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]
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Exceptions [edit]
- 25,000-26,500 Pesos for individuals[1]
- 30,000 Pesos for married couples[1]
- Exceptions for Small and Medium Enterprises with income of less than 100,000 Pesos
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]
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