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Philippines

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About

Philippines

Capital
Official languages
Population 
Currency

ISO 4217

Manila

Filipino and English

107,668,231 (as of July 2020)

Philippine Peso

PHP

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Economy

The Philippines has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 6.2% in 2019, making it one of the fastest growing economies in the world. The country's inflation rate was 2.7% in 2019, which is lower than the average inflation rate of the region. The unemployment rate in the Philippines was 5.3% in 2019, which is lower than the regional average of 6.2%. The country's exports totaled $77.3 billion in 2019, while imports totaled $86.2 billion. The Philippines has also seen an increase in foreign direct investment, with $10.3 billion in 2019, up from $9.2 billion in 2018. The country's current account balance was $2.3 billion in 2019, up from $1.7 billion in 2018. Overall, the Philippines has seen a steady growth in its economy, with strong indicators of economic stability.

Taxation

Taxation in the Philippines includes both corporate and personal taxes, as well as value-added tax (VAT) and excise taxes. 


For corporations, the standard corporate income tax rate is 30%, while small businesses with net taxable income of not more than PHP 3 million may avail of a graduated income tax rate ranging from 0% to 20%. Additionally, businesses with gross annual sales of PHP 3 million or less are exempt from VAT. 


For individuals, personal income tax rates range from 0% to 35%, with the tax brackets adjusted annually to account for inflation. 


Tax payments in the Philippines are generally made on a quarterly basis, with the filing and payment of income taxes due on the 15th day of April, August, and November of each year. VAT is also due on a quarterly basis, with the filing and payment of VAT due on the 25th day of the month following the end of the taxable quarter. Excise taxes are paid on a monthly basis, with the filing and payment of excise taxes due on the 20th day of the month following the month in which the tax was incurred.


It's worth noting that the Philippines has a complex tax system and tax compliance can be challenging for businesses and individuals. Taxpayers are encouraged to seek the advice of qualified tax professionals to ensure that they are complying with all applicable tax laws and regulations.

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