Tax in the Philippines

8/10/2019 Tax in the Philippines

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Ma. Michelle Nica D. Mizon

BS Mathematics IV-1

TAXis an involuntary fee levied on corporations or individuals that is enforced by a level of government in order to

finance government activities.

Different Kinds of Taxes in the Philippines

National Taxes in the Philippines

Capital Gains Taxis 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.

Final Capital Gains Tax for Onerous Transfer of Real Property Classified as Capital Assets (Taxable and Exempt)

Tax Rates: For real property - 6%

Capital Gains Tax for Onerous Transfer of Shares of Stocks Not Traded Through the Local Stock Exchange

Tax Rates

For Shares of Stocks Not Traded in the Stock Exchange

- Not over P100,000 - 5%

- Any amount in excess of P100,000 - 10%

Annual Capital Gains Tax for Onerous Transfer of Shares of Stocks Not Traded Through the Local Stock Exchange

Tax Rates

For Shares of Stocks Not Traded in the Stock Exchange

- Not over P100,000 - 5%

- Any amount in excess of P100,000 - 10%

Documentary Stamp Taxis a tax on documents, instruments, loan agreements and papers evidencing the acceptance,

assignment, sale or transfer of an obligation, rights, or property incident thereto. Examples of documentary stamp tax

are those that are charged on bank promissory notes, deed of sale, and deed of assignment on transfer of shares of

corporate stock ownership.

Tax Rates

Tax

Code

Section

Document Taxable Unit Tax Due Per Unit % of

Unit

Taxable Base

174 Original Issue of Shares of

Stock with par value

Original Issue of Shares of

Stock without par value

P200.00 or fraction thereof


1.00

1.00

.5%

.5%

Par value of shares of

stocks

Actual consideration

for the issuance of
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Stock Dividend P200.00 or fraction thereof

1.00 .5%

shares of stocks

Actual value

represented by each

share

175 Sales, Agreements to Sell,

Memoranda of Sales,

Deliveries or Transfer of

Shares or Certificates of

Stock

Stock without par value

P200.00 or fraction

thereof

.75 3.75%

25%

Par value of such stock

DST paid upon the

original issuance of

said stock.

176 Bonds, Debentures, Certificate

of Stock or Indebtedness

issued in foreign Countries

P200.00 or fraction

thereof

.75 3.75% Par value of such

bonds, debentures,

Certificate of Stock orIndebtedness

177 Certificate of Profits or

Interest in Property or

Accumulation

P200.00 or fraction thereof .50 .25% Face value of such

certificate /

memorandum

178 Bank Checks, Drafts,

Certificate of Deposit not

bearing interest and other

Instruments

On each Document 1.50

179 All Debt Instruments P200.00 or fraction thereof 1.00 .5% Issue price of any such

instruments

180 All Bills of Exchange or Drafts P200.00 or fraction thereof .30 .15% Face value of any such

bill of exchange or

draft

181 Acceptance of Bills of

Exchange or order for the

payment of money purporting

to be drawn in a foreign

country but payable in the

Philippines

P200.00 or fraction thereof .30 .15% Face value of such bill

of exchange or order

or the Philippine

equivalent of such

value, if expressed in

foreign currency

182 Foreign Bills of Exchange and

Letters of Credit

P200.00 or fraction thereof .30 .15% Face value of such bill

of exchange or letter

of credit or the

Philippine equivalent

of such value, if

expressed in foreign

currency

183 Life Insurance Policies If the amount of insurance

does not exceed

P100,000.00

exempt Amount of Insurance


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If the amount of insurance

exceeds P100,000.00 but

does not exceed

P300,000.00



does not exceed

P500,000.00



does not exceed

P750,000.00



does not exceed

P1,000,000.00


exceeds P1,000,000.00

10.00

25.00

50.00

75.00

100.00

Amount of Insurance

Amount of Insurance

Amount of Insurance

Amount of Insurance

Amount of Insurance

184 Policies Of Insurance upon

Property

P4.00 premium or fraction

thereof

.50 12.5% Premium charged

185 Fidelity Bonds and other

Insurance Policies

P4.00 premium or fraction

thereof

.50 12.5% Premium charged

186 Policies of Annuities or other

instruments

Pre-Need Plans



.50

.20

.25%

.10%

Premium or

installment payment

or contract price

collected

Premium or

contribution

collected

187 Indemnity Bonds P4.00 or fraction thereof .30 7.5% Premium charged

188 Certificates of Damage or

otherwise and Certificate ordocument issued by any

customs officers, marine

surveyor, notary public and

certificate required by law or

by rules and regulations of a

public office

Each Certificate 15.00

189 Warehouse Receipts (except if

value does not exceed

P200.00)

Each Receipt 15.00


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190 Jai-alai, Horse Race Tickets,

lotto or Other Authorized

Number Games

P1.00 cost of ticket

Additional P0.10 on every

P1.00 or fraction thereof if

cost of ticket exceeds

P1.00

.10 10% Cost of the ticket

Cost of the ticket

191 Bills of Lading or

Receipts(except charter party)

If the value of such goods

exceeds P100.00 and does

not exceed P1,000.00

If the value exceeds

P1,000.00

Freight tickets covering

goods, merchandise or

effects carried as

accompanied baggage of

passengers on land and

water carriers primarilyengaged in the

transportation of

passengers

1.00

10.00

Exempt

Value of such goods

Value of such

goods

192 Proxies(except proxies issued

affecting the affairs of

associations or corporations,

organized for religious,

charitable or literary

purposes)

Each proxy 15.00

193 Powers of Attorney(exceptacts connected with the

collection of claims due from

or accruing to the

Government of the Republic

of the Philippines, or the

government of any province,

city or Municipality)

Each Document 5.00

194 Lease and other Hiring

agreements or memorandum

or contract for hire, use or

rent of any land or tenementsor portions thereof

First 2,000 or fractional

part thereof

For every P1,000 orfractional part thereof in

excess of the first P2,000

for each year of the term

of the said contract or

agreement

3.00

1.00

.15%

.1%

195 Mortgages Pledges of lands,

estate, or property and Deeds

of Trust

First 5,000

On each P5,000 or

20.00

10.00

.4%

.2%

Amount Secured

Amount Secured


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fractional part thereof in

excess of 5,000

196 Deed of Sale, instrument or

writing and Conveyances of

Real Property (except grants,

patents or original certificate

of the government)

First 1,000

For each additional P1,000

or fractional part thereof

in excess of P1,000

15.00

15.00

1.5%

1.5%

Consideration or Fair

Market Value,

whichever is higher (if

government is a

party, basis shall be

the consideration)

Consideration or Fair

Market Value,

whichever is higher (if

government is a

party, basis shall be

the consideration)

197 Charter parties and Similar

Instruments

1,000 tons and below

1,001 to 10,000 tons

Over 10,000 tons

P500.00 for the

first 6 months

Plus P50 each

month or fractionthereof in excess

of 6 months

P1,000 for the

first 6

months Plus P100

each month or

fraction thereof in

excess of 6

months

P1,500 for thefirst 6

months Plus P150

each month or

fraction thereof in

excess of 6

months

Registered gross

tonnage

Registered gross

tonnage

Registered gross

tonnage

198 Stamp Tax on Assignments

and Renewals or Continuance

of Certain Instruments

At the same rate

as that imposed

on the original

instrument.

Donors Taxis 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. Donors tax is based on a graduated schedule of tax rate.

Tax Rates

Effective January 1, 1998 to present (Republic Act No. 8424)

Net Gift Over But not Over The Tax Shall be Plus Of the Excess Over


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100,000.00 exempt

100,000.00 200,000.00 0 2% 100,000.00

200,000.00 500,000.00 P 2,000.00 4% 200,000.00

500,000.00 1,000,000.00 14,000.00 6% 500,000.00

1,000,000.00 3,000,000.00 44,000.00 8% 1,000,000.00

3,000,000.00 5,000,000.00 204,000.00 10% 3,000,000.00

5,000,000.00 10,000,000.00 404,000.00 12% 5,000,000.00

10,000,000.00 and over 1,004,000.00 15% 10,000,000.00

Notes:

1. Rate applicable shall be based on the law prevailing at the time of donation.

2. When the gifts are made during the same calendar year but on different dates, the donor's tax shall be computed

based on the total net gifts during the year.

Donation made to a stranger is subject to 30% of the net gift. A stranger is a person who is not a:

brother, sister (whether by whole or half blood), spouse, ancestor and lineal descendants; or

relative by consanguinity in the collateral line within the fourth degree of relationship.

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. Estate tax is also based on a graduated schedule of tax rate.

Tax Rates

Effective January 1, 1998 up to Present

If the Net Estate is

Over But not Over The Tax Shall be Plus Of the Excess Over

P 200,000.00 Exempt

P 200,000.00 500,000.00 0 5 % P 200,000.00

500,000.00 2,000,000.00 P 15,000.00 8 % 500,000.00

2,000,000.00 5,000,000.00 135,000.00 11 % 2,000,000.00

5,000,000.00 10,000,000.00 465,000.00 15 % 5,000,000.00

10,000,000.00 1,215,000.00 20 % 10,000,000.00


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Income Tax -is a tax on all yearly profits arising from property, profession, trades or offices or as a tax on a persons

income, emoluments, profits and the like. Self-employed individuals and corporate taxpayers pay quarterly income taxes

from 1st quarter to 3rd quarter. And instead of filing quarterly income tax on the fourth quarter, they file and pay their

annual income tax return for the taxable year. Individual income tax is based on graduated schedule of tax rate, while

corporate income tax in based on a fixed rate prescribe by the tax law or special law.

Tax Rate

A. For Individuals Earning Purely Compensation Income and Individuals Engaged in Business and Practice of ProfessionAmount of Net Taxable Income Rate

Over But Not Over

P10,000 5%

P10,000 P30,000 P500 + 10% of the Excess over P10,000

P30,000 P70,000 P2,500 + 15% of the Excess over P30,000




P500,000 P125,000 + 32% of the Excess over P500,000 in 2000 and onward

Note: When the tax due exceeds P2,000.00, the taxpayer may elect to pay in two equal installments, the first installmen

to be paid at the time the return is filed and the second installment 15 of the same year at on or before July the

Authorized Agent Bank (AAB) within the jurisdiction of the Revenue District Office (RDO) where the taxpayer i

registered.

