Business Taxation 101


Christian Andrew Labitoria Gallardo[1]

They say nothing is permanent except death and taxes. Well, nothing scares the people, especially businessmen, more than death and taxes. Since governments and kingdoms have been established however, taxes have always been present to finance wars, diplomatic missions and providing public service in general. Given its pervasive nature therefore, it is necessary in conducting business (or going through life, in general) to know a little about taxes.

There are several types of taxes. In this article however, we shall only deal with taxes commonly encountered in doing business. These are income tax, value-added tax, local tax and documentary stamp tax.

Income Tax