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Take a look at the taxes that are levied and imposed in the country.
How are taxes supervised in the country?
The Bureau of Internal Revenue is the government agency responsible for levying and collecting national taxes in the Philippines. Furthermore, the Bureau of Customs regulates the tax imposed on importation of goods and services. Local taxes, on the other hand, are imposed on local government units since they have the power to generate their own sources of revenue and levy taxes, fees, and charges; however, these are limited in consideration of the national taxes.
What are the Taxes imposed by the government?
There are two kinds of taxes that are imposed by the government. Listed below are some of those commonly known taxes collected in the country.
National TaxesLocal Taxes
- Income Tax
- Business Tax
- Value Added Tax
- Percentage Tax
- Withholding Tax
- Expanded Withholding Tax
- Final Withholding Tax
- Withholding Tax
- Excise Tax
- Documentary Stamp Tax
- Estate Tax
- Donor’s Tax
- Customs Duties
- Real Property Taxes
- Special Levies on Real Properties
- Special Education Fund Tax
- Idle Lands Tax
- Special Levy
- Special Levies on Real Properties
- Municipal Taxes
- City Taxes
- Provincial Taxes
- Barangay Taxes
- Community Tax
There are a lot of developments that have evolved in today’s fast-changing world that have an impact on the country’s economy, society, and even taxation. Our national tax law was recently updated with the implementation of the CREATE Law, in response to the current circumstances affecting businesses and the economy. On the other hand, local tax laws were enacted a long time ago, and some of them are now outdated, necessitating their modification as a result of the numerous factors that must now be taken into account.
Being updated and informed about taxes is important as it plays a significant part in our lives. It is our responsibility as the citizens of the country to pay taxes thus, being informed about it gives us an idea where our money goes.
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