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Taxes

Sole Proprietorship

 Value Added Tax (VAT)


 Income Tax

OPTION TO BE TAX (Options can be change after 1 calendar year)

 8% Income Tax on Annual Gross Sales/Receipts in excess of P250,000. But Gross


Sales/Receipts should not exceed PHP3,0000,0000 annual gross sale/receipts.
(Note: this option cannot avail business expense but 8% Income tax is both or VAT and
Income tax)
 Graduated income tax rates
 Percentage Tax of 3% on Gross Sales/Receipts not exceeding PHP3,000,0000
 Tax table on Net Income – (Receipts –Operating Expenses=Net Income*Tax Rates
=Tax Payable)

Annual Gross Sales/Receipts exceeding PHP3000,000,000 is automatically subject to Graduated


Income Tax and will be subject to 12% VAT on Gross Sales.

- Sales * 12% =VAT payable


- Sales –Expenses=Net Income *Tax Rates = Income Tax Payable