They say that the two things certain in life are death and taxes, but there are several countries in the world where you won’t have to worry about personal income taxes.
The list below identifies a few countries that do not impose income taxes among its people.
Scroll down to find out where they are. Perhaps you might decide to move there in case you want to escape the burden of paying income taxes!
The Senate ways and means committee approved yesterday its version of the proposed Philippine Tax Reform Bill, also known as TRAIN or Tax Reform for Acceleration and … Read More
Filipinos working abroad, also known as Overseas Filipino Workers (OFW), do not lose their basic rights as citizens of the Philippines despite working and being physically present in another country.
The Department of Finance (DOF) finally released a Tax Calculator to simplify how our income taxes will be affected once the proposed Tax Reforms of 2017 are approved.
Now, we can have our idea whether we would really benefit from the DOF’s Tax Reform Acceleration and Inclusion or TRAIN program.
If you want an easy step-by-step guide on how to use the DOF’s Tax Calculator, continue reading.
The country’s proposed tax reform package, initiated by the Department of Finance (DOF) under the administration of Pres. Rodrigo Duterte, is getting close to becoming a law.
The House of Representatives passed the bill on third and final reading in May 2017 with 246 “Yes” votes, nine “No” votes, and one abstention.
The cities of Makati, Tagaytay, and Pasig are the top three cities in the Philippines in terms of per capita income in 2009, while the cities of Bayawan (Negros Oriental), San Fernando (Pampanga), and San Jose Del Monte (Bulacan) are the bottom-dwellers. This is according to a May 2012 report by the National Statistical Coordination Board (NSCB).
The good news is that the additional 0.15% tax on all incoming overseas remittances was supposed to start May 30, 2008 but, until now, this has not been implemented.
The bad news is that the collection of this tax will start anytime soon.
Last week when I picked up my Google Adsense earnings from Western Union, they told me that the additional Documentary Stamp Tax (DST) tax on remittances will start “sometime this June.”
Whether it’s earnings from online scams, fraud Multi-Level Marketing programs, and shady High Yield Invesment Progrqams (HYIP), as long as it’s considered income, it’s taxable.
Any monetary benefit received from an activity, illegal or otherwise, normally becomes part of one’s taxable income.
That’s from an article published in MSN Money Central which also summarizes how they are treated under US tax laws. Take note of the following, lest you want to run into trouble with the Internal Revenue Service (IRS).
