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The Bureau of Internal Revenue [2] ( Filipino: Kawanihan ng Rentas Internas, or BIR) is a revenue service for the Philippine government, which is responsible for collecting more than half of the total tax revenues of the government. It is an agency of the Department of Finance and it is led by a Commissioner.
Income tax for individuals. Citizens of the Philippines and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to: compensation income (e.g., salary and wages ); income of self-employed individuals and/or professionals; capital gains; interests; rents;
International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation ...
The Philippine Economic Zone Authority (PEZA), formerly known as the Export Processing Zone Authority (EPZA), is a Philippine government agency attached to the Department of Trade and Industry, created to help promote investments in the export-oriented manufacturing industry into the country by assisting investors in registering and facilitating their business operations and providing tax ...
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
Employees must apply to Revenue for the certificate by submitting Form 12A to Revenue. A certificate is issued at the beginning of each tax year based on the employee's personal circumstances. At the end of each tax year, the employer must give the employee a certificate of Pay, Tax and PRSI deducted during the year, Form P60.
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
In the US, withholding by employers of tax on wages is required by the federal, most state, and some local governments. Taxes withheld include federal income tax, [3] Social Security and Medicare taxes, [4] state income tax, and certain other levies by a few states. Income tax withheld on wages is based on the amount of wages less an amount for ...