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Category Archives: BIR and TRAIN Tax Law

OFWs exempted from paying Travel Tax, Doc Stamps, Airport Fee

Good news to all Overseas Filipino Workers (OFWs)! All OFWs are now exempted from paying documentary stamp taxes (DST) on remittances, travel tax, and airport fee as the new Migrant Workers Act or Republic Act 10022, recently lapsed into law without President Gloria Macapagal-Arroyo’s signature.

Western Union’s Documentary Stamp Tax on remittances

The good news is that the additional 0.15% tax on all incoming overseas remittances was supposed to start May 30, 2008 but, until now, this has not been implemented. The bad news is that the collection of this tax will start anytime soon. Last week

Income from scams and bribes are also taxable

Whether it’s earnings from online scams, fraud Multi-Level Marketing programs, and shady High Yield Invesment Progrqams (HYIP), as long as it’s considered income, it’s taxable. Any monetary benefit received from an activity, illegal or otherwise, normally becomes part of one’s taxable income. That’s from an

Are income from Mutual Funds and UITFs taxable?

Question: Do I need to pay taxes on my earnings once I redeem my Unit Investment Trust Funds (UITFs) or shares of mutual funds? Answer: No, as long as proper taxes have already been collected prior to the redemption of your UITF participation. That’s according