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LOCAL TAXES
Local Taxes
Taxes that are due in addition to
state and federal taxes. These can be in the form of property, sales, water, sewer, school, and occasionally, income taxes.
Local Taxes
Funds generated from this cover
some community services. For example, they can be used for public school-related expenses. Also called municipal taxes.
Excise tax Documentary stamp tax Estate and donors (gift) tax
Excise Tax
Excise taxes are imposed on
selected commodities such as alcoholic beverages, tobacco products, jewelry and petroleum products.
petroleum taxes, residence taxes, a head tax on immigrants above a certain age and staying beyond a certain period,
document stamp
taxes, donor (gift) taxes, estate taxes, and capital gains taxes.
instruments, loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation, right or property incident.
proofs of indebtedness, proofs of ownership, etc, and normally amount to .75% to 1% of the face value of the certificate.
or gift, and imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer.
Corporate Taxpayers
Corporate Taxpayers
1. Domestic corporations are taxed
at 30% of annual taxable income from worldwide sources with option for 15% tax on gross income subject to certain conditions.
Corporate Taxpayers
2.
A foreign corporation, whether engaged or not in trade or business in the Philippines, is taxable on Philippine-sourced income at the same rates as domestic corporations.
Corporate Taxpayers
3. Profits remitted by a branch of a foreign corporation to its home office are taxed at the rate of 15%. Dividends declared by a domestic corporation to its foreign parent are generally taxed at 30%.
Corporate Taxpayers
However, if the home country of the recipient corporation allows an additional credit of 17% as tax deemed paid in the Philippines, the tax is reduced to 15%. Dividends remitted to countries that do not impose a tax on offshore dividends qualify for this rate.
Corporate Taxpayers
Under the Philippine tax treaties with Netherlands, Japan, Germany, Korea and Austria, a preferential tax of 10% on branch profit remittances is granted.
Corporate Taxpayers
4.
All corporations, whether domestic or foreign, are subject to capital gains tax on the sale of shares of stock, in the same manner as individual taxpayers.
Corporate Taxpayers
5. Any excess of the minimum corporate income tax over the normal income tax as computed shall be carried forward and credited against the normal income tax for the three immediately succeeding taxable years.
Corporate Taxpayers
6. In general, an employer (individual
or corporation) shall pay a final tax of 30% on the grossed-up monetary value of fringe benefit furnished or granted to the employee (except rank and file) unless the fringe benefit is required by nature of, or necessary to the trade, business or profession of the employer.
institutions- percentage tax at maximum rates ranging from .50% to .75% depending on the locality of the business.
instruments and related transactions such as issuance of shares of stock, evidence of indebtedness, transfer of real property, lease contracts insurance policies, etc.. c. Community tax d. Overseas communications tax
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