Aside from filing and paying taxes, it’s crucial to understand what taxes you must pay in the Philippines, why you must pay them, and where the money goes.
In the Philippines, tax is a fee paid by people and entities and is the primary source of income for the government, which is used for funding infrastructure, social services, and other public expenditures.
The tax system in the Philippines is composed of several types of taxes, and each tax serves a specific purpose in generating government revenue.
Rules for taxation in the Philippines are outlined in the National Internal Revenue Code (Tax Code). It specifies who is responsible for paying taxes as well as the types of taxes that should be remitted by taxpayers.
There have been various changes made to the Philippine tax code. The Republic Act 10963, often known as the Tax Reform for Acceleration and Inclusion (TRAIN) Act, which took effect in 2018, is the most recent one.
In this article, we will discuss the different types of taxes in the Philippines, their definitions, and their roles in the economy.
National tax in the Philippines refers to the taxes imposed and collected by the national government through its agencies, such as the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).
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