a PWE | Worldwide Tax Summaries Compare territories Australia Last reviewed 09 Dec 2022 ere Cece UEC https://taxsummaries.pwc.com/compare-territories Philippines Last reviewed 25 Jan 2023 ec a UEC Headline CIT rate (%) Headline CIT rate (%) 30% (25% for 'small-medium business’ entities) COC Cea TOC 25 COU Sa UOC cy CIT return due date CIT return due date Generally, 15th day of the seventh month following the end of the income year. Quarterly return: Within 60 days from the close of each of the first three quarters. Annual return: On o before the 15th day of, the fourth month following the close of the taxable year. CIT final payment due date CIT final payment due date First day of the sixth month following the end of the income year. ‘On the 15th day of the fourth month following the close of the taxable year, CIT estimated payment due dates CIT estimated payment due dates Monthly or quarterly Personal income tax (PIT) rates Quarterly instalments paid within 60 days after each quarter. Ceca aU Crd Headline PIT rate (%) Headline PIT rate (%) 45 Drea ce aU OOo 35 Personal income tax (PIT) due dates PIT return due date PIT return due date 31 October 15 April PIT final payment due date PIT final payment due date As stated on the assessment notice. 15 April PIT estimated payment due dates PIT estimated payment due dates PAYG ona quarterly basis: 28 October, 28 February, 28 April, and 28 July. For employees, the Philippines follows the PAYE system, which is carried out by the local employer through the WHT mechanism. Under this system, itis the responsibilty of the employer (local company) to withhold and remit taxes on the compensation of iis employees on a monthly basis. Further, our tax regulations require an annualisation of income and WHTs to be performed at year end (December).Nonna ICU Nero Rea CU crd Standard VAT rate (%) ‘Standard VAT rate (%) Goods and services tax: 10 PU Reed Led WHT rates (%) (Dividends/Interest/Royalties) 12 WHT rates (%) (Dividends/Interest/Royalties) Resident: 0 /0/ 0 (Note that a rate of 49% applies in the case of interest and certain dividends where a Tax File Number is not quoted to the payer); Non-resident: 30 / 10 / 30 (Note there are certain exemptions that may apply) Resident: 0 / 10, 15, or 20 / 20; Non-resident: 1 or 25 / 20 / 25 Capital gains tax (CGT) rates Pere ena TC Headline corporate capital g (h) Headline corporate capital gains tax rate (%) Capital gains are subject to the normal CIT rate. ‘See the Philippines corporate tax summary for capital gain rates. Headline individual capital gains tax rate (%h) Headline individual capital gains tax rate (%) Capital gains are subject to the normal PIT rate. ‘See the Philippines individual tax summary for capital gain rates. DEC a cod Recon hac cd Headline net wealth/worth tax rate (%) Headline net wealth/worth tax rate (%) ICRU a had RCE UC sera Headline inheritance tax rate (%) Headline inheritance tax rate (%) NA There is no inheritance tax in the Philippines. However, an estate tax of 6% is. imposed on the assets of the decedent taxpayer. Headline gift tax rate (%) Headline gift tax rate (%) NA NA stands for Not Applicable (Le. the territory does not have the indicated tax or requirement) NP stands for Not Provided (i.e. the information is not currently provided in this chart) All information in this chart is up to date as of the ‘Last reviewed’ date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it. © 2017 - 2023 PwC. All rights reserved, PwC refers to the PwC network and/or one or more of its memberfirms, each of which is a separate legal entity. Please see www,pwe.com/structure for further details.