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The policy of taxation in the Philippines is governed chiefly by the Constitution of the Philippines and three Republic Acts . Constitution: Article VI, Section 28 of the Constitution states that "the rule of taxation shall be uniform and equitable" and that " Congress shall evolve a progressive system of taxation ". [1] National law: National ...
Sale of low-cost house and lot not exceeding ₱2.5 million; Sales of persons and establishments earning not more than ₱1.5 million annually. Tariffs and duties. Second to the BIR in terms of revenue collection, the Bureau of Customs (BOC) imposes tariffs and duties on all items imported into the Philippines. According to Executive Order 206 ...
Bell Trade Act. The Bell Trade Act of 1946, also known as the Philippine Trade Act, was an act passed by the United States Congress specifying policy governing trade between the Philippines and the United States following independence of the Philippines from the United States. [1] [2] The United States Congress offered $800 million for post ...
The Philippines is an archipelago of about 7,641 islands, [202] [203] covering a total area (including inland bodies of water) of about 300,000 square kilometers (115,831 sq mi).
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
2023 one off excess profits tax. A one off tax raised in 2023 claiming back 10% of excess profits when comparing the profits in 2021-22 to 2018-19, applicable to companies making over 1 billion rubles profit. Estimated to raise 300 billion rubles. Regional and local taxes
e. Party-list representation in the House of Representatives of the Philippines refers to a system in which 20% of the House of Representatives is elected. While the House is predominantly elected by a plurality voting system, known as a first-past-the-post system, party-list representatives are elected by a type of party-list proportional ...
Christianity is the predominant religion in the Philippines, [1] with Roman Catholicism being its largest denomination. Sizeable minorities adhering to Islam, Dharmic religions ( Buddhism and Hinduism ), and indigenous Philippine folk religions (Anito or Anitism) are also present. The country is secular and its constitution guarantees freedom ...
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