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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 ...
How to get tax-free passive income. Tax-free passive and portfolio income is a possibility, but you’ll need to abide by a few important restrictions to make this dream a reality.
Passive income is a type of unearned income that is acquired with little to no labor to earn or maintain. It is often combined with another source of income, such as regular employment or a side job. [1] Passive income, as an acquired income, is typically taxable.
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 ...
Passive vs. Active Income Tax. passive income tax. We’ve seen that in the vast majority of situations, passive income is taxed in much the same way as active income, but there can be some ...
How Passive Income Is Taxed Differently. In most cases, passive income is taxed at your personal income tax rate. However, some factors can differentiate how passive income is taxed, which may ...
A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [169] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [170]
The key to effective financial planning are two primary types of income: Passive and non-passive. It's important to understand both passive and non-passive income types that you may have and how ...