Tax Rate Taxable Base

1. Domestic Corporations:

a. In General 30% (effective Jan. 1,

2009)

Net taxable income from all sources

b. Minimum Corporate Income Tax* 2% Gross Income

c. Improperly Accumulated Earnings 10% Improperly Accumulated Taxable Income

2. Proprietary Educational Institution 10% Net taxable income provided that the gross

income from unrelated trade, business or

other activity does not exceed 50% of the total

gross income

3. Non-stock, Non-profit Hospitals 10% Net taxable income provided that the gross

income from unrelated trade, business or

other activity does not exceed 50% of the totalgross income

4. GOCC, Agencies & Instrumentalities

a. In General 30% Net taxable income from all sources



5. National Gov't. & LGUs

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6. Taxable Partnerships




7. Exempt Corporation

a. On Exempt Activities 0%

b. On Taxable Activities 30% Net taxable income from all sources

8. General Professional Partnerships 0%

9. Corporation covered by Special Laws Rate specified under

the respective special

laws

10. International Carriers 2.5% Gross Philippine Billings

11. Regional Operating Head 10% Taxable Income

12. Offshore Banking Units (OBUs) 10% Gross Taxable Income On Foreign Currency

Transaction

30% On Taxable Income other than Foreign

Currency Transaction

13. Foreign Currency Deposit Units (FCDU) 10% Gross Taxable Income On Foreign Currency

Transaction

30% On Taxable Income other than Foreign

Currency Transaction

*Beginning on the 4th year immediately following the year in which such corporation commenced its busines

operations, when the minimum corporate income tax is greater than the tax computed using the normal income tax.

Passive Income

1. Interest from currency deposits, trust funds and deposit substitutes 20%

2. Royalties (on books as well as literary & musical composition) 10%

- In general 20%

3. Prizes (P10,000 or less ) 5%

- In excess of P10,000 20%

4. Winnings (except from PCSO and lotto) 20%

5. Interest Income of Foreign Currency Deposit 7.5%

6. Cash and Property Dividends

- To individuals from Domestic Corporations 10 %

- To Domestic Corporations from Another Domestic Corporations 0%

7. On capital gains presumed to have been realized from sale, exchange or other disposition of

real property (capital asset)6%


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Petroleum Service Contractor and Subcontractor

E) General Professional Partnerships

General Professional Partnerships 0%

F) Domestic Corporations

1) a. In Generalon net taxable income 30%

b. Minimum Corporate Income Taxon gross income 2%

c. Improperly Accumulated Earningson improperly accumulated taxable income 10%

2) Proprietary Educational Institution and Non-profit Hospitals 10%

- In general (on net taxable income) 10%

- If the gross income from unrelated trade, business or other activity exceeds 50% of the total

gross income from all sources30%

4) GOCC, Agencies & Instrumentalities

a. In General - on net taxable income 30%



5) Taxable Partnerships

a. In Generalon net taxable income 30%



6) Exempt Corporation

a. On Exempt Activities 0%

b. On Taxable Activities 30%

8) Corporation covered by Special Laws Rate specified under


laws

G) Resident Foreign Corporation

1) a. In Generalon net taxable income 30%



2) International Carrierson gross Philippine billings 2.50%

3) Regional Operating Headquarters on gross income 10%

4) Corporation Covered by Special Laws Rate specified under


laws

5) Offshore Banking Units (OBUs) on gross income 10%

6) Foreign Currency Deposit Units (FCDU) on gross income 10%


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Percentage Taxis 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 the amount required to register as VAT-

registered taxpayers. Percentage taxes are usually based on a fixed rate. They are usually paid monthly by businesses or

professionals. However, some special industries and transactions pay percentage tax on a quarterly basis.

Tax Rates

Coverage Basis Tax Rate

Persons exempt from VAT under Sec. 116 Gross Sales or Receipts 3%

Domestic carriers and keepers of garages Gross Receipts 3%

International Carriers:

International air/shipping carriers doing business in the

Philippines

Gross Receipts 3%

Franchise Grantees:

Electric , gas and water utilities Gross Receipts 2%

Radio and television broadcasting companies whoseannual gross receipts of the preceding year do not

exceed P 10,000,000 and did not opt to register asVAT

taxpayer

Gross Receipts 3%

Banks and non-bank financing intermediaries Interest, commissions and discounts from lending

activities as well as income from leasing on the

basis of remaining maturities of instruments:

Short term maturity (not over 2 years) 5%

Medium term maturity (over 2 years but not over

4 years)

3%

Long term maturity

Over 4 years but not over 7 years 1%

Over 7 years 0%

On Dividends 0%

On royalties, rentals of properties, real or personal,

profits from exchange and all other items treated

as gross income under Sec. 32 of the Code

5%

Finance Companies On interest, discounts and other items of gross

income paid to finance companies and other

financial intermediaries not performing quasibanking functions

5%

Interest, commissions and discounts paid from their

loan transactions from finance companies as well

as income from financial leasing shall be taxed

based on the remaining maturities of instruments:

Short term maturity (not over 2 years) 5%

Medium term (over 2 years but not over 4 years) 3%

Long Term Maturity
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Over 4 years but not over 7 years 1%

Over 7 years 0%

Life Insurance Companies (except purely cooperative

companies or associations)

Total premiums collected 5%

Agents of foreign insurance companies: (except

reinsurance premium)

Total premium collected 10%

Total premium collected 5%

Proprietors, lessee or operator of the following:

Cockpits Gross receipts 18%

Cabarets, Night or Day Clubs Gross receipts 18%

Boxing exhibitions Gross receipts 10%

Professional basketball games Gross receipts 15%

Jai-alai and race track (operators shall withheld tax on

winnings)

Gross receipts 30%

Every stock broker who effected a sale, barter, exchange

or other disposition of shares of stock listed and traded

through the Local Stock Exchange (LSE) other than the

sale by a dealer in securities

Gross selling price or gross value in money of

shares of stocks sold, bartered, exchanged or

otherwise disposed

of 1%

A corporate issuer/stock broker, whether domestic of

foreign, engaged in the sale, barter, exchange or other

disposition through Initial Public Offering

(IPO)/secondary public offering of shares of stock in

closely held corporations

Gross selling price or gross value of in money of

shares of stocks sold, bartered, exchanged or

otherwise disposed in accordance with the

proportion of stocks sold, bartered or exchanged or

after listing in the stock exchange

Up to 25 % 4%

Over 25% but not over 33 1/3% 2%

Over 33 1/3 % 1%

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, causing this to increase the prices of most goods and services bought and

paid by consumers. VAT returns are usually filed and paid monthly and quarterly.

