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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 ...
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 ...
The court could dismiss your case or change it to Chapter 7 if you’re late on your Chapter 13 payment. You can request a payment reduction or amendment if you’ve faced an unexpected financial ...
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
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 ...
Filing for bankruptcy, on the other hand, is a legal process that involves listing your debts and assets and finding a way to resolve the debts. Default and bankruptcy usually go hand in hand.
To strictly enforce the payment of taxes and to further discourage tax evasion, RA No. 233 or the Rewards Law was passed on June 19, 1959 whereby informers were rewarded the 25% equivalent of the revenue collected from the tax evader. In 1964, the Philippines was re-divided anew into 15 regions and 72 inspection districts.
Late payments: A Chapter 7 bankruptcy allows the holder of your mortgage to foreclose, while Chapter 13 will give you more time to catch up on your mortgage payments, as you’re typically allowed ...