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6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
The value-added tax (VAT) rate since 2006 is 12%. [ 2 ] [ 5 ] The new VAT threshold was changed from Php 1,919,500 to Php 3,000,000 [ 6 ] [ 7 ] as a result of the passage of the Tax Reform for Inclusion and Acceleration (TRAIN) Law.
Hawaii - Hawaii imposes its General Excise Tax (GET) as a gross receipts tax on all business done in Hawaii, at 0.5% for wholesaling and manufacturing, 0.15% for insurance commissions, and 4% (4.5% in Honolulu County) for all other activities. Businesses may pass on the GET as a sales-tax-like surcharge but are not required to do so.
Excise taxes can be either a flat fee or a percentage of the cost of the product or service. For instance, a state could put a 10% excise tax on tanning salons or charge a flat $5 excise tax on ...
Flat tax, an income tax where everyone pays the same tax rate. Gift tax, a tax on gifts given (generally paid by the person making the gift, not by the recipient). Gross receipts tax, a tax on revenues received by a corporation, even if they don't profit. Hall–Rabushka flat tax, a flat tax on income that excludes investments.
The Philippine Health Insurance Corporation (PhilHealth) is a tax-exempt, government-owned and controlled corporation (GOCC) of the Philippines that provides health insurance to the country. It was created on 1995 to implement universal health coverage in the Philippines, and is attached to the Department of Health. On August 4, 1969, Republic ...
An Act increasing the Excise Tax on tobacco products, Imposing Excise Tax on heated tobacco products and apor products, increasing the penalties for violations of provisions on Articles subject to Excise Tax, and earmarking a portion of the total excise tax collections from Sugar-Sweetened Beverages, Alcohol, Tobacco, Heated Tobacco and Vapor ...
Tax effort increased from 10.7% in 1985 to 15.4% in 1992, then peaked at 17.0% in 1997. The share of direct taxes to total taxes increased while that of trade taxes decreased. Income taxes could have performed better, and the tax system's fairness enhanced, had BIR implemented fully the approved reform imposing ceilings on allowable deductions.