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Chapter
6 -
Tax Issues
The
Philippine Taxation System | Applicable
Taxes
Retail Trade
|
Individual Taxation
| Computation of Income Tax
|
|
Individual
Income Tax
|
|
|
|
|
GROSS
COMPENSATION INCOME
|
XXX
|
|
|
|
ADD:
|
OTHER
TAXABLE INCOME
|
XXX
|
|
|
|
GROSS
INCOME
|
|
XXX
|
|
|
LESS:
|
|
|
|
|
|
|
SSS
PREMIUM CONTRIBUTION
|
XXX
|
|
|
|
|
PAG-IBIG
PREMIUM CONTRIBUTION
|
XXX
|
|
|
|
|
PHIL
HEALTH INSURANCE PREM
|
XXX
|
XXX
|
|
|
NET
TAXABLE INCOME
|
|
XXX
|
|
|
LESS:
|
PERSONAL
EXEMPTIONS
|
|
XXX
|
|
|
|
|
|
|
|
|
20,000.00
|
Single
individual
|
|
|
|
|
25,000.00
|
Single
individual - but head of the family
|
|
|
|
|
|
Parent is dependent to his/her
support
|
|
|
|
32,000.00
|
Married
(per individual)
|
|
|
|
|
8,000.00
|
Per
dependent child
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME SUBJECT TO TAX
|
|
XXX
|
|
|
BRACKET
|
|
|
|
|
|
Not
over P10,000
|
5%
|
|
|
|
Over
P10,000 but not over P30,000
|
P500
+ 10% of the excess over P10,000
|
|
Over
P30,000 but not over P70,000
|
P2,500
+ 15% of the excess over P30,000
|
|
Over
P70,000 but not over P140,000
|
P8,500
+ 20% of the excess over P70,000
|
|
Over
P140,000 but not over P250,000
|
P22,500
+ 25% of the excess over P140,000
|
|
Over
P250,000 but not over P500,000
|
P50,000
+ 30% of the excess over P250,000
|
|
Over
P500,000
|
P125,000
+ 32% of the excess over P500,000
|
Corporate
Income Tax
|
|
|
|
|
|
32%
OF TAXABLE INCOME
|
|
|
|
|
This
table is meant as an indicative guide
only and is not a substitute for proper
professional advice.
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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
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