Daily Taxes in Daily Life

Here are some daily taxes that we encounter everyday, it may or may not apply to you personally :

  1. The first Php 250,000.00 of your annual taxable Income is EXEMPT. 
  2. You pay TRAVEL TAX everytime you go abroad but take note senior citizens are EXEMPT from VAT
  3. When you inherent a property, you will pay 6% estate tax. 
  4. If you drink softdrinks and other sweetened beverages they are subject to 12 pesos ( softdrinks and beverages with high-fructose corn syrup) and 6 pesos per liter other sweetend products)
  5. Milk, coffee and natural juices are exempt from excise tax.
  6. If you have a business then you will have to pay 12% VAt on sales of 3% percentage tax if not exceeding 3M gross sales. 
  7. Property tax that is paid in the LGU for properties owned. 

Just some of taxes that we encounter in daily life.