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The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts. Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ".
Definition and use A.C., [1] administrative case [2] N/A: English A case brought under administrative law in the form of a quasi-judicial proceeding by an agency of a non-judicial branch of government, or, the Office of the Court Administrator. Normally, such cases are internal disciplinary matters—court cases criminal and civil can be ...
Secondly, the final tax on foreign currency deposit unit (FCDU) was increased from 7.5% to 15% of interest income. Thirdly, capital gains tax of non-traded stock was increased from 5% to 10% of final net gains. Finally, the stock transaction tax was increased from 0.5% to 0.6% of total transaction value. [26]
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The taxes imposed by the Code include a graduated income tax on all income earned by natural and juridical persons within the Philippines, a capital gains tax, excise tax on certain products, a Donor's Tax, an estate tax, and a value-added tax on the sale of most goods and services in the Philippines.
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In May 1921, by virtue of Act No. 299, the Real Estate, License and Cash Divisions were abolished and their functions were transferred to the City of Manila. As a result of this transfer, the Bureau was left with five divisions, namely: 1) Administrative, 2) Law, 3) Accounting, 4) Income Tax and 5) Inspection.
A comparative graph of Revenue and Tax Effort from 2001 to 2010 [3] A comparative graph of Tax and Non-Tax Revenue contribution from 2001 to 2010 [4]. The Philippine government generates revenues mainly through personal and income tax collection, but a small portion of non-tax revenue is also collected through fees and licenses, privatization proceeds and income from other government ...