Search results
Results From The WOW.Com Content Network
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 ...
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. Overall responsiveness of the tax system to changes in economic activity improved from an average of 0.9% from 1980–1985 to an average of 1.5% from 1986 to 1991.
The region posted the second highest average annual family income in Mindanao in 2009, although lower than the national average. Between 2006 and 2009, annual family income increased by 16.2 percent from PHP 142,000 to PHP 165,000. On the average, incomes rose by 5.4 percent annually exceeding the region‟s RDP target of five percent.
Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25] "TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food.
The adoption of the VAT system was one of the structural reforms provided for in the 1986 Tax Reform Program, which was designed to simplify tax administration and make the tax system more equitable. It was also in 1988 that the Revenue Information Systems Services Inc. (RISSI) was abolished and transferred back to the BIR by virtue of a ...
When taxes and mandatory contributions are subtracted from household income, the result is called net or disposable household income. A region's mean or median net household income can be used as an indicator of the purchasing power or material well-being of its residents. Mean income is the amount obtained by dividing the total aggregate ...
When you file your tax return, it’s important to know your correct filing status because it can affect the amount of tax you owe for that year.The Internal Revenue Service states that your ...
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 ...