Running head: TAX SYSTEM IN THE PHILIPPINES 2 Abstract This paper looks at the current taxation structure in the Philippines. A brief overview of the tax policy reforms in the Philippines is initially outlined. The discussion then focuses on the country’s current structure of the taxation and its primary type: corporate income tax, individual income tax, value added tax, excise tax, and customs duties. The analysis also takes into account other factors such as level of competitiveness, costs of doing business, and availability of infrastructure. Tax policy is essentially a balancing act between efficiency and equity.
When government perform this planning that involve in the budget 2013, the investor automatically implicated to Malaysia industry. 4 1.3 Objectives of study The general objective of the study is to investigate the impact of foreign direct investment (FDI) on economic growth in Malaysia for the period 1980 – 2011 using the annual time series data. The specific objectives of this study include:- i. To ascertain whether there is impact of foreign direct investment (FDI) on the economic growth of the Malaysian. ii.
The IRBM is accountable for all policies pertaining to direct taxes such as individual and business income tax, real property gains tax, petroleum income tax and stamp duty. Indirect taxes are controlled by the Royal Malaysian Custom Department (RMCD) and it consists of excise duty, custom duties, service tax and sales tax. From the government view, taxation is a vital economic instrument because it will be utilized to regulate the economy, to restore economic growth through the granting of fiscal incentives as a major goal of implementing tax policies and to provide funds for development tasks. Table 1.1 shows the total Malaysian Federal Government Revenues for the year 2012 and 2013. In 2013, the
PERSONAL VERSUS CORPORATE INCOME TAXES Personal vs corporate income tax Introduction What is a tax? A tax is considered to be a contribute to state revenues, imposed by government on individuals and entities profits or income. We can define corporate tax as a tax which is levied on the business profits and income. Also the company is subject of it on chargeable gains accruing to companies. They are charged with this tax when they complete the accounting period, also known as financial year.
Yuvraj Co paid Rs.5,000 in cash. Yuvraj Co also issued 2 Rs.1 shares for every 5 acquired in Fardeen Co and agreed to pay a further Rs.2,000 in 3 years time. Yuvraj Co has only recorded the cash paid in respect of the investment in Fardeen Co. Current interest rates are 5%. The Yuvraj Co group uses the fair value method to value the non-controlling interests. At the date of acquisition the fair value of the non-controlling interest was Rs.
Research instruments A questionnaire shall be designed and the following questions shall be addressed: To what extent employees understand the tax regime for global companies? Based on their experience, how complicated do they perceive the tax regime to be? Do they believe that Mauritius is a tax haven? Which country, other than Mauritius, they think is more attractive to investors for carrying out global business? In their portfolio of companies, how many pay taxes to the Mauritian Government?
9504 otherwise known as National Internal Revenue Code (NIRC) of 1997 which took effect until last December 31, 2017. Effective last January 01, 2018, the declared policy of the state is the RA No. 10963 which shall be known as the Tax Reform for Acceleration and Inclusion (TRAIN) which was signed into law by President Roa Rodrigo Duterte last December 19, 2017. According to Manasan (2017), the rationale to reform the personal income tax (PIT) system has been anchored on two issues, namely: (i) the non-indexation of tax brackets to inflation, resulting in bracket creep; and (ii) the high tax burden of Filipino taxpayers relative to their ASEAN counterparts. The TRAIN Law contains amendments to the provisions of the NIRC of 1997 on individual income taxation, passive income for both individuals and corporations, estate tax, donor’s tax, value-added tax (VAT), excise tax, and documentary stamp tax (DST), among others.
1970 - 34,251 shares issued against apparatus to associates. 1978 - During the period 4,00,114 value shares and 382,751 existing value shares held by Nestle 's Holdings, Ltd., Nassau, Bahama Islands (Nestle) were offered to the inhabitant Indian nationals at a premium of Rs. 2.50 for every offer. 1980 - 22,50,000 extra shares issued in extent 1:1 on 30.7.1980. 1983 - 27,00,000 extra shares value shares issued in prop.
DTI protects the welfare of consumers and enables them to get value for their money. And the last government agency that the company needs to consider will be the BIR Bureau of Internal Revenue, the main responsibility of this agency are the taxes that the company should pay every year. It is a responsibility for every Filipino to pay taxes so that our government can have enough funds for the development of the
They have a grasp over the strong distribution system of cigarette brands helping them design a channel for FMCG products. Moreover, ITC’s knowledge of food and bakery items from their hotel businesses influence and have great impact in the Packaged Food category. Weaknesses High Proportion of revenues from Tobacco products: ITC constantly makes efforts to reroute the FMCG business from the domination of tobacco products to their other products like foods, personal care, education, stationery, etc. Even though they have been somewhat successful in doing so, the tobacco products are more than 60% of the total revenue from FMCG businesses. Association with Tobacco Products affects the image: ITC attempts to improve its corporate image but ITC has many tobacco products in its business range affects their corporate image negatively.