What does situs state mean?
In law, the situs (pronounced /ˈsaɪtəs/) (Latin for position or site) of property is where the property is treated as being located for legal purposes. the situs of a chattel (tangible moveable item) is the state where the chattel is [or was located] at the time of conveyance.
What is a policy situs?
The issue or contract state of a policy (where the application is signed and the policy delivered) is its “situs.” The laws of the situs or issue state are the laws that will apply to the contract issued.
What is the situs for sale?
In business tax, the place where the business is performed or the occupation is engaged in is a factor. In sale of realty, the place where the property is located is the situs.
What are the example of situs of taxation?
Intangible personal property-Intangible personalty such as credits, bills receivable, bank deposits, bonds, promissory notes, mortgage loans, judgements and corporate stocks, does not admit of actual location, and as to such property, taxation is at the domicile of the owner.
What is situs address?
Situs is a term used by the assessor’s office to indicate the site location of the property. This address is the actual address of the property. Billing address is not necessarily the same as situs address. Situs addresses are not kept for all properties.
What is a tax situs?
The location where charges may be levied upon PERSONAL PROPERTY by a government, pursuant to provisions of its tax laws. Ordinarily personal property has its taxable situs in the place where its owner is domiciled or in the state where the owner has a true, fixed, and permanent home. …
What is situs source or place of income?
Situs of income tax in the Philippines Source of income is the property, activity or service that produced the income. D. Situs of tax on interest income is the residence of the borrower who pays the interest, irrespective of the place where the obligation was contracted.
How is situs determined?
Situs is the state that the trust originated and whose laws will govern the trust. In general, for tax purposes, trust situs is determined by the combined jurisdictions that have the legal authority to tax a trust or trustees.
What is situs taxation?
A government or state exercises its taxing power and authority only on taxpayers, income or transactions that fall within its jurisdiction. The situs of taxation has been defined as the place where an authority has the right to impose and collect taxes.
What are the factors to consider in determining situs of taxation?
In the Philippines, there are different factors in determining the situs of taxation: residence; nationality; citizenship; nature of tax; subject matter; object of the tax; and source. Depending on the tax law involved, two (2) or three (3) of these factors may apply.
What is situs income?