The Art of Time Management
Time is a precious resource, and mastering its management is essential for productivity and success. Understanding priorities helps in allocating tim…
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Insights
The Rise of E-Commerce in the Philippines: Thriving in the Online Market
The Philippines has experienced a significant surge in Ecommerce, transforming the retail landscape and reshaping consumer behavior. This growth is…
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Insights
The Path to Achieving Financial Goals
Setting financial goals begins with envisioning a clear and realistic destination, aligning with one's values, aspirations, and timeline. Break d…
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Insights
Building a Strong Financial Foundation
Budgeting, the cornerstone of financial success, begins with understanding one's income and expenses. Create a detailed list of all sources of in…
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Insights
Unleashing the Power of Financial Literacy
In today's fast-paced world, financial literacy emerges as an indispensable skill, leading us towards a path of prosperity. Understanding the lan…
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Business & Transfer Taxes
Donor's Tax
Donation is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it (Article 725, Civil C…
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Business & Transfer Taxes
Estate Tax
Succession is a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of the inheritance, of a perso…
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Business & Transfer Taxes
Value-Added Tax
Nature and Characteristics of Value-Added Tax Value-Added Tax (VAT) is a form of sales tax.
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Business & Transfer Taxes
Percentage Tax
Nature and Characteristics of Percentage Tax A percentage tax is a national tax measured by a certain percentage of the gross selling price or gross …
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Income Taxation
Income Taxation
Taxpayers and the Tax Base
For income tax purposes, taxpayers are classified generally as Individuals , Corporations , Estates and Trusts , Other entities. The classificatio…
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Income Taxation
Gross Income
Income means all wealth that flows to the taxpayer other than a mere return of capital. Income is gain derived from labor or capital, or both labor a…
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Income Taxation
Deductions from Gross Income
In general, deductions or allowable deductions are business expenses and losses incurred which are allowed by law to be deducted from the gross busin…
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Income Taxation
Individual Income Taxation
Income Tax is defined as a tax on all yearly profits arising from property, professions, trades, or offices, or as a tax on the person’s income, emol…
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Income Taxation
Corporate Income Taxation
The term corporation includes One Person Corporations Partnerships (except GPP) Joint-stock companies Joint accounts (en cuentas participation) Ass…
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Income Taxation
Filing of Income Tax Returns and Payment
Who are Required to File Individual Taxpayers The following are required to file an income tax return: Resident citizen Non-resident citizen, on in…
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