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Ancestral lands, as stated in the law, refer to "lands occupied, possessed and utilized by individuals, families and clans who are members of the ICCs/IPs since time immemorial, by themselves or through their predecessors-in-interest, under claims of individual or traditional group ownership, continuously, to the present even when interrupted ...
About 610,054 agrarian reform beneficiaries (ARBs) tilling 1,173,101.575 hectares (2,898,797.12 acres) of land are seen to benefit from this law. [ 3 ] [ 4 ] The Philippine government will pay the remaining balance of the direct compensation due the landowners under the Voluntary Land Transfer (VLT) or the Direct Payment Scheme (DPS) amounting ...
Percentage tax is a business tax imposed on persons or entities/transactions: who sell or lease goods, properties or services in the course of trade or business and are exempt from value-added tax (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 3,000,000 ...
The estate tax is now reduced to 6% based on the net value of the property. It also has a standard deduction of ₱5 million as well as a ₱10 million exemption on the family home. The donor tax is also reduced to 6% of the net donations for gifts above ₱250,000 yearly. [27]
Ancestral lands are referred to in the Philippines Constitution. Article XII, Section 5 says: "The State, subject to the provisions of this Constitution and national development policies and programs, shall protect the rights of indigenous cultural communities to their ancestral lands to ensure their economic, social, and cultural well-being." [13]
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
The United States Secretary of the Interior Deb Haaland announced last week that $120 million are available to fund tribal efforts to become more resilient to climate-fueled extreme weather ...
The National Commission on Indigenous Peoples (NCIP) is the agency of the national government of the Philippines that is responsible for protecting the rights of the indigenous peoples of the Philippines. [2] The commission is composed of seven commissioners. It is attached to the Department of Social Welfare and Development.