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  • Taxation During Commonwealth Period

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    ORACION, Mark Gerlex
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    During the Commonwealth Period in the Philippines, the government introduced several new taxes and increased existing tax rates to make the taxation system appear more equitable. In 1936, income tax rates on individuals earning over 10,000 pesos were raised by adding a surtax. In 1937, the cedula tax was abolished but a residence tax was imposed in 1940. The 1939 National Internal Revenue Code standardized taxes by introducing a progressive individual income tax rate, personal exemptions, and increasing corporate income taxes and taxes on estates, gifts, luxuries, liquors, cigarettes, forestry, mining and dividends.

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    Taxation During Commonwealth Period (1)

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    During the Commonwealth Period in the Philippines, the government introduced several new taxes and increased existing tax rates to make the taxation system appear more equitable. In 1936, income tax rates on individuals earning over 10,000 pesos were raised by adding a surtax. In 1937, the cedula tax was abolished but a residence tax was imposed in 1940. The 1939 National Internal Revenue Code standardized taxes by introducing a progressive individual income tax rate, personal exemptions, and increasing corporate income taxes and taxes on estates, gifts, luxuries, liquors, cigarettes, forestry, mining and dividends.

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    10 views5 pages

    Taxation During Commonwealth Period

    Uploaded by

    ORACION, Mark Gerlex
    During the Commonwealth Period in the Philippines, the government introduced several new taxes and increased existing tax rates to make the taxation system appear more equitable. In 1936, income tax rates on individuals earning over 10,000 pesos were raised by adding a surtax. In 1937, the cedula tax was abolished but a residence tax was imposed in 1940. The 1939 National Internal Revenue Code standardized taxes by introducing a progressive individual income tax rate, personal exemptions, and increasing corporate income taxes and taxes on estates, gifts, luxuries, liquors, cigarettes, forestry, mining and dividends.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Taxation during

    Commonwealth
    Period
    Presented by Mark Gerlex Oracion & Darren Mijares
    Taxation during
    Commonwealth Period

    • New measures and legislation were introduced to make taxation


    system appear more equitable during Commonwealth. Income
    tax rate were increase in 1936 adding the surtax rate on
    individual net income in excess of 10,000 pesos.
    Taxation during
    Commonwealth Period

    • Income Tax rates of corporations were also increase. In 1937 the cedula
    tax was abolished. Which appeared to be progressive move. But in 1940
    a residence tax was imposed on every citizen age 18 years old and on
    every corporation.
    • Normal tax of 3 percent and the surtax on
    income was replaced by a single tax at a
    progressive rate.
    In 1939, the • Personal exemptions were introduced.
    Commonwealth • Corporation income tax was slightly increased
    government by introducing taxes on inherited estates or
    gifts donated in the name of dead persons.
    drafted National • The cumulative sales tax was replaced by a
    Internal Revenue single turnover tax of 10% on luxuries.
    Code. • Taxes on liquors, cigarettes, forestry products,
    and mining were increased.
    • Dividends were made taxable.
    Thank You!

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