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Royalties, except on books, literary works and musical compositions, are taxed at the rate of 10%. [2] Prizes and winnings from Philippine Charity Sweepstakes Office (PCSO) Lotto in excess of P10,000 (upon which individual prizes and winnings P10,000 or below are taxed on the basis of the income tax schedule for individuals) are taxed at the ...
Finally, there are three additional taxes that do not fall under the aforementioned categories. These are the tax on lottery winnings and PCSO prizes, documentary stamp tax, and mining tax. With the implementation of the TRAIN Law, all PCSO lotto prizes are taxed at 20% if the prize exceeds ₱10,000.
The Philippine Charity Sweepstakes Office (PCSO, Filipino: Tanggapan sa Charity Sweepstakes ng Pilipinas [2]) is a government-owned and controlled corporation of the Philippines under direct supervision of the Office of the President of the Philippines. It is mandated to do fund raising and provide funds for health programs, medical assistance ...
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
The Philippines will impose a 12% value-added tax (VAT) on digital services offered by tech giants such as Amazon, Netflix, Disney, and Alphabet, in a move that will level the playing field with ...
TAXING SITUATION The Philippines is to impose a 12% value-added tax on overseas digital service providers operating in the country, including Netflix, HBO and Disney. The measure was signed into ...
The IRS requires a minimum withholding of 24% of the prize (minus the wager) of any gambling win in excess of $5,000. However, the net for a major prize often is misleading; winners often owe the IRS upon filing a return because the Federal withholding was below the winner's tax obligations. Nonresident U.S. lottery winners have 30% of winnings ...
Most states have income taxes, meaning there’s a good chance the winnings are subject to taxes at the federal and state levels. Depending on your tax bracket, the rate varies from 10% to 37% ...