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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 ...
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
Philippine Statistics Authority: Married Filipino citizens [1] National identity card Philippine Identification System (PhilSys) ID: Philippine Statistics Authority: Filipino citizens and non-Filipino citizens with permanent residency [4] NBI clearance: National Bureau of Investigation [5] Overseas Employment Certificate
To strictly enforce the payment of taxes and to further discourage tax evasion, RA No. 233 or the Rewards Law was passed on June 19, 1959 whereby informers were rewarded the 25% equivalent of the revenue collected from the tax evader. In 1964, the Philippines was re-divided anew into 15 regions and 72 inspection districts.
Gathering and saving receipts and tax documents is an important part of filing taxes and receiving your refund quickly.Whether you take the standard deduction or itemize deductions, most people ...
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. Inheritance tax, a tax paid on money gained through inheritance
Exemption from percentage tax of gross sales/receipts not exceeding five hundred thousand pesos (₱500,000.00); Exemption of various petroleum products from excise tax when used as input, feedstock, or as raw material in the manufacturing of petrochemical products, or in the refining of petroleum products, or as replacement fuel for natural ...
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 ...