TAX RATES

On sale of goods and properties - twelve percent (12%) of the gross selling price or gross value in money of the

goods or properties sold, bartered or exchanged

On sale of services and use or lease of properties - twelve percent (12%) of gross receipts derived from the sale

or exchange of services, including the use or lease of properties

On importation of goods - twelve percent (12%) based on the total value used by the Bureau of Customs in

determining tariff and customs duties, plus customs duties, excise taxes, if any, and other charges, such as tax to

be paid by the importer prior to the release of such goods from customs custody; provided, that where the

customs duties are determined on the basis of quantity or volume of the goods, the VAT shall be based on the

landed cost plus excise taxes, if any.
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On export sales and other zero-rated sales - 0%

Excise Taxis a tax imposed on goods manufactured or produced in the Philippines for domestic sale or consumption or

any other disposition. It is also imposed on things that are imported.

TYPES OF EXCISE TAX:

Specific Taxrefers to the excise tax imposed which is based on weight or volume capacity or any other physica

unit of measurement

Ad Valorem Tax refers to the excise tax which is based on selling price or other specified value of thegoods/articles

MANNER OF COMPUTATION:

Specific Tax= No. of Units/other measurements x Specific Tax Rate

Ad Valorem Tax= No. of Units/other measurements x Selling Price of any specific value per unit x Ad Valorem

Tax Rate

EXCISE TAX RATES:

A. ALCOHOL PRODUCTS

PARTICULARSNEW TAX RATES based on Republic Act No. 10351 Remarks

2018

onwards2013 2014 2015 2016 2017

A. DISTILLED SPIRITS, AD VALOREM & SPECIFIC TAX

1) AD VALOREM TAX RATE -

Based on the Net Retail Price

(NRP) per proof (excluding the

excise and value-added taxes);

and

15% 15% 20% 20% 20% 20%

2) SPECIFIC TAX - Per proof liter Php20 Php20 Php20 Php20.80 Php21.63

Effective

1/1/2016, thespecific tax rate

shall be

increased by

4% every year

thereafter

B. WINES, per liter of volume capacity

1) Sparkling wines/ champagnes,

where the NRP (excluding the

excise and VAT) per bottle of

750ml volume capacity,

regardless of proof is: Effective1/1/2014, the

specific tax rate

shall be

increased by

4% every year

thereafter

Php500.00 or less Php250 Php260 Php270.40 Php281.22 Php292.47

More than Php500.00 Php700 Php728 Php757.12 Php787.40 Php818.90

2) Still wines and carbonated

wines containing 14% of alcohol

by volume or less

Php30.00 Php31.20 Php32.45 Php33.75 Php35.10

3) Still wines and carbonated

wines containing more than 14%Php60.00 Php62.40 Php64.90 Php67.50 Php70.20


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(of alcohol by volume) but not

more 25% of alcohol by volume

4) Fortified wines containing

more than 25% of alcohol by

volume

Taxed as distilled spirits

C. FERMENTED LIQUORS , per liter of volume capacity

1) If the NRP (excluding excise

and VAT) per liter of volume

capacity is:

Effective

1/1/2018, the

specific tax rate

shall be

increased by

4% every year

thereafter

Php 50.60 and below Php15.00 Php17.00 Php19.00 Php21.00 Php23.50

More than Php 50.60 Php20.00 Php21.00 Php22.00 Php23.00 Php23.50

2) If brewed and sold at

microbreweries or small

establishments such as pubs and

restaurants, regardless of the

NRP


Effective

1/1/2014, the

specific tax rate

shall be

increased by

4% every year

thereafter

NOTE:

IN CASE OF FERMENTED LIQUORS AFFECTED BY THE "NO DOWNWARD RECLASSIFICATION " PROVISION, THE 4%

INCREASE SHALL APPLY TO THEIR RESPECTIVE APPLICABLE TAX RATES

B. TOBACCO PRODUCTS

PARTICULARS

NEW TAX RATES based on Republic Act No. 10351 Remarks

2018

onwards2013 2014 2015 2016 2017

A. TOBACCO PRODUCTS, per kilogram

1. Tobacco Products

(a) Tobacco twisted by hand or

reduced into a condition to be

consumed in any manner other

than the ordinary mode of drying

and curing;


Effective

1/1/2014, the

specific tax rate

shall be

increased by 4%

every year

thereafter

(b) Tobacco prepared or partially

prepared with or without the use of

any machine or instrument or

without being pressed or

sweetened; and


(c) Fine-cut shorts and refuse,

scraps, clippings, cuttings, stems,

midribs and sweepings of tobacco;


2. Chewing tobacco unsuitable for

use in any other mannerPhp1.50 Php1.56 Php1.62 Php1.68 Php1.75

B. CIGARS, per cigar


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3. Cigars Effective

1/1/2014, the

specific tax rate

shall be

increased by 4%

every year

thereafter

(a) Based on the NRP per cigar

(excluding the excise and value-

added taxes), and

20% 20% 20% 20% 20%

(b) Per cigar Php5.00 Php5.20 Php5.41 Php5.62 Php5.85

C. CIGARETTES , per pack

1. Cigarettes packed by hand Php12.00 Php15.00 Php18.00 Php21.00 Php30.00

Effective

1/1/2018, the

specific tax rate

shall be

increased by 4%

every year

thereafter

2. Cigarettes packed by machine,

where the NRP (excluding excise

and VAT) per pack is:

