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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 ...
Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income ...
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.
Section 284 of the Local Government Code of the Philippines (RA 7160) sets up the formula for the distribution of the allotment. All or nearly all of the revenue that a local government has to spend comes from their IRA, though some local governments also have additional local sources of revenue such as property taxes and government fees ...
Sales taxes are generally tabulated for you, but calculating property taxes is a bit more involved and varies depending on local tax laws, homestead exemptions, regulations and other property tax ...
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A hobby farm (also called a lifestyle block, acreage living, or rural residential) is a smallholding or small farm that is maintained without expectation of being a primary source of income. Some are held simply to bring homeowners closer to nature, to provide recreational land for horses, or as working farms for secondary income.
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