History: Tax and Excise Taxes Alcoholic Essay Sample
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Introduction of TOPIC
Taxation in the Philippines is controlled by the Bureau of Internal Revenue (Philippines). Taxes in the Philippines range from 5% to 35% Exceptions
25,000 Pesos for individuals
30,000 Pesos for married couples
Exceptions for Small and Medium Enterprises with income of less than 100,000 Pesos Cedula
Cedula is a community tax that is paid annually at the Barangay Hall. It is often rated at 5% of income. Value Added Taxes (VAT)
In the Philippines, the rate of VAT is at 12%. With some additional VAT:
Cockpits and Cabarets: 18%
Jai-Jalai and racetracks: 30%
And with some exceptions:
Small Businesses: 10%
Not VAT-registered businesses: 3-5%
Alcoholic beverages, tobacco products, jewelry, petroleum products, mining and petroleum taxes, residence taxes, a head tax on immigrants above a certain age and staying beyond a certain period, document stamp taxes, donor (gift) taxes, estate taxes, and capital gains taxes. A document stamp tax is charged on stock certificates, proofs of indebtedness, proofs of ownership, etc, and normally amount to .75% to 1% of the par or face value of the certificate are imposed with excise taxes. References
^ a b c d e f Encyclopedia of Nations “Philippines – Taxation”
History of taxation in the philippines
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Section 1. Title – This Act shall be known as the Agricultural Land Reform Code.
Section 2. Declaration of Policy – It is the policy of the State:
(1) To establish owner-cultivatorship and the economic family-size farm as the basis of Philippine agriculture and, as a consequence, divert landlord capital in agriculture to industrial development;
(2) To achieve a dignified existence for the small farmers free from pernicious institutional restraints and practices;
(3) To create a truly viable social and economic structure in agriculture conducive to greater productivity and higher farm incomes;
(4) To apply all labor laws equally and without discrimination to both industrial and agricultural wage earners;
(5) To provide a more vigorous and systematic land resettlement program and public land distribution; and
(6) To make the small farmers more independent, self-reliant and responsible citizens, and a source of genuine strength in our democratic society.