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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 laws in Quezon City, also known as Fiscal laws, are primarily governed by the National Internal Revenue Code (NIRC) of the Philippines. This code covers various federal and local taxes paid by individuals and businesses in the Philippines, which include income tax, Value-Added Tax (VAT), excise tax, documentary stamp tax, estate tax, donor’s tax, and local taxes such as community tax.
Undergoing a tax audit, setting up a business, or dealing with tax disputes with the Bureau of Internal Revenue (BIR) are circumstances that could necessitate the services of a tax lawyer. They have industry-specific knowledge that can aid in effectively managing taxes, avoiding unnecessary penalties, and ensuring compliance with complex tax laws.
Quezon City’s local tax laws are outlined in the Quezon City Revenue Code, which stipulates how local taxes, fees, and charges are levied, collected, and administered. This includes business taxes, real property taxes, and clearance fees. It is critical to understand these laws to ensure proper compliance and to avoid administrative cases or penalties from the city government.
As per the NIRC, the standard corporate income tax rate is 30%. However, tax rates can vary depending on special laws and agreements.
Yes, Quezon City imposes a local business tax which ranges from 0.5% to 75% depending on the nature and annual sales of the business.
Yes, if you have a valid grounds to contest an assessment, you can file a protest with the BIR. It is advisable to seek legal help in these situations.
The penalty for late filing ranges from 25% to 50% surcharge of the tax due, plus interest of 12% per annum, from the due date until the full payment of the tax due.
Minimum wage earners, individuals earning less than PhP 250,000 annually, and certain organizations such as non-profit schools and hospitals are exempted from paying taxes.
The BIR is the main governmental body that regulates tax matters. For local tax concerns in Quezon City, you can consult the Quezon City Treasurer's Office. Online platforms like Taxumo provides guides and services for individual taxpayers and businesses. Legal firms specializing in tax laws also offer resources and advice.
If you need legal assistance for tax matters, consider hiring a tax lawyer who is well-versed with both national and local tax laws. They can help you interpret and comply with such laws, mitigate tax liabilities, and handle tax disputes. It is advisable to review your situation thoroughly, gather necessary documents, and arrange a consultation with a tax professional.
