EVOLUTION OF PHILIPPINE TAXATION
Storyboard Text
- Why do we have a tax?
- EVOLUTION OF PHILIPPINES TAXATION
- DADDY! DADDY!Can i ask you a question?
- Of course Joan
- Hmm. Let me tell you the evolution of tax in the Philippines
- SPANISH ERA
- AMERICAN ERA
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- COMMONWEALTH ERA
- When the Spaniards landed in the Philippines, they started to collect tributes in 16th century, The Galleon trade has been introduced. Forced labor which male Filipino were obligated to serve which result in death in the 17th century. In 1884, the payment of tribute ended due to the cedula.
- POST-INDEPENDENCE PERIOD
- From 1898 to 1903, the American followed the Spanish system of taxation with some modification. Later on, the Urbana would be replaced by a tax on a real state become know as land tax.
- So that's what happened. Now i know, Dad!
- So do you understand now, Joan?
- In 1937, the cedula tax was abolished which prepared to be progressive move, however, in 1940, a residence tax was imposed on every citizen aged 18 years old and every corporation in 1939, the commonwealth drafted the National Internal Revenue Code (NIRC).
- A major reform in the tax system was introduced under the term of Aquino, the value Added Tax (VAT). Now under Duterte's administration, he vowed lower income tax rates shouldered by working Filipinos. The Tax Reform for Acceleration and Inclusion (TRAIN) law was implemented. The purposed of tax reform also seeks to limit VAT exceptions and increase excise tax on petroleum products and automobiles.
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- Yes daddy! Thank you. Iloveyou dad!
- Your so sweet. I love you too my daughter!
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