Search results
Results from the WOW.Com Content Network
Income tax for individuals. Citizens of the Philippines and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to: compensation income (e.g., salary and wages); income of self-employed individuals and/or professionals; capital gains; interests; rents;
Map of the world showing national-level sales tax / VAT rates as of October 2019. Additional local taxes may apply. [citation needed]A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The purpose of corporate tax is to generate revenue for the government by taxing the profits earned by corporations. The tax rate varies from country to country and is usually calculated as a percentage of the corporation's net income or capital. Corporate tax rates may also differ for domestic and foreign corporations.
Taxation. A proportional tax is a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases. The amount of the tax is in proportion to the amount subject to taxation. [1] ". Proportional" describes a distribution effect on income or expenditure, referring to the way the rate remains consistent ...
The Tax Reform for Acceleration and Inclusion Law (TRAIN Law), [1] officially designated as Republic Act No. 10963, is the initial package of the Comprehensive Tax Reform Program (CTRP) signed into law by President Rodrigo Duterte on December 19, 2017. [2]
The Internal Revenue Allotment (IRA) is a local government unit ’s (LGU) share of revenues from the Philippine national government. Provinces, independent cities, component cities, municipalities, and barangays each get a separate allotment. The allotment is largely based upon the type of government they are and a formula based upon their ...
The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [167] It abolished this practice in a new revenue code in 1997, effective 1998. [168] Vietnam used to tax its citizens in the same manner as residents, on worldwide income. The country ...
Money portal. v. t. e. A tax shield is the reduction in income taxes that results from taking an allowable deduction from taxable income. [1] For example, because interest on debt is a tax-deductible expense, taking on debt creates a tax shield. [1] Since a tax shield is a way to save cash flows, it increases the value of the business, and it ...