Taxation In The Philippines Analysis Paper

Contents [hide] ?1 Exceptions ?2 Cedula ?3 Value Added Taxes (VAT) ?4 Excise taxes ?5 References Exceptions[edit] ?employed individuals: single, head of the family, and married individuals[1] …… ?25,000 for every qualified dependent child; number of children not to exceed four. [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] ?

Big Businesses: 90% ?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]