It’s Your Money > Taxes
Main taxes in RP
(1/1)
Lunkan:
I have found a lot of Phili tax information, but no good overview, and although I\'m used to read tax laws, it\'s extra tireding to read such in a foreign language, so it would be good if I can get a summery of the main tax levels :)
1. RP income tax.
2. Employer\'s tax on salaries. Are there any more than the fees to the Social Security? How much for each?
3. VAT.
4. Estates.
5. Capital incomes. Any difference between bank interests and different types of share incomes? On the NET result, I hope :) Someone said 20 % elsewhere. Correct?
Gray Wolf:
A 1 minute Google search revealed this:
Moderate taxes for foreigners
engaged in trade or business
http://www.globalpropertyguide.com/Asia/Philippines/Taxes-and-Costs
Philippines Tax Rates
http://www.taxrates.cc/html/philippines-tax-rates.html
Philippines Income Tax Calculator
Income tax for Philippines is the individual income tax consists of taxes on compensation income (from employment), business income, and passive income (interests, dividends, royalties, and prizes).
http://easycalculation.com/tax/philippines.php
You really are helpless, aren\'t you? :o ::) ;D ;D ;D
Lunkan:
--- Quote from: Gray Wolf on January 17, 2012, 02:06:31 AM ---A 1 minute Google search revealed this:
Moderate taxes for foreigners
engaged in trade or business
http://www.globalpropertyguide.com/Asia/Philippines/Taxes-and-Costs
Philippines Tax Rates
http://www.taxrates.cc/html/philippines-tax-rates.html
Philippines Income Tax Calculator
Income tax for Philippines is the individual income tax consists of taxes on compensation income (from employment), business income, and passive income (interests, dividends, royalties, and prizes).
http://easycalculation.com/tax/philippines.php
You really are helpless, aren\'t you? :o ::) ;D ;D ;D
--- End quote ---
As I wrote I had found such long texts allready, hoping any of you allready know something as the following ;D
so I didn\'t had to read through all that text, which I have done now.
If I understood correct now when I\'m sleepy:
1. RP Income tax.
25% for 500 000 pesos per year (steps 0 - 30 make 25%). 32% for part above 500 000.
Reduction 50 k for yourself + 25 k for each first 4 dependant.
If not working then 25 % flat, but no reduction.
2. Employer\'s fees on salaries
?
Not among the text. To tired to look now.
3. VAT
12 %
(3 % if under 1.5 mill per year.)
4. Estates.
0 - 1.2 %. Around 0.6 for a rather big but simple house, which I\'m talking about.
Half in Metro Manila (but higher values there,)
5. Capital incomes.
Some are counted as work income.
(30 % fir interests and share profits ?)
1, 4 and 5 are at Swedish levels !!! which I thought were extreemly high :)
(except we have much higher income tax starting from over 50 000 USD.)
clbattles:
so you would rather type than read...not me...my two fingers get too sore ;D ;D ;)
Lunkan:
--- Quote from: cbindenver on January 18, 2012, 11:03:08 AM ---so you would rather type than read...not me...my two fingers get too sore ;D ;D ;)
--- End quote ---
No, I would have prefered reading a short summary similar to the one I wrote in the second post, but a complete one. That\'s why I asked :)
Do you mean the text in my second post was long compared to the law texts, which I had to read through to find that summary, although that text of mine is just around 1 % length??! ;D
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