Daily Taxes in Daily Life
Here are some daily taxes that we encounter everyday, it may or may not apply to you personally :
- The first Php 250,000.00 of your annual taxable Income is EXEMPT.
- You pay TRAVEL TAX everytime you go abroad but take note senior citizens are EXEMPT from VAT
- When you inherent a property, you will pay 6% estate tax.
- 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)
- Milk, coffee and natural juices are exempt from excise tax.
- 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.
- Property tax that is paid in the LGU for properties owned.
Just some of taxes that we encounter in daily life.