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Browse our 3 legal questions about Tax in Philippines and the lawyer answers, or ask your own questions for free.
Tax law in Makati City, Philippines is managed on a national level by the Bureau of Internal Revenue (BIR). These laws require individuals, businesses, and corporations to pay taxes according to their income, property value, and other assets. Makati City, being the financial center of the Philippines, imposes some unique tax codes for its residents and businesses and houses several tax offices and legal firms specializing in tax law.
Understanding and navigating tax laws can be complicated due to frequent changes, numerous exemptions, and different types of taxes. You may need a lawyer if you're having difficulty understanding tax laws, facing a tax audit, disputing a tax assessment, or starting a business. If you're dealing with large assets, real estate transactions, or inheritance issues, a lawyer can provide critical legal advice to ensure tax compliance and minimize tax liabilities.
In Makati City, in addition to national taxes, certain local taxes are imposed which include Community Tax, Real Property Tax, and Business Tax. There are also tax regulations for specific industries such as POGOs (Philippine Offshore Gaming Operators). Business owners and residents must comply with both national and local tax regulations. Non-compliance can lead to penalties or legal implications. It's recommended to get familiar with these laws or seek the help of a tax lawyer to understand them.
As a resident, you're liable to pay income tax, community tax, and real property tax. If you own a business, you also need to pay business tax, and value-added tax (VAT) if applicable.
Yes, a tax lawyer can provide advice on tax planning strategies to ensure that you're not overpaying on your taxes and that your financial transactions are structured in a tax-efficient manner.
Upon receiving a tax assessment notice, it's best to consult with a tax lawyer as soon as possible to understand the notice and decide on the appropriate response or course of action.
A tax assessment can be disputed if you believe there is an error. It's advisable to consult with a tax lawyer to understand the dispute process and to appropriately respond to the assessment.
There are legal ways to reduce tax obligations adhering to tax laws, such as tax deductions, exemptions, and credits. A tax lawyer can help you understand these strategies.
Bureau of Internal Revenue (BIR) and Makati City government websites provide information about tax regulations. There are several tax lawyers and legal firms in Makati City that can provide assistance and handle tax issues.
If you need legal assistance in tax, start by selecting a reputable tax lawyer or legal firm experienced in Philippine tax law. You can do this by researching, asking for recommendations, or checking with local legal associations. Once selected, set an appointment for a consultation to discuss your issues and decide how to proceed based on their advice.
