A Philippine Tax Question

[Thomas]

Btw - Do you guys know there is a DEDUCTION possibility, if people live by money from you?

It's 50 000p per year for the first and 25 000p for each of the following (max 4 ?)   

But same person can only be deductable for one person, so need to be checked if several send money to e g same old mother.

I don't know if it can be used for any tax or only for income tax.

 

Where have you seen these 30/25 % tax? 

 

The 30% tax comes from what the bank withheld on interest I earned last year.  They said they are required to deduct 30% of interest earnings and remit to the B.I.R.  The 25% came from a web site I was looking at but I cannot find it now.  These are just numbers that I use in my own estimates from my own personal experience.  Your mileage will vary.

I see.

Yes, concerning some taxes it's MUCH progressive  (=Much higher percentage for higher sums.)

 

E g for common worker salary it's no income tax  (but some fees to SSS, PhilHealth and Pag-Ibig but that's more as insurances)

while the income tax is HIGH at income levels we foreigners count as rather LOW salaries!   

Sweden is "famous" for having high taxes, but the Philippines have similar tax levels as Sweden!!!     Concerning businesses I suspect the Philippines has even much higher taxes, because of in Sweden there are many deduction possibilities...  Some years I have even problem to use all deduction possibilities I find   :lol: