Taxation in the Philippines

Taxation

An aspect of fiscal policy
Policies Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday Tax advantage Tax incentive Tax reform Tax harmonization Tax competition Double taxation Representation Unions Medical savings account Tax, tariff and trade
Economics Price effect Excess burden Tax incidence Laffer curve Optimal tax Theory Optimal capital income taxation
Collection Revenue service Revenue stamp Tax assessment Taxable income Tax lien Tax refund Tax shield Tax residence Tax preparation Tax investigation Tax shelter Private tax collection Tax farming
Noncompliance Tax avoidance Tax evasion Tax resistance Tax haven Smuggling Black market Transfer mispricing Unreported employment Tax shelter
Distribution Tax rate Progressive Regressive Proportional
Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance (estate) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value-added (VAT) Corporate profit Excess profits Windfall profits Negative (income) Flat Wealth
International Financial transaction tax Currency transaction tax Tobin tax Spahn tax Tax equalization Tax treaty Permanent establishment Transfer pricing European Union FTT
Trade Custom Duty Tariff Import Export Tariff war Free trade Free trade zone Trade agreement
Religious Church tax Eight per thousand Teind Tithe Fiscus Judaicus Leibzoll Temple tax Tolerance tax Jizya Kharaj Khums Nisab Zakat
By country List of countries by tax rates Tax revenues as %GDP Albania Algeria Argentina Australia Azerbaijan Bangladesh Bhutan Bulgaria Canada China Colombia France Germany Greece Iceland India Indonesia Iran Ireland Israel Italy Japan Kazakhstan Lithuania Malta Namibia Netherlands New Zealand Norway Pakistan Palestinian territories Peru Philippines Poland Russia Singapore South Africa Sweden Switzerland Tanzania United Kingdom United States Uruguay

Taxation in the Philippines is controlled by Garbando E. Reyes.

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 2 Assessment Programs Division 1. "Income Tax".
↑ Valencia, E.G., & Roxas, G.F. (2013). Transfer and Business Taxation (6th ed.). Baguio City: Valencia Educational Supply.
↑ Assessment Programs Division 2. "Value-Added Tax".
↑ Assessment Programs Division 1. "Percentage Tax".
↑ "NATIONAL INTERNAL REVENUE CODE OF 1997 - CHAN ROBLES & ASSOCIATES LAW FIRM".
↑ "NATIONAL INTERNAL REVENUE CODE OF 1997 - CHAN ROBLES & ASSOCIATES LAW FIRM".

Philippines articles

History

Timeline	Prehistory (Pre-900) Pre-colonial era (900–1521) Colonial era (1521–1946) Spanish period (1521–1898) American period (1898–1946) Postcolonial era (1946–1986) Third Republic (1946–65) Marcos dictatorship (1965–86) Contemporary history (1986–present)

By topic	Demographic Discoveries Economic 1973-1986 Inventions Military

Geography

Politics

Government

Executive	President Executive Office Cabinet Civil service National Police

Legislature	Congress Senate Senate President President pro tem House of Representatives Speaker

Judiciary	Supreme Court Judiciary Court of Appeals

Law	Constitution Bill of rights Philippine legal codes Human rights

Intelligence	National Bureau of Investigation National Counter-Terrorism Action Group National Intelligence Coordinating Agency Philippine Drug Enforcement Agency

Uniformed	Armed Forces of the Philippines Philippine Air Force Philippine Army Philippine Navy Philippine Marine Corps Philippine Coast Guard

Economy

Society

Culture	Architecture Art Cinema Cuisine Cultural Properties Dance Fashion and clothing Festivals Historical Markers Literature Media Music Mythology Public holidays Psychology Sexuality Sports Traditional games Value system

Symbols	Anthem Coat of arms Arnis/Eskrima/Kali (martial art) Flag Name Narra (tree) Philippine eagle Sampaguita (flower)

Book
Category
Portal

Taxation in Asia

Sovereign states	Afghanistan Armenia Azerbaijan Bahrain Bangladesh Bhutan Brunei Cambodia China Cyprus East Timor (Timor-Leste) Egypt Georgia India Indonesia Iran Iraq Israel Japan Jordan Kazakhstan North Korea South Korea Kuwait Kyrgyzstan Laos Lebanon Malaysia Maldives Mongolia Myanmar Nepal Oman Pakistan Philippines Qatar Russia Saudi Arabia Singapore Sri Lanka Syria Tajikistan Thailand Turkey Turkmenistan United Arab Emirates Uzbekistan Vietnam Yemen

States with limited recognition	Abkhazia Nagorno-Karabakh Northern Cyprus Palestine South Ossetia Taiwan

Dependencies and other territories	British Indian Ocean Territory Christmas Island Cocos (Keeling) Islands Hong Kong Macau

This article is issued from Wikipedia - version of the 11/2/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.