(Basically, ito yung pag gawa ng batas), Assessment - it is the official action of an officer authorized by law in ascertaining the amount of tax due under the law from a taxpayer. By: Garry S. Pagaspas, CPA Let me share you an overview on how corporate income taxation applies in the Philippines, in general. Capitalization - the reduction in the price of the taxed object equal to the capitalized value of future taxes which the purchaser expects to be called to pay. The property being a property located in the Philippines, it is subject to the Philippine estate tax irrespective of the citizenship or residence of the decedent (Sec. Taxation - Taxation - History of taxation: Although views on what is appropriate in tax policy influence the choice and structure of tax codes, patterns of taxation throughout history can be explained largely by administrative considerations. Take note that they are NOT involved in the collection thereof. Q: What is Real Property Tax? GENERAL PRINCIPLES OF TAXATION FUNDAMENTAL PRINCIPLES IN TAXATION. Taxation is administered through the Bureau of Internal Revenue which comes under the Department of Finance. Below are the frequently asked questions on real property tax in the Philippines. within the Philippines. The right of the chief authority to collect taxes, and the general policy which determines who is to be taxed, how much the tax … The Philippine taxation system has been and is still in a state of dynamic transformation since January 2018, with the government heading towards accelerating poverty reduction, minimizing inequality, and generating revenues to invest in the Filipino people and infrastructure. The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law by Pres. Basis of Taxation . Advantages and limitations. Tax Evasion - the use of illegal or fraudulent means to defeat or lessen the payment of a tax. CONCEPT OF TAXATION  Taxation is the inherent power of the state to impose and demand contribution upon persons, properties, or rights for the purposes of generating revenues for public purposes. Taxation, imposition of compulsory levies on individuals or entities by governments. The following may be included as subject/object: business, transaction, rights or privileges. For example, because imported products are easier to tax than domestic output, import duties were among the earliest taxes. The Philippines are a group of islands in Southeast Asia which have been an independent country since 1946. Download Full PDF Package. they are not supposed to be used for private purpose. Write something about yourself. The thin nebula of hedonism in reverse is no longer adequate. A: Real property tax is a kind of tax levied by the local government on properties and should be paid by property owners. Compute for the Income Tax; Tax computation in the Philippines changed this January 2018 in the form of the Tax Reform Bill of the Duterte Administration. (In a perfect environment, yung nakolekta yun lang dapat ang panggagastos. He grew up in Oregon, but has since lived in two other countries and traveled to many more. Learn more about taxation in this article. However, key provisions of the CTRP recommendation were missing from the final act. The laws governing taxation in the Philippines are contained within the National Internal Revenue Code. No need to be fancy, just an overview. 4.] Free PDF. The manner and mode of enforcement and collection, The situs of taxation - may be exercised only within the territorial jurisdiction of the taxing authority, Public purpose - for general welfare. Transformation - the manufacturer or producer pays the tax and endeavors to recoup himself by improving his process of production thereby turning out his units of products at a lower cost. Reciprocal Duties - (Benefits-Received or Compensation Theory) In return for the contribution of the taxpayer, he receives the general advantages and protection which the government affords the taxpayer and his property. Centanni is editor of Political Geography Now at www.polgeonow.com. Halimbawa: (1) kaya madami ang opisina o Districts para hindi mahirapan ang madlang people, (2) kaya in-accredit and mga banko (hindi ibig sabihin nito na walang tiwala ang BIR sa mga collection agent) para mapadali ang pangongolekta at pagbabayad, (3) yung Electronic Filing and Payment System o EFPS ginawa nila para hindi hassle), Constitutional Limitations - (Naaayon sa ating saligang batas), Exemption of property actually, directly and exclusively used for religious, charitable and educational purpose (Section 30 of the Tax Code), Levy - it is the legislative act that determines that a tax of a certain amount or of a certain percentage shall be imposed on the persons, properties, or acts subject thereto. (Sa BIR sila ung Revenue Officer - Collection). (Sa BIR eto yung mga Examiner or Revenue Officer (Assessment); mga Special Investigators sa Special Investigation Division), Collection - It is the getting by the concerned government agencies of the taxes imposed. 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