Business News
Capital Gains Tax
is a tax imposed on the gains presumed to have been realized by the seller
from the sale, exchange, or other disposition of capital assets located in the
Philippines, including pacto de retro sales and other forms of conditional
sale.
Documentary Stamp Tax is a tax on documents, instruments, loan
agreements and papers evidencing the acceptance, assignment, sale or transfer
of an obligation, rights, or property incident thereto.
Donor's Tax is a tax 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.
Estate Tax is a tax 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.
Income Tax is a tax on all yearly profits arising from property,
profession, trades or offices or as a tax on a person’s income, emoluments,
profits and the like.
Percentage Tax is a business tax imposed on persons or entities who
sell or lease goods, properties or services in the course of trade or business
whose gross annual sales or receipts do not exceed P550,000 and are not
VAT-registered.
Value Added Tax is a business tax imposed and collected from the
seller in the course of trade or business on every sale of properties (real or
personal) lease of goods or properties (real or personal) or vendors of
services. It is an indirect tax, thus, it can be passed on to the buyer.
Withholding Tax on Compensation is the tax withheld from individuals
receiving purely compensation income.
Expanded Withholding Tax is a kind of withholding tax which is
prescribed only for certain payors and is creditable against the income tax
due of the payee for the taxable quarter year.
Final Withholding Tax is a kind of withholding tax which is prescribed
only for certain payors and is not creditable against the income tax due of
the payee for the taxable year. Income Tax withheld constitutes the full and
final payment of the Income Tax due from the payee on the said income.
Withholding Tax on Government Money Payments is the withholding tax
withheld by government offices and instrumentalities, including
government-owned or -controlled corporations and local government units,
before making any payments to private individuals, corporations, partnerships
and/or associations.
