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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 ". [1] National law: National ...
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 ...
A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [ 166 ] 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). [ 167 ]
Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25] "TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food.
A narrower view of the theory of taxation reduces the system to two issues: who can pay and who can benefit (Benefit principle). Influential theories have been the ability theory presented by Arthur Cecil Pigou [2] and the benefit theory developed by Erik Lindahl. [3][4] There is a later version of the benefit theory known as the "voluntary ...
The Internal Revenue Allotment (IRA) is a local government unit ’s (LGU) share of revenues from the Philippine national government. Provinces, independent cities, component cities, municipalities, and barangays each get a separate allotment. The allotment is largely based upon the type of government they are and a formula based upon their ...
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 Taft Commission, also known as the Second Philippine Commission (Filipino: Ikalawang Komisyon ng Pilipinas), was established by United States President William McKinley on March 16, 1900, following the recommendations of the First Philippine Commission, using presidential war powers while the U.S. was engaged in the Philippine–American War.