As the global landscape for cryptocurrency continues to evolve, countries worldwide are defining their stances on digital assets. Indonesia, with its rapidly growing economy and technological advancements, has been no exception. The regulation of cryptocurrencies in country has become a focal point for both local and international investors. This article delves into the specifics of…
Commonly, legal opinion is what we consider as an experienced lawyer’s advice. It is presented in the form of a document prepared by a client’s requirement. The article will provide you with all interested details regarding the provision of legal consultation. Legal opinion: Why do we need it? Banks frequently demand LOs from risky businesses…
1. Sorts of Commercial Units, Their Homestead and General Charge issues This country offers diverse business units with distinct lawful divisions, including the SA requiring EUR 30,000 minimum capital and the SARL with EUR 12,000, managed by boards of directors. The SARL limits subsidiaries to one hundred and could not trade publicly, while the SCA…
1. Trade License Acquiring a pervasive trade licence is a pivotal step for most commercial functioning in Switzerland. This licence is mandatory that assures your commercial functioning bonds to indigenous market rules and protocols. Here’s what you should know: Submission routine: You can apply for a commercial licence to the local canton’s market branch. This…
This is a new investment opportunity – SPI license in UK for sale. Please check out the main details regarding this proposal below. SPI license in UK for sale: key considerations Small Payment Institution (SPI) in UK for sale; Company was licensed by FCA in 2018; Allowed activities (money remittance, foreign exchange); Company has 3…
Seize the opportunity to effortlessly establish your business in the UK with our ready-made company, complete with premium bank accounts at Barclays and HSBC. Key features Company for Sale in UK with Barclays & HSBC Accounts Company Details: – Incorporated: 2024 – Registered Address: England – Company Type: Private Limited Company – Nature of Business…
Are you ready to establish your business presence in the UK effortlessly? Discover our exclusive offer—a ready-made company with immediate access to Natwest, Revolut, and Wise bank accounts. Here’s what you need to know: Key features Company for Sale in UK with Established Bank Accounts – Company Details: Founded in 2024, work in non-specialised wholesale…
An active transportation company limited by shares (SA) in Switzerland is now available for sale. This company, was established in 2020 and operates in the passenger and cargo transportation sector with a focus on sea and rail transport. Key Features Transportation Company in Switzerland Corporate Structure Form: Company limited by shares (SA) Year of Registration:…
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Cost: on request.
A company is considered local if it is registered in the Philippines or if it is registered outside the Philippines, but has a branch in the Philippines.
Local companies are taxed on income received both domestically and abroad. Foreign companies are taxed only on income from the Philippines.
A foreign company with a subsidiary in the Philippines is taxed on income of Filipino origin.
Corporate tax is levied on the profits of the company, which usually consists of income derived from the direct activities of the company.
Ordinary business expenses can be deducted in calculating taxable income.
Instead of a standard deduction of expenses, local companies can switch to the Optional standard of expenses’ deduction.
This standard allows you to deduct up to 40% of total gross income when calculating taxable income for a taxable period.
Decisions to switch to this deduction system cannot be revoked during the tax year for which the declaration is filed.
The standard corporate tax rate is 30%. An additional 10% income tax applies to incorrectly accumulated profits.
The minimum tax rate, equal to 2% of gross income, is charged both from local companies and from foreign ones.
However, this benefit is only possible starting from the fourth taxable year of activity. The minimum rate is applied in three cases:
1) the company has no income,
2) has negative taxable income,
3) when the amount of the minimum tax exceeds the usual corporate tax liability of the company.
Any minimum tax that exceeds the regular income tax can be carried forward to the next period and credited to the regular income tax account over the next three taxable years.
The employee is required to make monthly contributions to the social security system, depending on his salaries. The employer is also required to make contributions for employees.
VAT is levied on most sales of goods and services. Sale and import of certain goods and services is subject to 12% VAT. Some sales have a zero rate.
The obligation to register as a VAT payer arises after reaching a turnover of 3 million PHP.
A tax report can be filed either manually or through an electronic filing and payment system. Deadline: 20-25 day of the month following the reporting one.
Or the 25th day of the quarter following the reporting taxable quarter.
The accounting department of the company must compile quarterly, annual financial reports and provide declarations to the tax service. Contact us for more information.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.