Search results
Results From The WOW.Com Content Network
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. Real property taxes are considered as local ...
In general, the income tax rate for corporations is 30%. [2] However, for-profit educational institutions and hospitals enjoy a much lower rate of 10%. Estate tax
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
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.
The history of the community tax certificate entails three incarnations dating back to Spanish colonial times. Introduced in a 19th-century reform of the tax system which followed the Revolt Against the Tribute of 1589 which scrapped the system of tribute, as well as subsequent tax reforms, the cédula was issued to all indios or natives between the ages of 18 and 60 upon payment of a ...
The TRAIN Act is the first of four packages of tax reforms to the National Internal Revenue Code of 1997, or the Tax Code, as amended. [3] This package introduced changes in personal income tax (PIT), [ 4 ] estate tax, donor's tax, value added tax (VAT), documentary stamp tax (DST) and the excise tax of tobacco products, petroleum products ...
The administration of real estate tax is handled by the municipality in whose territory the real estate lies. In cities with multiple city districts, the tax administration of real estate tax is handled by the department of local taxes and fees and not by the city districts. For example, Bratislava or Košice. [55]
Taxes based on income are imposed at the State level, both on individuals and corporations. Oklahoma first enacted an individual income tax in 1915 and then a corporate income tax in 1931. Income taxes are steadily increased as a major State revenue source since 1933 when the Oklahoma Constitution was amended to prohibit State-level taxation of ...