Taxation in the Philippines
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Taxation in the Philippines is controlled by the Bureau of Internal Revenue.
Contents
Income Tax
Individual
The income tax rate for individuals ranges from 5% to 32%.[1]
Corporate
The income tax rate for corporations is 30%.[1]
Business Taxes
Value-Added Tax (VAT)
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.[2] It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services.[3]
Percentage Tax
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.[4][5]
Excise taxes
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.[6]
References
- ↑ 1.0 1.1 Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Valencia, E.G., & Roxas, G.F. (2013). Transfer and Business Taxation (6th ed.). Baguio City: Valencia Educational Supply.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
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Taxation in Asia
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| States with limited recognition |
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