains realized by said investor upon redemption of said shares of stock in a mutual fund company ; and 3. (All other persons, whether natural or juridical, who are specifically exempt from national internal revenue taxes under existing investment incentives and other special laws.SECTION 127(B) NIRC | Tax on shares of stock Sold or exchanged through initial public offerings (IP There shall be levied, assessed and collected on every sale, barter, exchange or other disposition through initial public offering of shares of stock in closely held corporations. The percentage tax imposed shall be based on the gross selling price or gross value in money of the shares of stock sold, etc., in accordance with the proportion of the shares of stock sold, etc., to the total outstanding shares of stock after listing in the local stock exchange. The Percentage taxes are as follows: Ratio/Proportion “Percentage Tax v Up to 25% Ms Over 25% but not over 33 1/3% Z i Over 33 1/3 aRATIO is computed as: Shares sold/bartered/exchanged Proportion of Disposed shares Total outstanding shares *** = to Outstanding Shares *The tax should be based on the “gross selling price or gross value in money’ of the shares of stock sold, bartered, exchanged or otherwise disposed of. *** Total outstanding shares of stock after the listing in the local stock exchange. Gross selling price refers to the total amount of money or its equivalent which the purchaser pays the seller as consideration for the shares of stock (RR 6-2008). Gross value in money means the “fair value”. In the case of shares traded thru the stock exchange, "fair market value" shall consist of the actual selling price_at which the transaction was éXecuted in the trading system and/or facilities of the Local Stock Exchange (RR 6-2008). Initial Public Offering (IPO) refers to public offering of shares of stock made for the ish time in the Local Stock Exchange (RR 6-208). Closely Held Corporation means any corporation at least fifty percent (50%) in value of one saa eso ot least fifty percent (50%) of fe Le aboot voting as sses of stock entitled to vote is owned direc indi y oF for not more, twenty (20) indi als (RR 6.2008), ctly or indirectly by or for not MokePersons Liable to tax on IPO (RR 6-2008) a) ISSUING CORPORATION - corporations issuing their shares to the public for the first time are subject to percentage tax on IPO based on rates under Section 127 of the tax code. This type of IPO is known as “PRIMARY OFFERING’. The tax herein imposed shall be paid by the issuer corporation with respect to the shares of stock corresponding to the Primary Offering.b) SHAREHOLDER(S) — shareholders selling their existing shareholdings to the public at the time of the IPO are likewise subject to percentage tax on IPO based on rates under Section 127 of the tax code. This type of IPO is known as “SECONDARY OFFERING”. The tax herein imposed shall be paid by the selling shareholder(s) with respect to the shares of stock corresponding to the Secondary Offering. ANY GAIN derived from the disposal of shares of stock subject to tax on IPO shall be exempt from tax imposed under Sec. 24(C), Sec. 27(D)(2), Sec. 28(B)5(C) and from regular individual or corporate income tax. In short, such sales shall be exempt from * tax”. Likewise, the tax paid shall not be deductible for income tax irposes.Persons NOT Liable to IPO (RR 6-2008) As in the case of Section 127(A), the taxes imposed under Section 127(B) shall not apply to the following: 2B 2. Dealers in securities Investor in shares of stock in a mutual fund company, as defined in Section 22 (BB) of the Tax Code, as amended, in connection with the gains realized by said investor upon redemption of said shares of stock in a mutual fund company ; and All other persons, whether natural or juridical, who | exempt from national internal revenue taxes under “investment incentives and other special laws. : specifically tingfollow-on follow-through offering , A follow-on follow-through offering of shares under the tax code is an offering of shares to the investing public subsequent to an IPO (RR 6-2008). : A follow-on follow-through transaction by the issuing corporation is fhot subject to both income tax and business tax. Nonetheless, it is subject to applicable documentary stamp tax. $ ~ On the other hand, a follow-on follow-through transaction by a hareholder is subject to stock transaction tax under section 127(A) of the tax code of 6/10 of 1% of gross selling price or gross value in money of the shares of stock sold (Refer to illustration #17 and #18).ah SUMMARY OF APPLICABLE TAXES IN THE IS: ISSUING CORPORATION SHAREHOLDER Issuance of shares before IPO Issuance f shares during IPO. Primary Offering Issuance of shares after IPO Follow on follow through Sale of shares before IPO Sale es during IPO Secondary Offering | Sale of shares after IPO Follow on follow through eke tek OMSL OaCH TON APPLICABLE Tax (Not) subject to VAT, OPT and income tay but subject faDsP OPT: 4%, 2%, 1% Not subject to VAT, Capital gains tax; 15%, under TRAIN Law _ 2%, 1% OPT: 6/10 of 1% GSP under TRAI LawRETURN AND PAYMENTS OF PERCENTAGE TAXES Section 28 NIRC (A) - Returns of Gross Sales, Receipts or Earnings and Payment of Tax 1) Persons Liable to Pay Percentage Taxes. — Every per subject to the percentage taxes imposed under this Title shal file a quarterly return of the amount of his gross sales, receipts or earnings and pay the tax due thereon within twenty-five (25) days after the end of each taxable quarter: Provided, That in the case of a Person whose VAT _ registration is cancelled and who becomes liable to the tax imposed_in2) 3) cancellation and shall Y x » the tax shall accrue from the date of be paid in accordance with the Section 116 of this Code provisions of this Section. Person Retiring from Business. — Any person retiring from a business subject to percentage tax: shall notify the nearest internal revenue officer, file his return and pay the tax due thereon within twenty (20) days after closing his business. Determination of Correct Sales or Receipts. - When it is found that a person has failed to issue receipts or invoices, or when no return is filed, or when there is reason to believe that the books of accounts or other records do not correctly reflect the declarations made or to be made in a return required to be filed under the provisions of this Code, the Commi aftertaking into account the sales, receipts or other base of other persons engaged in similar businesses under similar situations or circumstances, or after considering other relevant information may prescribe a minimum amount of such gross receipts, sales and taxable base and such amount so rescribed shall be prima facie correct for _purpos: S_of Netermining the internal revenue tax liabilities of such person.(B) Where to File. — Except as the Commissioner otherwise permits Every person liable to the percentage tax under this Title may, at his option, file a separate return for each branch or place of business, or a consolidated return for all branches or places of business with the authorized agent bank, Revenue District Officer, municipality where said business or principal place of business is located, as the case may be.