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Your current IP address is 8.222.208.146. </p> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>Even while globally blocked, you will <i>usually</i> still be able to edit pages on <a href="https://meta.wikimedia.org/wiki/" class="extiw" title="m:">Meta-Wiki</a>. </p> </div> <div class="paragraphbreak" style="margin-top:0.5em"></div><div style="font-size: 16px;"> <p>If you believe you were blocked by mistake, you can find additional information and instructions in the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/No_open_proxies" class="extiw" title="m:Special:MyLanguage/No open proxies">No open proxies</a> global policy. Otherwise, to discuss the block please <a href="https://meta.wikimedia.org/wiki/Steward_requests/Global" class="extiw" title="m:Steward requests/Global">post a request for review on Meta-Wiki</a>. You could also send an email to the <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/Stewards" class="extiw" title="m:Special:MyLanguage/Stewards">stewards</a> <a href="https://meta.wikimedia.org/wiki/Special:MyLanguage/VRT" class="extiw" title="m:Special:MyLanguage/VRT">VRT</a> queue at <kbd>stewards@wikimedia.org</kbd> including all above details. </p> </div> <p>Other useful links: <a href="https://meta.wikimedia.org/wiki/Global_blocks" class="extiw" title="m:Global blocks">Global blocks</a> · <a href="/wiki/Help:I_have_been_blocked" title="Help:I have been blocked">Help:I have been blocked</a> </p> </div></li></ul><hr /> <div id="viewsourcetext">You can view and copy the source of this page:</div><textarea readonly="" accesskey="," id="wpTextbox1" cols="80" rows="25" style="" class="mw-editfont-monospace" lang="en" dir="ltr" name="wpTextbox1">==National taxes== The taxes imposed by the [[Government of the Philippines|national government of the Philippines]] include, but are not limited to: {{col-begin}} {{col-break|width=50%}} * [[income tax]]; * [[estate tax]]; * [[Gift tax|donor's tax]]; * [[value-added tax]]; {{col-break|width=50%}} * percentage tax; * [[Excise|excise tax]]; and * [[Stamp duty|documentary stamp tax]].<ref name="ra8424"/> {{col-end}} ===Income tax=== ====Income tax for individuals==== [[Philippine nationality law|Citizens of the Philippines]] and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to: {{col-begin}} {{col-break|width=25%}} * compensation income (e.g., [[salary]] and [[wage]]s); * income of [[Sole proprietorship|self-employed individuals]] and/or [[professional]]s; {{col-break|width=25%}} * [[capital gain]]s; * [[interest]]s; * [[Renting|rents]]; {{col-break|width=25%}} * [[Royalty payment|royalties]]; * [[dividend]]s; * [[annuities]]; {{col-break|width=25%}} * [[Prize|prizes and winnings]]; * [[pension]]s; and, * [[Partnership#Partner compensation|partner's share from the profits of partnership]].<ref name="ra8424"/> {{col-end}} =====Compensation and self-employment income===== Individuals, including nonresident aliens, earning compensation income are taxed based only on the income tax schedule for individuals. On the other hand, self-employed individuals and professionals are taxed based on the income tax schedule for individuals, applicable percentage taxes, and value-added tax (VAT). 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-operating income).<ref name="ra10963"/> {{col-begin}} {{col-break}} {| class="wikitable" |+ class="nowrap" | Income tax schedule for individuals effective [[Fiscal year|FY]] 2018 until FY 2022<ref name="ra10963"/> ! colspan="2" | Annual taxable income !! rowspan="2;" style="width: 320px” | Tax to pay |- ! style="width: 90px” | Over !! style="width: 90px” | But not over |- | P0 || P250,000 || 0% |- | P250,000 || P400,000 || 20% of the excess over P250,000 |- | P400,000 || P800,000 || P30,000 + 25% of the excess over P400,000 |- | P800,000 || P2,000,000 || P130,000 + 30% of the excess over P800,000 |- | P2,000,000 || P8,000,000 || P490,000 + 32% of the excess over P2,000,000 |- | P8,000,000 || || P2,410,000 + 35% of the excess over P8,000,000 |} {{col-break}} {| class="wikitable mw-collapsible mw-collapsed" |+ class="nowrap" | Income tax schedule for individuals effective FY 2023 and onwards<ref name="ra10963"/> ! colspan="2" | Annual taxable income !! rowspan="2;" style="width: 320px” | Tax to pay |- ! style="width: 90px” | Over !! style="width: 90px” | But not over |- | P0 || P250,000 || 0% |- | P250,000 || P400,000 || 15% of the excess over P250,000 |- | P400,000 || P800,000 || P22,500 + 20% of the excess over P400,000 |- | P800,000 || P2,000,000 || P102,500 + 25% of the excess over P800,000 |- | P2,000,000 || P8,000,000 || P402,500 + 30% of the excess over P2,000,000 |- | P8,000,000 || || P2,202,500 + 35% of the excess over P8,000,000 |} {{col-end}} =====Interests, royalties, prizes and other winnings===== Interest income from bank deposits, deposit substitutes, trust funds, and other similar products (except for its long-term variants) is taxed at the rate of 20%.<ref name="ra8424"/> Royalties, except on books, literary works and musical compositions, are taxed at the rate of 10%.<ref name="ra8424"/> Prizes and winnings from [[Philippine Charity Sweepstakes Office]] (PCSO) [[PCSO Lottery Draw|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 rate of 20%.<ref name="ra10963"/> Interest income from a depository bank under the expanded foreign currency deposit system is taxed at the rate of 15%.<ref name="ra10963"/> Income from long-term deposits and investments, when pre-terminated in less than three years after making such deposit or investment, is taxed at the rate of 20%; less than four years, 12%; and, less than five years, 5%.<ref name="ra8424"/> =====Dividends===== Cash and property [[dividend]]s are taxed at the rate of 10%.<ref name="ra8424"/> =====Capital gains===== Capital gains from the sale of shares of stock not traded in [[Philippine Stock Exchange|stock exchange]] are taxed at the rate of 15%.<ref name="ra10963"/> Capital gains from the sale of [[real property]] are taxed at the rate of 6%, except when such proceeds would be used to construct a new principal residence within eighteen months after the sale of a previous principal residence had occurred.<ref name="ra8424"/> ====Income tax for corporations==== {{expand section|date=June 2018}} In general, the income tax rate for corporations is 30%.<ref name="ra8424"/> However, for-profit educational institutions and hospitals enjoy a much lower rate of 10%. ===Estate tax=== {{expand section|date=June 2018}} The transfer of the net estate is [[estate tax|taxed]] at a flat rate of 6%. There is a standard deduction amounting to P5,000,000. ===Donor's tax=== {{expand section|date=June 2018}} The total value of gifts made in a calendar year shall be [[gift tax|taxed]] at a flat rate of 6%. There is a standard deduction amounting to P250,000. ===Value-added tax=== {{expand section|date=June 2018}} The value-added tax (VAT) rate since 2006 is 12%.<ref name="ra8424"/><ref name="gmavat">{{cite news|title=12% VAT now in effect|url=http://www.gmanetwork.com/news/money/content/160/12-vat-now-in-effect/story/|access-date=January 8, 2018|agency=[[GMA News]]|date=February 1, 2006}}</ref> The new VAT threshold was changed from Php 1,919,500 to Php 3,000,000<ref name="BIR">''[https://www.bir.gov.ph/index.php/revenue-issuances/revenue-regulations/2018-revenue-regulations.html RR No. 13-2018]'', www.bir.gov.ph, 2018 Revenue Regulations</ref><ref name="VAT-Treshold">''[http://www.cpadavao.com/2019/05/how-to-compute-the-income-tax-due-under-the-TRAIN-Law.html How to Compute Income Tax Due Under the TRAIN Law]'', www.cpadavao.com, Posted May 22, 2019</ref> as a result of the passage of the Tax Reform for Inclusion and Acceleration (TRAIN) Law. ====Exempt transactions==== The following goods, services and transactions are exempted from the VAT: {{col-begin}} {{col-break|width=50%}} * agricultural and marine food products in their original state; * fertilizers, seeds, seedlings, fingerlings, and feeds and feed ingredients; * importation of personal and household effects of persons resettling in the Philippines; * importation of professional instruments, wearing apparel, and domestic animals; * services subject to percentage tax; * agricultural contract growers and millers; * health care services; * educational services; * agricultural cooperatives, and cooperatives that are non-agricultural and non-electric in nature; {{col-break|width=50%}} * residential lots worth at most P1,500,000, or house and lots worth at most P2,500,000 * monthly lease of residential units at most P15,000; * books and mass media publications (e.g. newspaper and magazine); * transport services by non-Philippine carriers; * cargo vessels and aircraft; * financial services; * sales to senior citizens and persons with disability; * from 2019, drugs prescribed for diabetes, high cholesterol and hypertension; and, * annual sales of any other goods or services not exceeding P3,000,000. {{col-end}} ===Percentage tax=== {{expand section|date=June 2018}} 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 and who are not VAT-registered; and, * engaged in businesses specified in Title V of the National Internal Revenue Code.