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Tax Issues Essay

668 words - 3 pages

Corporate Taxes
Tax Base For Resident and Foreign Companies
VAT is applied in the same way to residents and non residents. For additional information, consult the Bureau of Internal Revenue.
 
Tax Rate
Income Tax | The rate is 30% on net income but there are some preferential rates and exemptions. Preferential rates vary from 2 to 20%. Regional headquarters are taxed at 10%. |
Capital Gains Tax | These are taxed like income, except those from selling shares in companies (5-10% if not exchanged on the Stock Exchange; half of 1% of the selling price otherwise), and those from selling real estate not used for business purposes (6%). |
Deductions on dividends | Deduction of 15% on ...view middle of the document...

For any additional information access the PKFTax guide on the Philippines.
Other Corporate Taxes
Tax of 3 to 7% on companies in certain sectors (banking, insurance, finance, transport). Various duties apply at various rates depending on the type of document.
Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.

Individual Taxes
Tax Base For Residents and Non-Residents
Resident citizens are taxed on all of their income, while foreign residents and non residents are only taxed on their Filipino income.
 
Tax Rate
Income Tax | Rates vary between 0 and 32% (higher rate for revenues over PHP 500 000) according to the income of natural persons. |
From PHP 0 to 10,000 | 5% |
From PHP 10,000 to 30,000 | 10% |
From PHP 30,000 to 70,000 | 15% |
From PHP 70,000 to 140,000 | 20% |
From PHP 140,000 to 250,000 | 25% |
From PHP 250,000 to 500,000 | 30% |
Over PHP 500,000 | 32% |
Tax on capital income | 6% (real estate); 5% up to 100 000 PHP then 10%...

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