In detail: A look at the key elements of the tax regimeOBGplus
Taxes in the Philippines are imposed at both the national and local levels. At the national level, taxes are imposed and collected pursuant to the National Internal Revenue Code, the Tariff and Customs Code, and several special laws. There are four main types of national internal revenue taxes: income, indirect (value-added and percentage taxes), excise and documentary stamp taxes, all of which are administered by the Bureau of Internal Revenue. At the local level, governments also have some autonomy to impose taxes on business and ownership of real property. There is a territorial system of taxation for foreign corporations and individuals,…
