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Philippine Tax Facts: True or False

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Philippine Tax Facts: True or False

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Philippine tax facts: true or false

Created by

John Renann Mariano
John Renann Mariano
Philippines

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Philippine Tax Facts: True or False
 

Philippine Tax Facts: True or FalseOnline version

Philippine tax facts: true or false

by John Renann Mariano
1

The Philippines uses a progressive personal income tax system for individuals.

2

The corporate income tax rate is fixed at 10% for all corporations.

3

Value-Added Tax (VAT) in the Philippines is 12%.

4

Every Filipino must file an annual income tax return regardless of income level.

5

Remittances from abroad are always taxed as ordinary income.

6

VAT applies to all goods and services with no exemptions.

7

The Bureau of Internal Revenue (BIR) administers and collects taxes in the Philippines.

8

Wages and professional income are subject to withholding tax in the Philippines.

9

The Bureau of Internal Revenue is responsible for customs duties and border control.

10

The TRAIN law (Tax Reform for Acceleration and Inclusion) made adjustments to individual tax brackets in 2018.

 
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