Taxes in Philippines

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Below are important type of taxes in Philippines.

  • Capital Gains TaxTax payable on profits made on the sale of certain types of ... More: Capital Gains TaxTax payable on profits made on the sale of certain types of ... More is a taxA fee imposed by a government on personal or corporate incom... More imposed on the gains presumed to have been realized by the seller from the sale, exchange, or other disposition of capitalThe net worth of a business, including assets, cash, propert... More assetsAnything of value which is owned by an individual, company, ... More located in the Philippines, including pacto de retro sales and other forms of conditional saleA purchasing arrangement, usually where the buyer pays in in... More.
  • Documentary Stamp TaxA fee imposed by a government on personal or corporate incom... More is a taxA fee imposed by a government on personal or corporate incom... More on documents, instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident thereto.
  • Donor’s TaxA fee imposed by a government on personal or corporate incom... More: Donor’s TaxA fee imposed by a government on personal or corporate incom... More is a taxA fee imposed by a government on personal or corporate incom... More on a donation or gift, and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. It shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect and whether the property is real or personal, tangible or intangible.
  • Estate TaxA fee imposed by a government on personal or corporate incom... More: Estate TaxA fee imposed by a government on personal or corporate incom... More is a taxA fee imposed by a government on personal or corporate incom... More on the right of the deceased person to transmit his/her estate to his/her lawful heirs and beneficiaries at the time of death and on certain transfers, which are made by law as equivalent to testamentary disposition. It is not a taxA fee imposed by a government on personal or corporate incom... More on property. It is a taxA fee imposed by a government on personal or corporate incom... More imposed on the privilege of transmitting property upon the death of the owner. The Estate TaxA fee imposed by a government on personal or corporate incom... More is based on the laws in force at the time of death notwithstanding the postponement of the actual possession or enjoyment of the estate by the beneficiary.
  • Income TaxA tax paid by individuals to the government, the amount of w... More: Income TaxA tax paid by individuals to the government, the amount of w... More is a taxA fee imposed by a government on personal or corporate incom... More on a person’s income, emoluments, profits arising from property, practice of profession, conduct of tradeThe buying and selling or exchange of goods and services. Th... More or business or on the pertinent items of gross income specified in the TaxA fee imposed by a government on personal or corporate incom... More Code of 1997 (TaxA fee imposed by a government on personal or corporate incom... More Code), as amended, less the deductions and/or personal and additional exemptions, if any, authorized for such types of income, by the TaxA fee imposed by a government on personal or corporate incom... More Code, as amended, or other special laws.
  • Percentage taxA fee imposed by a government on personal or corporate incom... More is a business taxA fee imposed by a government on personal or corporate incom... More imposed on persons or entities/transactions:
    • Who sell or lease goods, properties or services in the course of tradeThe buying and selling or exchange of goods and services. Th... More or business and are exempt from value-added taxA fee imposed by a government on personal or corporate incom... More (VAT) under Section 109 (w) of the National Internal Revenue Code, as amended, whose gross annual sales and/or receipts do not exceed Php 1,919,500 and who are not VAT-registered; and
    • Engaged in the following industries/ transactions:
      • Banks and non-bank financial intermediaries performing quasi-banking functions
      • Other non-bank financial intermediaries (including pawnshops)
      • Fire, marine or miscellaneous agents of foreign insurance companies
      • Please refer Philippines official website for more information on this section.
  • Value-Added TaxA fee imposed by a government on personal or corporate incom... More: Value-Added TaxA fee imposed by a government on personal or corporate incom... More is a form of sales taxKnown as VAT (Value Added Tax) in the UK. A tax based on the... More. It is a taxA fee imposed by a government on personal or corporate incom... More on consumption levied on the sale, barter, exchange or lease of goods or properties and services in the Philippines and on importation of goods into the Philippines. It is an indirect taxA fee imposed by a government on personal or corporate incom... More, which may be shifted or passed on to the buyer, transferee or lessee of goods, properties or services.
  • Withholding TaxA fee imposed by a government on personal or corporate incom... More on Compensation: Withholding TaxA fee imposed by a government on personal or corporate incom... More on Compensation is the taxA fee imposed by a government on personal or corporate incom... More withheld from income payments to individuals arising from an employer-employee relationship.
  • Expanded Withholding TaxA fee imposed by a government on personal or corporate incom... More: Expanded Withholding TaxA fee imposed by a government on personal or corporate incom... More is a kind of withholding taxA fee imposed by a government on personal or corporate incom... More which is prescribed on certain income payments and is creditable against the income taxA tax paid by individuals to the government, the amount of w... More due of the payee for the taxable quarter/year in which the particular income was earned.
  • Final Withholding TaxA fee imposed by a government on personal or corporate incom... More: Final Withholding TaxA fee imposed by a government on personal or corporate incom... More is a kind of withholding taxA fee imposed by a government on personal or corporate incom... More which is prescribed on certain income payments and is not creditable against the income taxA tax paid by individuals to the government, the amount of w... More due of the payee on other income subject to regular rates of taxA fee imposed by a government on personal or corporate incom... More for the taxable year. Income TaxA tax paid by individuals to the government, the amount of w... More withheld constitutes the full and final payment of the Income TaxA tax paid by individuals to the government, the amount of w... More due from the payee on the particular income subjected to final withholding taxA fee imposed by a government on personal or corporate incom... More.
  • Withholding TaxA fee imposed by a government on personal or corporate incom... More on Government Money Payments (GMP) – Percentage Taxes – is the taxA fee imposed by a government on personal or corporate incom... More withheld by National Government Agencies (NGAs) and instrumentalities, including government-owned and controlled corporations (GOCCs) and local government units (LGUs), before making any payments to non-VAT registered taxpayers/suppliers/payees
  • Withholding TaxA fee imposed by a government on personal or corporate incom... More on GMP – Value Added Taxes (GVAT) – is the taxA fee imposed by a government on personal or corporate incom... More withheld by National Government Agencies (NGAs) and instrumentalities, including government-owned and controlled corporations (GOCCs) and local government units (LGUs), before making any payments to VAT registered taxpayers/suppliers/payees on account of their purchases of goods and services.
  • Excise TaxA fee imposed by a government on personal or corporate incom... More: Excise TaxA fee imposed by a government on personal or corporate incom... More is a taxA fee imposed by a government on personal or corporate incom... More on the production, sale or consumption of a commodity in a country.