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  2. Taxation in the Philippines - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_the_Philippines

    However, if their gross sales (or gross receipts plus other non-operating income) does not exceed the VAT threshold, they have the option to be taxed either on the basis of the income tax schedule for individuals and the applicable percentage taxes, or just with a flat tax rate of 8% on their gross sales (or gross receipts plus other non ...

  3. Gift tax - Wikipedia

    en.wikipedia.org/wiki/Gift_tax

    Gifts like those to commemorate one's retirement of service or reward years of service are not subject to the gift tax. Transfers between spouses are exempt from gift tax in the US if the donee spouse is a U.S. citizen. Otherwise, there is a limit on the tax-exempt transfer.

  4. Tax Reform for Acceleration and Inclusion Law - Wikipedia

    en.wikipedia.org/wiki/Tax_Reform_for...

    Also, married couples where both parties are working may be exempted up to ₱500,000. This does not include the exemption from the first ₱90,000 of their thirteenth month pay and additional bonuses. Finally, Self-employed and professionals with gross sales below VAT can only pay 8% flat tax instead of their income and personal tax. [24]

  5. Statement of Assets, Liabilities, and Net Worth - Wikipedia

    en.wikipedia.org/wiki/Statement_of_assets...

    Any gifts, donations, inheritances, or other properties received at no cost must be listed at the fair market value and the assessed value. [4] SALNs are required by law under Article XI Section 17 of the Philippine Constitution and Section 8 of Republic Act No. 6713, the Code of Conduct and Ethical Standards for Public Officials and Employees. [3]

  6. What Are Gift Tax Rates and When Do You Have To Pay? - AOL

    www.aol.com/gift-tax-rates-pay-210701793.html

    The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form.

  7. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

  8. Tax exemption - Wikipedia

    en.wikipedia.org/wiki/Tax_exemption

    Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.

  9. IRS Increases Gift and Estate Tax Exempt Limits - AOL

    www.aol.com/finance/irs-increases-gift-estate...

    Barring an extension or new legislation, the lifetime estate and gift tax exemption is due to revert to the pre-2017 Tax Cuts and Jobs Act level of $5.49 million at midnight on Dec. 31, 2025.