In the Philippines, there are various taxes that individuals and businesses need to be aware of. undefined undefined undefined undefined undefined undefined undefined undefined undefined Understanding these taxes is crucial for compliance and financial planning. Each tax serves a specific purpose and affects different aspects of financial transactions. Being informed about these taxes helps individuals and businesses manage their finances better and avoid legal issues.
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Understanding Different Taxes in the Philippines

In the Philippines, there are various taxes that individuals and businesses need to be aware of.

  • Capital Gains Tax is charged on the profit from selling capital assets.
  • Documentary Stamp Tax applies to documents related to the transfer of obligations or property.
  • Donor’s Tax is imposed on gifts or donations.
  • Estate Tax is levied on the transfer of a deceased person's estate to their heirs.
  • Income Tax is collected on annual earnings from various sources.
  • Percentage Tax is for businesses with annual sales below P550,000 that are not VAT-registered.
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