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e. A value-added tax ( VAT or goods and services tax ( GST ), general consumption tax (GCT) ), is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the consumer who ultimately bears the burden of ...
The value-added tax (VAT) rate since 2006 is 12%. [2] [5] The new VAT threshold was changed from Php 1,919,500 to Php 3,000,000 [6] [7] as a result of the passage of the Tax Reform for Inclusion and Acceleration (TRAIN) Law.
Map of the world showing national-level sales tax / VAT rates as of October 2019. Additional local taxes may apply. [citation needed]A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
Flat tax of 8% on gross sales or gross revenues in lieu of percentage tax and personal income tax. [25] "TRAIN aims to clean up the VAT system to make it fairer and simpler and lower the cost of compliance for both the taxpayers and tax administrators". [25] As such, VAT exemptions are now only limited to health, education and raw agriculture food.
e. An ad valorem tax ( Latin for "according to value") is a tax whose amount is based on the value of a transaction or of a property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT). An ad valorem tax may also be imposed annually, as in the case of a real or personal property tax, or ...
The Bureau of Internal Revenue[ 2 ] ( Filipino: Kawanihan ng Rentas Internas, or BIR) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government. It is an agency of the Department of Finance and it is led by a Commissioner.
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
The current standard VAT rate in the country is 5%. [ 2][ 3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [ 4] The standard rate of corporate tax is 9%, some exempt businesses and those with net annual profits under AED375,000 (US$102,100) qualify for a rate of 0%, and ...