(a) Php11.50 and below Php12.00 Php17.00 Php21.00 Php25.00 Php30.00

(b) More than Php11.50 Php25.00 Php27.00 Php28.00 Php29.00 Php30.00

INSPECTION FEE- There shall be collected inspection fees on leaf tobacco, scrap, cigars, Cigarettes and othe

manufactured tobacco and tobacco products as follows:

PRODUCT TYPE INSPECTION FEE

(1) Cigars P 0.50 per thousand pieces or fraction thereof

(2) Cigarettes P 0.10 per thousand sticks or fraction thereof

(3) Leaf Tobacco P 0.02 per kilogram or fraction thereof

(4) Scrap and other manufactured tobacco P 0.03 per kilogram or fraction thereof

C. PETROLEUM PRODUCTS

PRODUCT TYPE TAX RATES

Lubricating oils and greases, including but not limited to base stock for lube oils

and greases, high vacuum distillates, aromatic extracts and other similar

preparations, and additives for lubricating oils and greases, whether such

additives are petroleum based or not

P 4.50 per liter

Processed gas P 0.05 per liter

Waxes and petrolatum P 3.50 per kilogram

Denatured alcohol, if used for motive power [i.e. one hundred eighty (180)

proof ninety percent (90%) absolute alcohol]. Provided, that unless otherwise

provided by special laws, if the denatured alcohol is mixed with gasoline, the

excise tax which has already been paid, only the alcohol content shall be

subject to tax

P 0.05 per liter

Naphtha, regular gasoline and other similar products of distillation P 4.35 per liter

Naphtha used as raw material in the production of petrochemical products or

as replacement fuel for natural gas-fired combined cycle power plant, in lieu of

P 0.00 per liter


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locally-extracted natural gas during the non-availability thereof

Leaded premium gasoline P 5.35 per liter

Unleaded premium gasoline P 4.35 per liter

Aviation turbo jet fuel P 3.67 per liter

Kerosene P 0.00 per liter

Kerosene used as aviation fuel P 3.67 per liter

Diesel fuel oil, and on similar fuel oils having more or less the same generating

power

P 0.00 per liter

Liquefied Petroleum Gas ; Provided, that if used for motive power, it shall be

taxed at the equivalent rate as the Excise Tax on diesel fuel oil

P 0.00 per liter

Asphalt P 0.56 per kilogram

Bunker fuel oil, and on similar fuel oils having more or less the same generating

power

P 0.00 per liter

D. MINERALS AND MINERAL PRODUCTS

PRODUCT TYPE TAX RATES

On coal and coke Ten Pesos (P10.00) per metric ton

All mineral and mineral products (non-metallic), quarry

resources

Two percent (2%) bases on the actual market value, in

the case of those locally-extracted or produced; and, in

the case of importation or the value used by the

Bureau of Customs in determining tariff and customs

duties, net of Excise Tax and Value-Added Tax.

On locally-extracted natural gas and liquefied natural gas P0.00

On indigenous petroleum Three percent (3%) of the fair international market

price thereofNOTE:

In the case of mineral concentrates not traded in commodity exchanges in the Philippines or abroad, such as copper

concentrate, the actual market value shall be the world price quotations of the refined mineral products content thereo

prevailing in the said commodity exchanges, after deducting the smelting, refining and other charges incurred in the

process of converting the mineral concentrates into refined metal traded in those commodity exchanges.

On minerals and mineral products sold or consigned abroad, the actual cost of ocean freight and insurance shall be

deducted from the tax base.

E. AUTOMOBILES AND OTHER MOTOR VEHICLES

OVER UP TO RATE

0 P 600,000 2%

P600,000 P 1,100,000 P 12,000 + 20% in excess of P 600,000

P1,100,000 P2,100,000 P112,000+ 40% in excess of P1,100,000

P2,100,000 over P512,000 + 60% in excess of P2,100,000

F. NON-ESSENTIAL GOODS


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Twenty percent (20%) based on the wholesale price or the value of importation used by the Bureau of

Customs in determining Tariff and Customs Duties, net of Excise and Value-Added taxes

Withholding Tax on Compensationis the tax withheld from individuals receiving purely compensation income. This

tax is what employers withheld in their employees compensation income and remit to the government through the BIR

or authorized accrediting agent.

Expanded Withholding Taxis 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. Examples of the expanded withholding taxes are

those that are withheld on rental income and professional income.

Final Withholding Taxis 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. An example of final withholding tax is the tax withheld by

banks on the interest income earned on bank deposits.

Withholding Tax on Government Money Paymentsis the withholding tax withheld by government offices and

instrumentalities, including government-owned or -controlled corporations and local government units, before makingany payments to private individuals, corporations, partnerships and/or associations.

Tax Rates

REVISED WITHHOLDING TAX TABLES

Effective January 1, 2009

DAILY 1 2 3 4 5 6 7 8

Exemption 0.00 0.00 1.65 8.25 28.05 74.26 165.02 412.54

Status (000P) +0% over +5% over +10% over +15% over +20% over +25% over +30% over +32% over

A. Table for employees without qualified dependent

1. Z 0.0 1 0 33 99 231 462 825 1,6502. S/ME 50.0 1 165 198 264 396 627 990 1,815

B. Table for single/married employee with qualified dependent child(ren)

1. ME1 / S1 75.0 1 248 281 347 479 710 1,073 1,898

2. ME2 / S2 100.0 1 330 363 429 561 792 1,155 1,980

3. ME3 / S3 125.0 1 413 446 512 644 875 1,238 2,063

4. ME4 / S4 150.0 1 495 528 594 726 957 1,320 2,145

WEEKLY 1 2 3 4 5 6 7 8

Exemption 0.00 0.00 9.62 48.08 163.46 432.69 961.54 2,403.85

Status +0% over +5% over +10% over +15% over +20% over +25% over +30% over +32% overA. Table for employees without qualified dependent

1. Z 0.0 1 0 192 577 1,346 2,692 4,808 9,615

2. S/ME 50.0 1 962 1,154 1,538 2,308 3,654 5,769 10,577


1. ME1 / S1 75.0 1 1,442 1,635 2,019 2,788 4,135 6,250 11,058

2. ME2 / S2 100.0 1 1,923 2,115 2,500 3,269 4,615 6,731 11,538

3. ME3 / S3 125.0 1 2,404 2,596 2,981 3,750 5,096 7,212 12,019

4. ME4 / S4 150.0 1 2,885 3,077 3,462 4,231 5,577 7,692 12,500
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SEMI-MONTHLY 1 2 3 4 5 6 7 8

Exemption 0.00 0.00 20.83 104.17 354.17 937.50 2,083.33 5,208.33

Status +0% over +5% over +10% over +15% over +20% over +25% over +30% over +32% over


1. Z 0.0 1 0 417 1,250 2,917 5,833 10,417 20,833

2. S/ME 50.0 1 2,083 2,500 3,333 5,000 7,917 12,500 22,917


1. ME1 / S1 75.0 1 3,125 3,542 4,375 6,042 8,958 13,542 23,9582. ME2 / S2 100.0 1 4,167 4,583 5,417 7,083 10,000 14,583 25,000

3. ME3 / S3 125.0 1 5,208 5,625 6,458 8,125 11,042 15,625 26,042

4. ME4 / S4 150.0 1 6,250 6,667 7,500 9,167 12,083 16,667 27,083

MONTHLY 1 2 3 4 5 6 7 8

Exemption 0.00 0.00 41.67 208.33 708.33 1,875.00 4,166.67 10,416.67

Status +0% over +5% over +10% over +15% over +20% over +25% over +30% over +32% over


1. Z 0.0 1 0 833 2,500 5,833 11,667 20,833 41,667

2. S/ME 50.0 1 4,167 5,000 6,667 10,000 15,833 25,000 45,833


1. ME1 / S1 75.0 1 6,250 7,083 8,750 12,083 17,917 27,083 47,917

2. ME2 / S2 100.0 1 8,333 9,167 10,833 14,167 20,000 29,167 50,000

3. ME3 / S3 125.0 1 10,417 11,250 12,917 16,250 22,083 31,250 52,083

4. ME4 / S4 150.0 1 12,500 13,333 15,000 18,333 24,167 33,333 54,167

Legend: Z-Zero exemption S-Single ME-Married Employee 1;2;3;4-Number of qualified dependent children

S/ME = P50,000 EACH WORKING EMPLOYEE Qualified Dependent Child = P25,000 each but not exceeding four (4)

children

USE TABLE A FOR SINGLE/MARRIED EMPLOYEES WITH NO QUALIFIED DEPENDENT

1. Married Employee (Husband or Wife) whose spouse is unemployed.

2. Married Employee (Husband or Wife) whose spouse is a non-resident citizen receiving income from foreign sources

3. Married Employee (Husband or Wife) whose spouse is engaged in business

4. Single

6. Zero Exemption for employees with multiple employers for their 2nd

, 3rd

..employers (main employer claims personal

& additional exemption

7. Zero Exemption for those who failed to file Application for Registration

USE TABLE B FOR THE FOLLOWING SINGLE/MARRIED EMPLOYEES WITH QUALIFIED DEPENDENT

1. Employed husband and husband claims exemptions of children

2. Employed wife whose husband is also employed or engaged in business; husband waived claim for dependent

children in favor of the employed wife

3. Single with qualified dependent children

Local Taxes in the Philippines

Tax on Transfer of Real Property Ownershiptax imposed on the sale, donation, barter, or on any other mode of

transferring ownership or title of real property.


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Tax on Business of Printing and Publicationtax on the business of persons engaged in the printing and/or publication

of books, cards, posters, leaflets, handbills, certificates, receipts, pamphlets, and others of similar nature.

Franchise Taxtax on businesses enjoying a franchise, at the rate not exceeding fifty percent (50%) of one percent (1%)

of the gross annual receipts for the preceding calendar year based on the incoming receipt, or realized, within its

territorial jurisdiction.

Tax on Sand, Gravel and Other Quarry Resourcestax imposed on ordinary stones, sand, gravel, earth, and other

quarry resources, as defined under the National Internal Revenue Code, as amended, extracted from public lands orfrom the beds of seas, lakes, rivers, streams, creeks, and other public waters within its territorial jurisdiction.

Professional Taxan annual professional tax on each person engaged in the exercise or practice of his profession

requiring government examination.

Amusement Taxtax collected from the proprietors, lessees, or operators of theaters, cinemas, concert halls, circuses,

boxing stadia, and other places of amusement.

Annual Fixed Tax For Every Delivery Truck or Van of Manufacturers or Producers, Wholesalers of, Dealers, or Retailers

in, Certain Productsan annual fixed tax for every truck, van or any vehicle used by manufacturers, producers,

wholesalers, dealers or retailers in the delivery or distribution of distilled spirits, fermented liquors, soft drinks, cigarsand cigarettes, and other products as may be determined by the sangguniang panlalawigan, to sales outlets, or

consumers, whether directly or indirectly, within the province.

