Taxation in the Philippines
||This article needs more links to other articles to help integrate it into the encyclopedia. (May 2013)|
|An aspect of fiscal policy|
Taxation in the Philippines is controlled by the Bureau of Internal Revenue (Philippines). Taxes in the Philippines range from 5% to 35% Income tax is zero for income up to 5000 Php month and ten percent above that figure.
- employed individuals: single, head of the family, and married individuals ......
- 25,000 for every qualified dependent child; number of children not to exceed four.
- Exceptions for Small and Medium Enterprises with income of less than 100,000 pesos
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)
In the Philippines, the rate of VAT is at 12%. With some additional VAT:
- Cockpits and Cabarets: 18%
- Jai-Jalai and racetracks: 30%
- Professional basketball: 15%
- Boxing :10%
- Gas and Water Utilities: 2%
And with some exceptions:
- Big Businesses: 90%
- Not VAT-registered businesses: 3-5%
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.
- Encyclopedia of Nations "Philippines - Taxation"