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In October 1934, Act No. 4033 was passed to require a franchise from the Philippine government in order to operate an air service and to regulate foreign aircraft operations. [7] On November 12, 1936, the Congress of the Philippines passed Commonwealth Act No. 168, or the Civil Aviation Law of the Philippines, which created the Bureau of ...
Interest income from a depository bank under the expanded foreign currency deposit system is taxed at the rate of 15%. [3] Income from long-term deposits and investments, when pre-terminated in less than three years after making such deposit or investment, is taxed at the rate of 20%; less than four years, 12%; and, less than five years, 5%. [2]
Vehicle registration plates in the Philippines, commonly known as license plates (Filipino: plaka), are issued and regulated by the Land Transportation Office (LTO), a government agency under the Department of Transportation (DOTr).
This mileage rate for business increased by 1.5 cent from 65.5 cents per mile in 2023. Military moving mileage rate: 21 cents per mile (1 cent decrease from 2023). Qualified active-duty Armed ...
The new rate was implemented to help drivers cope with the surging price of gasoline. The average national price hit a new record high of $5.016 a gallon on June 14, 2022, according to AAA.
The estate tax is now reduced to 6% based on the net value of the property. It also has a standard deduction of ₱5 million as well as a ₱10 million exemption on the family home. The donor tax is also reduced to 6% of the net donations for gifts above ₱250,000 yearly. [27]
The Internal Revenue Service announced an increase in the standard mileage rates when people use their vehicles for business use. The standard mileage deduction rose to 67 cents per mile, up 1.5 ...
Thus, while the Civil Code seeks to govern all aspects of private law in the Philippines, a Republic Act such as Republic Act No. 9048 would concern itself with a more limited field, as in that case, the correction of entries in the civil registry. Still, the amendment of Philippine legal codes is accomplished through the passage of Republic Acts.