The different types of Taxes in the Philippines

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There are different kinds and types of taxes that are imposes all over the world. In most countries there are different types of taxes and levies that must be paid. There are often many variations that exist in states, countries and provinces all around the globe. In the Philippines we have major taxes to paid like the Income Tax , Real Estate Tax , Business Tax , Capital Gain Tax and Inheritance Tax.

Income Tax are usually withheld every payday by the employer, this is widely known as Witholding Tax and yearly filed every 2nd week of April. Real Estate Tax is the kind of tax people pay for their properties like buildings, houses and lots. Business Tax of course is the tax each business pay to the government. This is the kind of tax where most people fail to pay what’s due to the government. This is the most controversial kind of tax , where business often hire tax mediation attorney to protect their income and money. Capital Gain Tax is the tax imposed for every property sold to another person. The amount varies depending on the amount paid for the property. Inheritance Tax is tax imposed to the heirs for the property inherited from family and other people. This usually cost a considerable amount. The reason why some heirs opted not to change the ownership of the property.

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