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Category Archives: Tax and Taxation Law

10 Countries with No Income Tax

They say that the two things certain in life are death and taxes, but there are several countries in the world where you won’t have to worry about personal income taxes. The list below identifies a few countries that do not impose income taxes among its

Are OFWs required to pay income taxes in the Philippines?

Filipinos working abroad, also known as Overseas Filipino Workers (OFW), never lose their basic rights as citizens of the Philippines despite being present physically in another country. OFWs retain the right to vote, the right to be protected by the State, and the right to

Top 10 Philippine Cities: Per Capita Income, Tax Revenues

The cities of Makati, Tagaytay, and Pasig are the top three cities in the Philippines in terms of per capita income in 2009, while the cities of Bayawan (Negros Oriental), San Fernando (Pampanga), and San Jose Del Monte (Bulacan) are the bottom-dwellers. This is according to

Taxes and Fees you must pay when Buying Property in the Philippines

When buying and selling real estate properties in the Philippines, the final purchase price is not and should not only be the relevant amount. Other taxes and fees charged on the transaction must be considered by both the buyer and seller because these costs affect

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. About

Tax on Cash Dividends in the Philippines

Yesterday I received an email from BPI Trade concerning taxes to be withheld on the cash dividends declared by PLDT or Philippine Long Distance Telephone Company (PSE Code: TEL). Apparently, owners of TEL shares who are eligible for the dividends must prove that they are

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