Value Added Tax of the Philippines

The acquisition of Philippines by the United States is the topic that is going to be focused upon throughout this paper. The historical context of this topic deserves to analyzed with reference to both the primary and secondary readings assigned. The highlighted issue takes place after the treaty of Paris was signed between the United States and Spain which liberated Spain’s remaining colonies. Towards the end of the 19th century, Americans were influenced by the ideology of imperialism. They believed that advanced industrialized nations like the United States, Great Britain and France needed to acquire colonies in order to provide raw materials to feed their industrial economies. Extensive markets were wanted in order to sell finished products to those colonial masses.

products they bought, they would then sell it to the Philippines at a higher cost

Use Tax: prevents avoidance of sales tax (same rate as sales tax- use or consumption of personal property)

A. There is imposed a tax on every person engaging within the City in the business of making retail sales of firearms or ammunition. The amount of the tax due shall be equal to the quantity of firearms sold at retail and the quantity of ammunition sold at retail multiplied by the applicable tax rates that are stated in Section 5.50.030.B.

The total of goods & services purchased which are subject to use tax in my state of

30-7     The tax effect of a valuation allowance expected to be necessary for a deferred tax asset at the end of the year for originating deductible temporary differences and carryforwards during the year shall be included in the effective tax rate.

But the non-residents are only taxed on their income earned in Peru. The person who has to pay tax must live in Peru for 183 days or 12 month period. Income tax should be paid within 3 months of a tax year before the ending of tax year. If a person does not file a tax return he will be fined. Progressive tax system is used in Peru for personal income. Income tax in Peru is collected by SUNAT (Superintendencia Nacional de Administracion Tributaria). Value added tax on exporting goods is taken at 18%. Luxury goods can be subjected to high tax rate of 118% in Peru. The corporation tax rate in Peru is 30% but in the Amazon area it is 10%. Companies generating less revenue are taxed at a rate of 2.5%. Tax on selling property in Peru for non-residents is set at 30%. Barat, S., & Spillan, J. E.

In recent times, the decline in the income tax revenue base have led to a shift in the importance of indirect consumption taxes, such as the GST. This will allow for more flexibility to finance the cost of the ageing population while at the same time funding compensation for households who are affected by the increases posed by the reformation of the tax system.

Value added Tax act 1994 – VAT is a tax charged on goods and services that VAT registered businesses provide in the UK. Chic Paints accounting staff need to be aware and up to date with current rates of VAT and any changes.

Under the new regime agriculture developed rapidly, commerce and trade soared to unprecedented levels, transportation and communication were modernized, banking and currency improved, the manufacturing industries were transformed. As compared with the Spanish era, economic progress of the Philippines during the American era forged ahead with great strides. (291)

Let us assume, a businessman in Rajasthan has purchased goods for Rs 10,000 and the tax of goods and services at 18%, which will include 9% CGST tax and 9% SGST tax. In such a case, if the dealer has to pay Rs 1800, then Rs 900 will be given to the Central Government and 900 rupees of Rajasthan government.

The Filipino individuals themselves have disguised them. They can't be fixed any longer. For good or terrible, they have shot the Filipinos into the universe of Spanish society, into the universe of Spanish human advancement and its items. By the by, it must be said that the Filipinos did not get the social impacts from Spain taking a seat. They reacted in a manner that exhibited their ability to ace the new and to adjust the new against the old, in a manner that required their ability to convey qualities and standards to manage with a discriminating and educated judgment, and in a manner that called for them to have the capacity to filter what is fundamental from what is paltry. In this manner they reacted specifically to the curiosities the Spaniards conveyed with them to the Philippine Islands. The Filipinos acknowledged just those that fitted their disposition, for example, the "celebration" that has gotten to be a standout amongst the most charming parts of life in these islands, and made them mix with their indigenous way of life to create a valuable Philippine social

At the end of his career, the tax author remembered: “In 1952-1953 I had the occasion to conceive a reform regarding the turnover taxation, that I named VAT. Proposed in the Parliament by the Finance Minister, it was rejected. Despite the fact that I wasn’t the adept of the production taxation, because it stifled finally the investments, I defended until the end my idea, and, when Edgar Faure became Finance Minister, he proposed my tax be introduced in the Finance Law for 1954. After many political negotiations, VAT passed through the Parliament and was voted, but not without adventures !”

Tax can be defined as a financial levy or other levy that is imposed upon taxpayers who cane be a single person or a legal entity. The government or an organ that has a similar function equivalent of a government imposes these levies for purposes of carrying out different government expenditures. There are different ways of taxing that different governments employ to impose taxes to its citizens and the administration always have different ways of punishing those who evade taxes or resist being taxed. In Australia, the way in which residents are taxed is very different with how non-residents are taxed with the non-residents having to pay an amount higher than the residents. The country’s tax office also has different ways of imposing tax to personal property as well as how they define assessable income.

Taxation can be defined as a form of government Levy placed on goods on services that contributes to the state revenue. There are 2 main forms of taxation, direct tax [income tax, CGT tax] and indirect tax [VAT and taxes placed on cigarettes and alcohol].