Taxation in the Philippines

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Taxation in the Philippines is controlled by the Bureau of Internal Revenue (Philippines). Taxes in the Philippines range from 5% to 35%[1]

Exceptions[edit]

  • 25,000-26,500 Pesos for individuals[1]
  • 50,000 Pesos for married couples[1]
  • Exceptions for Small and Medium Enterprises with income of less than 100,000 Pesos

Corruption[edit]

  • Corrupt Senators [2]

Cedula[edit]

Cedula is a community tax that is paid annually at the Barangay Hall. It is often rated at 5% of income.

Value Added Taxes (VAT)[edit]

In the Philippines, the rate of VAT is at 12%. With some additional VAT:[1]

  • Cockpits and Cabarets: 18%
  • Jai-Jalai and racetracks: 30%

And with some exceptions:[1]

  • Small Businesses: 10%
  • Not VAT-registered businesses: 3-5%

Excise taxes[edit]

Alcoholic beverages, tobacco products, jewelry, petroleum products, mining and petroleum taxes, residence taxes, a head tax on immigrants above a certain age and staying beyond a certain period, document stamp taxes, donor (gift) taxes, estate taxes, and capital gains taxes. A document stamp tax is charged on stock certificates, proofs of indebtedness, proofs of ownership, etc., and normally amount to .75% to 1% of the par or face value of the certificate are imposed with excise taxes.[1]

References[edit]

  1. ^ a b c d e f Encyclopedia of Nations "Philippines - Taxation"
  2. ^ https://www.wsws.org/en/articles/2013/09/24/phil-s24.html