because the lower the tax burden the higher the revenue which equivalently paid out in forms of wages and salaries or dividends (Lynn, 2015). The word tax comes from the latin word taxo which means I estimate. It varies from different countries and how they are paid. In the Philippines, taxes can be grouped to national taxes and local taxes. National taxes are those based on the Tax Reform Act of 1997 also known as the Republic Act No. 8424. The Tariff and Custom Code of the Philippines which levied the
Impact of John Stuart Mill’s Philosophies on Philippines’ Society, Politics and Economy Mendoza, A.; SocSci 2 WBYDX John Stuart Mill’s social, political, and economic philosophies are widely applied in the Philippine setting. His conception of social liberty, feminism, political democracy and economic democracy is practiced in the country, although not holistically applied or not well-carried out at some cases. Philippines, as a democratic country, adapts the libertarian culture that Mill
business tax. 3. False – advalorem tax. 4. False – if the business is VAT-registered or engaged in business tax-exempt transactions, it shall not be subject to 3% OPT. Also not all OPT rate is 3%. 5. False – Non-VAT business is not allowed to have Input VAT. 6. True 7. False – expressly exempted from business tax by law. (R.A. 8424) 8. False – the 3% is applicable only to transport by land. Transport by water and air is subject to 12% VAT. 9. True 10. False – 2% percentage tax. 11. True
1 Review of Chart of Accounts – Philippines Questions and Suggested Answers 1. In China GAAP, the bonds or stocks purchased are categorized as "Held-for-trading" or "Available for sale" or "Long term investment", based on the purpose of purchase. Does Philippine GAAP have similar categorization? Philippine client want to separate the marketable securities to current or non-current, it means short or long term, right? Answer: The Philippine Financial Reporting Standards (PFRS) [based from International
reduction in taxable personal (or household) income by the amount paid as interest on home mortgage loans results in greater construction activity, and generates more jobs. In Malaysia, there are several types of taxes such as Personal Income Tax, Corporate Income Tax, Sales and Service Tax, Customs Duty, Local Tax and Goods and Services Tax (GST). GST was implemented in Malaysia on 1st April 2015 and its purpose is to replace the sales and services tax. Tax has its own pros
SIN TAX (HOUSE BILL 5727) SHOULD BE LAGALIZED IN THE REPUBLIC OF PHILIPPINES (+) In partial fulfillment of the requirements Of the subject PHIN11A Submitted by: Ceejay Martinez Abby Padua Merene, Myka Kim Villareal, Peter James On October 3, 2012 To: Ms. Violeta Tabin PREMISES 1. Smoking cigars and drinking liquors are bad to health. 2. Number of accidents will be lessen. 3. Lessen the number of users. 4. It may cause air pollution. 5. It may stop the production of cigars and liquors
usually a good way to organize market activity. When the government chooses to intervene, it aims at a variety of political or economic priorities, such as better economic growth, increasing employment, raising wages, raising or reducing prices, better income equality, more profits, or fixing market failures. The government could only intervene when needed. However, this does not always work because the government can fail too and it is bureaucratic. Whatever changes in the
the Philippines Kathy Wallace February 19, 2012 Regis University MSM661 Jim Zelenski Abstract The Philippines is one of eight countries that comprise Southeast Asia. A mass of thousands of islands, the country has been struggling to obtain true democracy and freedom for its citizens. After a review of the political history and demographics of the country, an in-depth analysis of the economic condition of the Philippines will be explored. Appendix A contains a map of the Philippines by different
reasons that the Philippines would be a natural choice to expand call center operations, including access to their highly educated and eager workforce, the ease of business transition, including numerous favorable tax breaks, and the ever-increasing growth of the industry in the country. Therefore, now is the time to move our call center operations to the Philippines so that we may take advantage of these, and many more, benefits. Background When one thinks about the Philippines, many images may
Allingham and Sandmo (1972) and the expected utility theory suggest that higher audit probabilities and higher tax fines discourage cheating of taxes (Adreoni, Erard & Feinstein, 1998; Kleven et al., 2011; Maciejovsky, Schwarzenberger, & Kirchler, 2012). People normally evaluate the costs and the benefits of a certain course of action before making a decision. In an attempt to minimize the tax burdens, taxpayers weigh the utility benefits of avoiding or evading taxes successfully and the utility costs