Tax on Businesstaxes imposed by cities, municipalities on businesses before they will be issued a business license or

permit to start operations based on the schedule of rates prescribed by the local government code, as amended. Take

note that the rates may vary among cities and municipalities. This is usually what businesses pay to get theirBusiness

Mayors Permit.

Fees for Sealing and Licensing of Weights and Measuresfees for the sealing and licensing of weights and measures at

such reasonable rates as shall be prescribed by the sangguniang bayan of the municipality or city.

Fishery Rentals, Fees and Chargesrentals, fees or charges imposed by the municipality/city to grantees of fishery

privileges in the municipal/city waters, e.g., fishery privileges to erect fish corrals, oysters, mussels or other aquatic beds

or bangus fry areas and others as mentioned in the local government code, as amended.

Community Taxtax levied by cities or municipalities to every inhabitant of the Philippines eighteen (18) years of age o

over who has been regularly employed on a wage or salary basis for at least thirty (30) consecutive working days during

any calendar year, or who is engaged in business or occupation, or who owns real property with an aggregate assessed

value of One thousand pesos (P1,000.00) or more, or who is required by law to file an income tax return. Community tax

is also imposed on every corporation no matter how created or organized, whether domestic or resident foreign,

engaged in or doing business in the Philippines.

Taxes that may be levied by the barangays on stores or retailers with fixed business establishmentswith gross sales ofreceipts of the preceding calendar year of Fifty thousand pesos (P50,000.00) or less, in the case of cities and Thirty

thousand pesos (P30,000.00) or less, in the case of municipalities, at a rate not exceeding one percent (1%) on such

gross sales or receipts.

Service Fees or Chargesfees or charges that may be collected by the barangays for services rendered in connection

with the regulations or the use of barangay-owned properties or service facilities, such as palay, copra, or tobacco

dryers.

Barangay Clearancea reasonable fee collected by barangays upon issuance of barangay clearancea document

required for many government transactions, such as when applying for business permit with the city or municipality.
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Types Of Financial Institutions And Their Roles

A financial institution is an establishment that conducts financial transactions such as investments, loans and deposits.

Almost everyone deals with financial institutions on a regular basis. Everything from depositing money to taking out

loans and exchanging currencies must be done through financial institutions. Here is an overview of some of the major

categories of financial institutions and their roles in the financial system.

Commercial Banks

Commercial banks accept deposits and provide security and convenience to their customers. Part of the original purpose

of banks was to offer customers safe keeping for their money. By keeping physical cash at home or in a wallet, there are

risks of loss due to theft and accidents, not to mention the loss of possible income from interest. With banks, consumers

no longer need to keep large amounts of currency on hand; transactions can be handled with checks, debit cards or

credit cards, instead.

Commercial banks also make loans that individuals and businesses use to buy goods or expand business operations,

which in turn leads to more deposited funds that make their way to banks. If banks can lend money at a higher interest

rate than they have to pay for funds and operating costs, they make money.

Banks also serve often under-appreciated roles as payment agents within a country and between nations. Not only dobanks issue debit cards that allow account holders to pay for goods with the swipe of a card, they can also arrangewire

transfers with other institutions. Banks essentially underwrite financial transactions by lending their reputation and

credibility to the transaction; a check is basically just a promissory note between two people, but without a bank's name

and information on that note, no merchant would accept it. As payment agents, banks make commercial transactions

much more convenient; it is not necessary to carry around large amounts of physical currency when merchants will

accept the checks, debit cards or credit cards that banks provide.

Investment Banks

Thestock market crash of 1929 and ensuingGreat Depression caused the United States government to increase financia

market regulation. TheGlass-Steagall Act of 1933 resulted in the separation of investment banking from commercial

banking.

Whileinvestment banks may be called "banks," their operations are far different than deposit-gathering commercial

banks. An investment bank is a financial intermediary that performs a variety of services for businesses and some

governments. These services includeunderwriting debt and equity offerings, acting as an intermediary between an

issuer of securities and the investing public, making markets, facilitating mergers and other corporate reorganizations,

and acting as a broker for institutional clients. They may also provide research and financial advisory services to

companies. As a general rule, investment banks focus oninitial public offerings (IPOs) and large public andprivate share

offerings.Traditionally, investment banks do not deal with the general public. However, some of the big names in

investment banking, such as JP Morgan Chase, Bank of America and Citigroup, also operate commercial banks. Other

past and present investment banks you may have heard of include Morgan Stanley, Goldman Sachs, Lehman Brothers

and First Boston.

Generally speaking, investment banks are subject to less regulation than commercial banks. While investment banks

operate under the supervision of regulatory bodies, like theSecurities and Exchange Commission,FINRA,and the U.S.

Treasury, there are typically fewer restrictions when it comes to maintaining capital ratios or introducing new products.

Insurance Companies

Insurance companies pool risk by collecting premiums from a large group of people who want to protect themselves

and/or their loved ones against a particular loss, such as a fire, car accident, illness, lawsuit, disability or death. Insurance

helps individuals and companies manage risk and preserve wealth. By insuring a large number of people, insurance

companies can operate profitably and at the same time pay for claims that may arise. Insurance companies use
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portfolio of securities to achieve its investment objective. There are two types of management investment

company:closed-end andopen-end.The primary differences between the two come down to where investors buy and

sell their shares - in the primary or secondary markets - and the type of securities the investment company sells.

Closed-End Investment Companies:A closed-end investment company issues shares in a one-time public

offering. It does not continually offer new shares, nor does it redeem its shares like an open-end investment

company. Once shares are issued, an investor may purchase them on the open market and sell them in the same

way. The market value of the closed-end fund's shares will be based on supply and demand, much like other

securities. Instead of selling atnet asset value,the shares can sell at a premium or at a discount to the net assetvalue.

Open-End Investment Companies:Open-end investment companies, also known asmutual funds,continuously

issue new shares. These shares may only be purchased from the investment company and sold back to the

investment company. Mutual funds are discussed in more detail in the Variable Contracts section.

Nonbank Financial Institutions

The following institutions are not technically banks but provide some of the same services as banks.

Savings and Loans

Savings and loan associations, also known as S&Ls or thrifts, resemble banks in many respects. Most consumers don't

know the differences between commercial banks and S&Ls. By law, savings and loan companies must have 65% or more

of their lending in residential mortgages, though other types of lending is allowed.

S&Ls emerged largely in response to the exclusivity of commercial banks. There was a time when banks would only

accept deposits from people of relatively high wealth, with references, and would not lend to ordinary workers. Savings

and loans typically offered lower borrowing rates than commercial banks and higher interest rates on deposits; the

narrower profit margin was a byproduct of the fact that such S&Ls were privately or mutually owned.

Credit Unions

Credit unions are another alternative to regular commercial banks. Credit unions are almost always organized as not-for

profit cooperatives. Like banks and S&Ls, credit unions can be chartered at the federal or state level. Like S&Ls, credit

unions typically offer higher rates on deposits and charge lower rates on loans in comparison to commercial banks.

In exchange for a little added freedom, there is one particular restriction on credit unions; membership is not open to

the public, but rather restricted to a particular membership group. In the past, this has meant that employees of certain

companies, members of certain churches, and so on, were the only ones allowed to join a credit union. In recent years,

though, these restrictions have been eased considerably, very much over the objections of banks.

Shadow Banks

Thehousing bubble and subsequent credit crisis brought attention to what is commonly called "the shadow banking

system." This is a collection of investment banks,hedge funds,insurers and other non-bank financial institutions that

replicate some of the activities of regulated banks, but do not operate in the same regulatory environment.

The shadow banking system funneled a great deal of money into the U.S. residential mortgage market during the

bubble. Insurance companies would buy mortgage bonds from investment banks, which would then use the proceeds to

buy more mortgages, so that they could issue more mortgage bonds. The banks would use the money obtained from

selling mortgages to write still more mortgages.

Many estimates of the size of the shadow banking system suggest that it had grown to match the size of the

traditional U.S. banking system by 2008.

Apart from the absence of regulation and reporting requirements, the nature of the operations within the shadow

banking system created several problems. Specifically, many of these institutions "borrowed short" to "lend long." In
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Utilities. If you're moving from an apartment to a house for the first time, know that the increase in square footage (not

to mention water for a yard) can pack a real punch in the form of a huge utility bill. Plan to implement some energy

conservation measures, like light blocking blinds and compact fluorescent light bulbs, to offset the tab.

Price: difficult to estimate ask to see past bills.

Maintenance. Roofs need replaced every 15 to 25 years, appliances every 8 to 10 years, furnace and air conditioner 15

to 25 years, faucets 5 to 20 years, lawn mower 5 to 10 years, bathrooms 10 to 30 years, carpet 5 years, paint 5 to 20

years, snow removal, grass mowing, These don't show up in your mortgage payment, but are real an expenses. Be sure

you have some monthly budget set aside for repairs and upkeep, whether for small do it yourself things like replacingfloodlight bulbs or the inevitably serious issues that crop up from time to time.

Price: for all maintenance averaged for a 10 year period $100 to $200 a month.

Now that we discussed basic monthly expenses of owning a house we will compare that with the expenses of renting.

Monthly Cost of Renting an Apartment:

Rent. Insurance and property taxes are zero unless of coarse you are living in an up scale complex that may charge fees

for the use of the clubhouse and its amenities. Rent is stated clearly in the lease and is usually paid at the rate stated for

the length of the lease. But remember that when a lease comes due, you will be subjected to any changes in the

complex rent for your apartment.Price: $550 to sky is the limit

Utilities. Utilities vary from house to apartment size; some include all utilities except for phone cable and internet. For

those that include certain utilities the make up for the complex is usually reflected in the price of the rent. Apartment

utilities are always lower then for a private home especially when you consider the square footage of the apartment in

comparison to the square footage of a home including the extra space in the basement and the cost of heating and

cooling the upper stories of the home.

Price: $30 to $300.

Maintenance. Maintenance is a large player in the difference between home and apartment. Maintenance is generally

provided and paid for by the complex saving in some cases thousands of dollars for instance to replace furnaces or air

conditioners or major appliances that come with the apartment.

Cost: $0 to ?

Renters Insurance. This type of insurance is many times required by the apartment complex you will be living in this

covers all damages do to fire and is based on your estimated value of your belongings. The higher the value estimated

the higher the renters insurance premiums will be. These premiums are generally paid on a basis of every three months

Cost: 33 to 45 dollars a month.

Based on the analysis above, renting an apartment has less associated costs than buying a house. The expense of renting

a house will be a little more expensive than renting an apartment but is still usually a little cheaper then actually

purchasing the home. Most people get a thousand to two thousand dollars in federal tax breaks based on the mortgage

and property taxes paid. This reduces the cost of home ownership by a hundred or two dollars a month. Also, during a10 to 20 year span most property values increase in price. When factored in and averaged out, this reduces the actual

monthly cost of home ownership over an extended period of time.

In determining whether owning a house or renting an apartment is right for you, it will be helpful to figure out your daily

living expenses and create a budget. For more information please refer to our Getting My Own Address Guide

Tax in the Philippines

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