|
|
|
|
Chapter
6 -
Tax Issues
The
Philippine Taxation System | Applicable
Taxes
Retail Trade
|
Individual Taxation | Computation
of Income Tax
Depending
on the individual's classification, different
tax rates are imposed on income derived from
interests, dividends, royalties, prizes, winnings,
capital gains on sale of shares of stocks
and real property.
Resident citizens are subject to graduated
tax rates (0 to 35% on compensation income
and 3 to 30 percent on income from business
(profession). Dividends from domestic corporations
are taxed at the rate of 6 %. `Beginning 1999,
the tax rate shall be 8% and beginning 2000;
the rate shall be 10 %.
Non-resident citizens are taxed in the same
manner as resident citizens.
For tax purposes, aliens employed by regional
or area headquarters of multinational corporations
and offshore banking units are subject to
income tax of 15 % on their gross income from
such headquarters or units. Those employed
by petroleum service contractors and sub-contractors
are liable to 15 percent tax on the salaries,
wages and annuities received from such contractors
or sub-contractors.
Aliens who stay in the Philippines for not
more than 180 days in a calendar year are
considered non-residents aliens not doing
business in the Philippines. However, certain
income on non-resident aliens may be exempt
from tax under the applicable tax treaties.
Aliens who stay in the Philippines for more
than 180 days are treated as non-resident
aliens doing business in the Philippines and
are taxed in the same manner as the resident
citizens or aliens on Philippine-source income.
|
Company
Profile
Fraser
Place Forbes Tower
Fraser
Place Serviced Residences Forbes
Tower, Manila recently opened
its doors to expatriate business
executives with its upscale facilities
and high end services.
Located in the heart of Makati's
dynamic financial district and
with easy walking distance of
Ayala Avenue, Paseo de Roxas and
Makati Avenue, Fraser Place provides
150 luxurious serviced residences
for long-term expatriates, business
travelers, families and even children.
Despite the global economic downturn
which has affected the Philippines
along with the other Asian economies,
Fraser Place has risen to the
challenge of the market by offering
superb value for its five-star
facilities.
Each unit boasts of full-height
glass picture windows that provide
views of the Makati skyline, fully
furnished with modern home furniture
and fixtures in separate living,
dining, kitchen, bedroom and en-suite
bathrooms. In keeping with the
demands of its international clientele,
Fraser Place Manila also provides
e-mail access, dual telephone
lines with voice mail, in-room
personal safe and video-intercom
system for added security.
Also provided for the indulgence
of guests is a fully equipped
gymnasium with sauna, an outdoor
swimming pool and jacuzzi, children's
pool, barbecue area, children's
playroom, nursery and day care
center as well as social programs
for spouses and children.
Aside from the convenience of
being in the midst of Makati's
world-class dining, entertainment
and business centers - and at
an affordable price - Fraser Place
Manila provides a real home to
relax and recharge amidst a cozy
ambience that is unique to the
Philippines.
For further information
www.fraserhospitality.com
|
|
Click here to download
the PDF Version of this Chapter.
|
|
|
|
are trademarks of MCA Limited.
