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TAXING SITUATION The Philippines is to impose a 12% value-added tax on overseas digital service providers operating in the country, including Netflix, HBO and Disney. The measure was signed into ...
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 ...
Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25] "TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food.
[135] [136] The Bureau of Internal Revenue also lengthen the deadline for filing income tax returns (ITR) from the original April 15 date to May 15. [137] Nevertheless, the agency appealed to the public to file their ITR on the original April 15 date if they are already prepared, "in order to help the Duterte administration raise enough funds ...
The Internal Revenue Service announced that the 2025 tax filing season will officially begin on Jan. 27, when taxpayers can file returns for the 2024 tax year. CBS News 5 days ago Here's when you ...
Three (3) new departments were created, namely: 1) Legal, 2) Assessment and 3) Collection. On the latter part of January of the same year, Memorandum Order No. V-188 created the Withholding Tax Unit, which was placed under the Income Tax Division of the Assessment Department.
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A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...