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Percentage tax is a business tax imposed on persons or entities/transactions: who sell or lease goods, properties or services in the course of trade or business and are exempt from value-added tax (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 3,000,000 ...
The Agriculture and Fisheries Modernization Act (AFMA), or Republic Act 8435, was signed into law in December 1997 by President Fidel V. Ramos.AFMA focuses on 5 major concerns: poverty alleviation and social equity, food security, global competitiveness, sustainable development, and income profitability especially for farmers and fisherfolk.
Fiscal incentives include: income tax holiday for a certain number of years, which translates to 100% exemption from corporate income tax; tax and duty-free importation of raw materials, capital equipment, machineries and spare parts; exemption from wharfage dues and export tax, impost or fees; VAT zero-rating of local purchases subject to ...
MANILA (Reuters) -Philippine President Ferdinand Marcos Jr on Monday outlined ambitious plans for his six-year term in office that focus on fiscal management, infrastructure upgrades and turning ...
Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In ...
Agricultural Training Institute (ATI) Bureau of Agriculture and Fisheries Standards (BAFS), formerly known as Bureau of Agricultural and Fisheries Product Standards (BAFPS) until the enactment of R.A. No. 10601. Bureau of Animal Industry (BAI) Bureau of Agricultural Research (BAR) Bureau of Fisheries and Aquatic Resources (BFAR)
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.
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