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Parent agency. Department of Finance. Website. www.bir.gov.ph. The Bureau of Internal Revenue[ 2 ] (Filipino: Kawanihan ng Rentas Internas, or BIR) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government.
Income tax for individuals. Citizens of the Philippines and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to: compensation income (e.g., salary and wages); income of self-employed individuals and/or professionals; capital gains; interests; rents;
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. [1] By law, some payroll taxes are the responsibility of the employee and others fall on the employer, but almost all economists agree that the true economic incidence of a payroll tax is ...
Wages and salaries. Wages and salaries are the remuneration paid or payable to employees for work performed on behalf of an employer or services provided. Normally, an employer is not permitted to withhold the wages or any part thereof, except as permitted or required by law. Employers are required by law to deduct from wages, commonly termed ...
Map of the world showing national-level sales tax / VAT rates as of October 2019. Additional local taxes may apply. [citation needed]A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The Philippines and Puerto Rico, from 1913, by the same law that instituted the federal income tax; this law is ancestral to the modern independent Philippines' income tax as well; [68] [69] and; The U.S. Virgin Islands, from 1922. [70]
Government revenue or national revenue is money received by a government from taxes and non-tax sources to enable it, assuming full resource employment, to undertake non-inflationary public expenditure. Government revenue as well as government spending are components of the government budget and important tools of the government's fiscal policy.
e. Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment ...