MANAGEMENT

Detailed explanation-1: -A keeper of a garage whose gross receipts for 2018 exceeds P 3, 000, 000 is subjected to the common carriers tax. The subjection would be on a 3% rate. In its specificity, the common carriers must pay use tax on the acquisition of shop equipment and expense and supply items.

Detailed explanation-2: -3% is the general base rate of Percentage Tax on gross sales and receipts for standard non-VAT registered businesses.

Detailed explanation-3: -How do I Estimate Gross Receipts? Add all of your transactions to get the sum of your business’s expenditure, then subtract the cost of goods sold. Include sales returns and allowances when calculating this sum. This amount is your whole estimate for that month or year.

Detailed explanation-4: -Governmental gross receipts include: The sale of tangible personal property, other than water, from facilities open to the general public*; Refuse collection and/or disposal; Sewage services; The sale of water by a utility owned or operated by a county, municipality or other political subdivision of the state, and.

Detailed explanation-5: -Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold, ” and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms.