Tax Information of BIR Philippines

1 ANSWERS

1. Guest9217
   

   Following taxes are imposed by the Bureau of Internal Revenue Philippines:
   
   Capital Gains Tax is a tax enforced on the profits presumed to have been recognized by the trader from the sale, exchange, or other disposition of capital assets established in the Philippines, encompassing pacto de retro sales and other types of dependent sale.
   
   Documentary Stamp Tax  is a tax on articles, devices, lend affirmations and papers evidencing the acceptance, allotment, sale or move of an responsibility, privileges, or house occurrence thereto.
   
   Donor's Tax is a tax on a donation or gift, and is enforced on the gratuitous move of house between two or more individuals who are dwelling at the time of the transfer.
   
   Estate Tax  is a tax on the right of the deceased individual to convey his/her land parcel to his/her lawful heirs and beneficiaries at the time of death and on certain moves which are made by regulation as matching to testamentary disposition.
   
   Income Tax is a tax on all annual earnings originating from house, occupation, deals or agencies or as a tax on a person’s earnings, emoluments, earnings and the like.
   
   Percentage Tax is a enterprise tax enforced on individuals or entities who deal or lease items,properties or services in the course of trade or enterprise whose whole yearly sales or acknowledgements manage not pass P550,000 and are not VAT-registered.
   
   Value Added Tax  is a enterprise tax enforced and assembled from the trader in the course of trade or enterprise on every sale of properties (real or personal) lease of items or properties (real or personal) or vendors of services. It is an digressive tax, therefore, it can be passed on to the buyer.
   
   Withholding Tax on Compensation  is the tax denied from persons obtaining solely reimbursement income.
   
   Expanded Withholding Tax is a kind of withdrawing tax which is prescribed only for certain payors and is creditable contrary to the earnings tax due of the payee for the taxable quarter year.
   
   Final Withholding Tax  is a kind of withdrawing tax which is prescribed only for certain payors and is not creditable contrary to the earnings tax due of the payee for the taxable year. Income Tax denied constitutes the full and last fee of the Income Tax due from the payee on the said income.
   
   Withholding Tax on Government Money Payments  is the withdrawing tax denied by government agencies and instrumentalities, encompassing government-owned or -controlled companies and localized government flats, before producing any payments to personal persons, companies, partnerships and/or associations.

   Report (0) (0)  |   12 years, 8 month(s) ago