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November 26th, 2013 12:56 PM #1
Pacquiao bank deposits frozen | Manila Bulletin | Latest Breaking News | News Philippines
Kahit kninita sa abroad taxable? How come OFWs hindi taxable ang income?
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November 26th, 2013 01:06 PM #2
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November 26th, 2013 01:24 PM #3
yung tax lang yata sa mga kinita nya dito thru endorsements.. pag na tax na sa US.. hindi na dapat ni ta tax dito.. double taxation na yun diba?
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November 26th, 2013 01:24 PM #4
mukhang tama naman yung accountant ni pacquiao ah. there was no need to report the earnings that were already taxed. and if ever there was a need to report it, the taxes due on it is only 3% max (as per philippine laws, for income earned abroad). since the taxes already paid to the US government exceeds that 3% then the tax liability to the philippine government is zero. the law will only require pacquiao to pay the 3% tax if the income was not taxed in the country where he earned it. example is his recent fight in macau where there is no tax, he will have to pay 3% as tax to the philippine government.
like me i do not report my income anymore since taxes are already paid to my country of assignment. the only ofw's that may have to pay (optional kasi for ofw) the 3% are those working in zero tax countries, like in the middle east. wala nga nagbabayad nun e.Last edited by yebo; November 26th, 2013 at 01:26 PM.
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November 26th, 2013 01:33 PM #5
so kung $30M nga ang kinita nya sa Macau:
30,000,000 x 44 = 1,320,000,000 (1.32B) pesos x 3% = 39,600,000 (39.6M ang tax)
ouch!
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November 26th, 2013 01:39 PM #6
no it's not. depende sa country yan. for example, my australian colleagues pay taxes here in singapore and they also pay taxes back in australia.
personally speaking, it's a good thing exempt ang tax for OFWs
in Pacquiao's case, he is not considered as an OFW since he works locally too - heck, he is a congressman - so baka taxable din yung earnings nya overseas. somebody who knows tax laws correct me.
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November 26th, 2013 03:37 PM #8
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November 26th, 2013 03:59 PM #9
Hilig kasi magpayabang si Packy.
Daming low-key na billionaryo sa Pinas hindi nahuhuli. Kasabay ko sa BMW once yung owner ng cheapie Ludy's peanut butter bumibili ng SUV. Smple dude lang, but loaded.Last edited by marg; November 26th, 2013 at 04:05 PM.
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November 26th, 2013 05:01 PM #10
yes. the way i know it is suppose to work is this. if there is a tax being paid to to country of deployment if the tax is greater than 3% then it is tax free. if there is no tax then the ofw is required to pay the tax. may brackets din, 1%, 2% and maximum 3%.
in pacquiao's case since the taxes he already paid in the US (where the income was earned) already exceeds 3% he does not have any obligation anymore to pay to the philippine government. otherwise it will be double taxation. this is true even if he is not a registered ofw since afaik the maximum tax for income earned abroad is 3%, whether it be personal/professional income, business or trade.
as for other nationalities paying taxes to the countries where they work and also paying taxes to their home country, this is, afaik, how the tax is computed. first the employee pays taxes to the country where they work. after paying the tax they get a tax receipt. they then use that tax receipt to either 1.) use as a deductible expense in declaring their income (US, Canada, Australia, UK, France, etc.) or 2.) as some form of tax credit, meaning if the tax rate is higher in their own country then the taxes paid to the host country is deducted from the tax they pay their home country (Indonesia for one). example. tax paid to host country is $1000. tax due to home country is $1200. $1200 - $1000 = $200, which will be the amount he will pay to his home country.
agree... but I don't think its the "T" Badge. kasi the Livina at 1.2M is basically the old...
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