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Tax Primer

This is a brief Philippine tax primer for the small business entrepreneur.

• Taxation

  1. How much tax does an individual have to pay?

  2. Are these rates also applicable to resident aliens and non-resident aliens?

  3. How much tax does a corporation have to pay?

  4. How does one calculate the gross income of the corporation for the MCIT?

  5. Are there any exemptions from the general tax of 35%?

  6. Are there any exemptions from the MCIT?

  7. How are resident foreign companies taxed?

  8. What are fringe benefits subject to the FBT?

  9. What are the exemptions to the FBT?

  10. What constitutes as the gross income subject to the general tax?

  11. What are allowawble deductions from the gross income subject to the general tax?

  12. What are the deductions from taxable income for individual taxpayers in general?

  13. How does one compute for taxes in long-term contracts?

• Fringe Benefits Tax

  1. What is the Fringe Benefits Tax?

  2. Who is covered by the FBT Tax?

  3. How does one compute for the amount of the FBT?

  4. When is the FBT paid?

  5. What is the Grossed-up Monetary Value and how is it determined?

  6. How is the monetary value of a fringe benefit computed?

  7. What are fringe benefits subject to the FBT?

  8. How does one determine the monetary value of specific fringe benefits subject to the FBT?

  9. Are there any fringe benefits NOT subject to fringe benefits tax?

  10. What are de minimis benefits?

  11. How does one handle the accounting for the FBT?

  12. So how does one REALLY compute for the FBT in a given case?

• Final Withholding Tax

  1. What is a Final Withholding Tax (FWT)?

  2. What is the difference between the FWT and the Creditable Withholding Tax (CWT)?

  3. What kinds of income are subject to FWT?

  4. At what rates is the FWT imposed?

• Creditable Withholding Tax

  1. What is the Creditable Withholding Tax (CWT)?

  2. What is the difference between the Final Withhodling Tax (FWT) and the CWT?

  3. What kinds of income are subject to the CWT?

  4. At what rates is the CWT imposed?

  5. What are the benefits exempted from the withholding tax on compensation?

  6. Are there any exemptions from the compensation income withholding tax?

  7. When do the payers who withhold income payments pay these as tax to the government?

  8. Where does one file and pay the withheld tax?

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