Value-added Tax (VAT) is an indirect tax to be paid by the consumer of the product and/or service. Hence, it is important to know how VAT works. Read This : Taxes in the Philippines Illustration: ABC Store buys its apples from its supplier, XYZ Corporation. The cost of the apple is PhP 100.00 (VAT Inclusive). […]
Business Taxes in the Philippines Tax When is it paid? a.) Income Tax – This would depend in the set-up of the business.i. Sole Proprietorship – Graduated income tax from 20% to 35% depending on the net income.ii. Partnerships and Corporations – Corporate Income Tax of 30% of the Net Income or Minimum Corporate Income Tax of 2% […]
Currently, The Philippines does not have a divorce law, leaving estranged spouses with two options, either file for Annulment or Legal Separation. Read This : Family Law What is the difference between the two? The main difference between Annulment and Legal Separation is its effect on the marriage of the spouses. In Annulment, the marital ties […]
Options in setting up your business in the Philippines: Domestic Corporation – a separate and distinct entity that has its own juridical personality. It may enter into contracts and has the capacity to sue and be sued. The liability of the corporation is separate from the personal properties of the shareholders. (except in cases of […]
FAQ Serious misconduct; Willful disobedience; Gross and habitual neglect of duty; Fraud or breach of trust; Commission of a crime or offense; Installation of labor-saving devices; Redundancy; Retrenchment; Closure of the business Read This : Labor Case by the Employee Some of these grounds require separation pays, to know more, send us an email at […]
FAQ What are the grounds for an employee to file a labor case against his/her employer? Serious insult on the honor of the employee; Inhuman and unbearable treatment; Commission of a crime; Violation of the Labor Code. To know more, simply send us an email at info@yaplawoffice.com. Read This : Grounds for termination of employment
Tax Incentives: What to know? For businesses to avail of certain tax incentives, it may register with either the Philippine Economic Zone Authority (PEZA) or the Board of Investments (BOI). In registering with either PEZA or BOI, the business may avail of 4 to 8 years of income tax holiday or a preferential tax rate […]