<ref name="ra8424"/> ===Excise taxes=== {{expand section|date=June 2018}} Excise taxes apply to goods manufactured or produced in the Philippines for domestic sales or consumption or for any other disposition and to things imported.<ref name="ra8424"/><ref name="ra10963"/> </textarea><div class="templatesUsed"></div><p id="mw-returnto">Return to <a href="/wiki/Taxation_in_the_Philippines" title="Taxation in the Philippines">Taxation in the Philippines</a>.</p> <noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/wiki/Taxation_in_the_Philippines">https://en.wikipedia.org/wiki/Taxation_in_the_Philippines</a>"</div></div> <div id="catlinks" class="catlinks catlinks-allhidden" data-mw="interface"></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> </ul> <ul id="footer-places"> <li id="footer-places-privacy"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy">Privacy policy</a></li> <li id="footer-places-about"><a href="/wiki/Wikipedia:About">About Wikipedia</a></li> <li id="footer-places-disclaimers"><a href="/wiki/Wikipedia:General_disclaimer">Disclaimers</a></li> <li id="footer-places-contact"><a href="//en.wikipedia.org/wiki/Wikipedia:Contact_us">Contact Wikipedia</a></li> <li id="footer-places-wm-codeofconduct"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct">Code of Conduct</a></li> <li id="footer-places-developers"><a href="https://developer.wikimedia.org">Developers</a></li> <li id="footer-places-statslink"><a href="https://stats.wikimedia.org/#/en.wikipedia.org">Statistics</a></li> <li id="footer-places-cookiestatement"><a href="https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement">Cookie statement</a></li> <li id="footer-places-mobileview"><a href="//en.m.wikipedia.org/w/index.php?title=Taxation_in_the_Philippines&action=edit&section=1&mobileaction=toggle_view_mobile" class="noprint stopMobileRedirectToggle">Mobile view</a></li> </ul> <ul id="footer-icons" class="noprint"> <li id="footer-copyrightico"><a href="https://wikimediafoundation.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/static/images/footer/wikimedia-button.svg" width="84" height="29" alt="Wikimedia Foundation" loading="lazy"></a></li> <li id="footer-poweredbyico"><a href="https://www.mediawiki.org/" class="cdx-button cdx-button--fake-button cdx-button--size-large cdx-button--fake-button--enabled"><img src="/w/resources/assets/poweredby_mediawiki.svg" alt="Powered by MediaWiki" width="88" height="31" loading="lazy"></a></li> </ul> </footer> </div> </div> </div> <div class="vector-settings" id="p-dock-bottom"> <ul></ul> </div><script>(RLQ=window.RLQ||[]).push(function(){mw.config.set({"wgHostname":"mw-web.codfw.main-6df7948d6c-kr5z4","wgBackendResponseTime":240,"wgPageParseReport":{"limitreport":{"cputime":"0.058","walltime":"0.089","ppvisitednodes":{"value":418,"limit":1000000},"postexpandincludesize":{"value":17740,"limit":2097152},"templateargumentsize":{"value":6556,"limit":2097152},"expansiondepth":{"value":9,"limit":100},"expensivefunctioncount":{"value":0,"limit":500},"unstrip-depth":{"value":0,"limit":20},"unstrip-size":{"value":469,"limit":5000000},"entityaccesscount":{"value":0,"limit":400},"timingprofile":["100.00% 62.197 1 -total"," 99.88% 62.122 2 Template:Blocked_text"," 39.39% 24.501 2 Template:Replace"," 36.45% 22.669 1 Template:Colocationwebhost"," 33.02% 20.539 1 Template:Hidden"," 14.12% 8.785 1 Template:Tlx"," 13.70% 8.519 1 Template:Hidden_begin"," 2.32% 1.442 1 MediaWiki:Wikimedia-globalblocking-blockedtext-mistake"," 1.93% 1.202 1 Template:Hidden_end"," 1.56% 0.973 1 MediaWiki:Wikimedia-globalblocking-blockedtext-mistake-email-steward"]},"scribunto":{"limitreport-timeusage":{"value":"0.011","limit":"10.000"},"limitreport-memusage":{"value":1043337,"limit":52428800}},"cachereport":{"origin":"mw-web.codfw.main-6df7948d6c-kr5z4","timestamp":"20241127181054","ttl":2592000,"transientcontent":false}}});});</script> </body> </html>