Taxation in the Philippines
|
|
This article needs more links to other articles to help integrate it into the encyclopedia. (May 2013) |
Taxation in the Philippines is controlled by the Bureau of Internal Revenue.
Contents
Income Tax[edit]
Individual[edit]
The income tax rate for individuals ranges from 5% to 32%.[1]
Corporate[edit]
The income tax rate for corporations is 30%.[2]
Business Taxes[edit]
Value-Added Tax (VAT)[edit]
Value added tax is a general consumption tax that requires a 12% additional tax on the sales price of goods and/or services by VAT-registered seller or seller required by law to be under the VAT system.[3] It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services.[4]
Percentage Tax[edit]
Percentage tax is a business tax imposed on persons or entities/transactions:
1. Who sell or lease goods, properties or services in the course of trade or business and are exempt from value-added tax (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 1,919,500 and who are not VAT-registered; and
2. Engaged in businesses specified in Title V of the National Internal Revenue Code.[5][6]
Excise taxes[edit]
Excise taxes apply to goods manufactured or produced in the Philippines for domestic sales or consumption or for any other disposition and to things imported.[7]
References[edit]
- ^ http://www.bir.gov.ph/index.php/tax-information/income-tax.html#it0012
- ^ http://www.bir.gov.ph/index.php/tax-information/income-tax.html#it0012
- ^ Valencia, E.G., & Roxas, G.F. (2013). Transfer and Business Taxation (6th ed.). Baguio City: Valencia Educational Supply.
- ^ http://www.bir.gov.ph/index.php/tax-information/value-added-tax.html#desc
- ^ http://www.bir.gov.ph/index.php/tax-information/percentage-tax.html#ptax001
- ^ http://www.chanrobles.com/legal6title21.htm#.VWuTXs-qqkq
- ^ http://www.chanrobles.com/legal6title23.htm#.VWuThc-qqko
|
||||||||||||||