Taxation In The Philippines

From Wikipedia, the free encyclopedia Jump to: navigation, search This article needs more links to other articles to help integrate it into the encyclopedia. Please help improve this article by adding links that are relevant to the context within the existing text. (May 2013) TAXATION An aspect of fiscal policy Policies [show] Economics [show] Collection [show] Noncompliance [show] Distribution[show] Types [show] International [show] Trade [show] Religious [show] By country [show] ?v ?t ?e Taxation in the Philippines is controlled by the Bureau of Internal Revenue (Philippines). Taxes in the Philippines range from 5% to 35%[1].

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].