Information on Taxes for Businesses

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The Philippine government imposes different taxes for businesses such as:

·       Income Tax – http://www.bir.gov.ph/taxinfo/tax_income.htm

·       Value Added Tax (VAT) – http://www.bir.gov.ph/taxinfo/tax_vat.htm

·       Estate Tax – http://www.bir.gov.ph/taxinfo/tax_estate.htm

·       Donor’s Tax – http://www.bir.gov.ph/taxinfo/tax_donors.htm

·       Excise Taxes – http://www.bir.gov.ph/lumangweb/tax_excise.html

·       Documentary Stamp Tax – http://www.bir.gov.ph/taxinfo/tax_docstm.htm

·       Percentage Tax – http://www.bir.gov.ph/taxinfo/tax_percnt.htm

The local government also imposes local business taxes as well as real property taxes. Knowingly, tax is a big concern for those who want to set up a business. Thankfully, the Philippine government came up with a program of fiscal and non-fiscal incentives to attract foreign capital and technology that complements local resources. Eligibility for these tax incentives granted by Philippine law varies. For one, some tax incentives depend on the geographic location and the nature of the proposed business activity.  Among the options to choose from are the Board of Investments (BOI) and the Philippine Economic Zone Authority (PEZA).