| VALUE
ADDED TAX
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Value-added
tax is a tax imposed and collected on every sale, barter, exchange or
transaction deemed sale of taxable goods, properties, lease of goods or
properties, or services in the course of trade or business as they pass
along the production and distribution chain, the tax being limited only
to the value added to such goods, properties or services by the seller
or transferor.
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| PERCENTAGE
TAX
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Any person engaged in
business whose sales or receipts are exempt under from payment of the
value-added tax and who is not a VAT-registered person must file a percentage
tax return and pay the appropriate percentage tax. Percentage tax is
a business tax measured by a given ratio between the gross sales or
receipts and the burden imposed upon the taxpayer.
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| EXCISE
TAX
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Excise
tax is a tax applicable to certain specified goods or articles manufactured
or produced in the Philippines for domestic sale or consumption or for
any other disposition, and to things imported into the Philippines.
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Specific tax
- an excise tax imposed on certain goods based on weight or volume capacity
or any other physical unit of measurement. It applies to alcohol and alcohol
products, tobacco and tobacco products, and petroleum products.
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Ad valorem
tax - an excise tax imposed on certain goods based on selling price or other
specified value of the goods. It applies to mineral products, automobiles
and non-essential goods.
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| INCOME
TAX
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Income
tax is a tax on all yearly profits arising from property, profession,
trades or offices or as a tax on a person's income, emoluments, profits
and the like.
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A. Individuals
- resident citizen receiving income from sources within or outside the Philippines
- non-resident citizen receiving income from sources within the Philippines.
- aliens whether resident or not receiving income from sources within the
Philippines. |
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B. Corporations
(no matter how created or organized including general partnership) includes
domestic corporations receiving income from sources within and outside the
Philippines and foreign corporation receiving income from sources within
the Philippines. |
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C. Estates
and Trusts engaged in trade or business
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| WITHHOLDING
TAX |
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Classification
of withholding taxes
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Expanded withholding
tax |
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Final withholding
tax |
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Withholding
of income tax on compensation |
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Withholding
of creditable VAT and other percentage taxes |
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| CAPITAL
GAINS TAX
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Capital
gains is a tax imposed on the gains presumed to have been realized by
the seller from the sale, exchange, or other disposition of real property
located in the Philippines, classified as capital assets, including pacto
de retro sales and other forms of conditional sale.
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| DOCUMENTARY
STAMP TAX
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Documentary stamp tax
is a tax on documents, instruments, loan agreements and papers evidencing
the acceptance, assignment, sale or transfer of an obligation, rights,
or property incident thereto. There are different documents that are
subject to different rates of Documentary Stamp Tax.
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Click here for more information on National Taxes.
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