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Income Tax: Individual Corporate

The document summarizes various taxes in the Philippines, including income tax rates that range from 5-32% for individuals and 30% for corporations. It also discusses value-added tax (VAT) of 12% on goods and services, percentage tax for small businesses exempt from VAT, and excise taxes on manufactured and imported goods.

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57 views1 page

Income Tax: Individual Corporate

The document summarizes various taxes in the Philippines, including income tax rates that range from 5-32% for individuals and 30% for corporations. It also discusses value-added tax (VAT) of 12% on goods and services, percentage tax for small businesses exempt from VAT, and excise taxes on manufactured and imported goods.

Uploaded by

olafed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Income Tax

Individual
The income tax rate for individuals ranges from 5% to 32%

Corporate
The income tax rate for corporations is 30%.

Business Taxes

Value-Added Tax (VAT)


Value added tax is a general consumption tax that requires a 12% additional tax on the sales price
of goods and/or services by VAT-registered seller or seller required by law to be under the VAT
system.[2] It is an indirect tax, which may be shifted or passed on to the buyer, transferee or lessee of
goods, properties or services.[3]

Percentage Tax
Percentage tax is a business tax imposed on persons or entities/transactions:
1. 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 1,919,500 and who are not
VAT-registered; and
2. Engaged in businesses specified in Title V of the National Internal Revenue Code.

Excise taxes
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

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