PacMan's Corner

[djrs]

mukhang nabubuhay ang boxing ngayon lalo na sa lower weight class..

 

 

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kakatawa IP banned ako sa Pacland... tagal ko na sa tpc, ppc etc.. dun lang ako na banned ng ganun.. its not my lost anyway. hehehehe.

[agentjackbauer]

Yes Bubs. In theory, every single cent dapat. Although there is a tax treaty between the US and RP. I'd have to look into that to know if there are exemptions or deductions. Nonetheless, the general rule is that a resident Filipino citizen is taxed in the Philippines whereever he may have earned his income. OFWs are the exception though.

 

 

para sa mga lawyers or finance consultants or whoever: taxable ba (sa pinas) yung mga kinikita ni pacman sa US?

Edited May 9, 2009 by agentjackbauer

[grail80]

para sa mga lawyers or finance consultants or whoever: taxable ba (sa pinas) yung mga kinikita ni pacman sa US?

 

 

If he is classified as a professional (e.g. lawyer/doctor/artists) then whatever income made in the Philippines is taxable 10%. However, I think there's also a rule that states a corporation's export sales (meaning outside the Philippines) is non-taxable. I don't know if that will apply to Pac-Man.

 

Even without taxes though, he still can help the economy by spending his hard-earned money here in the Philippines. This will circulate and will definitely help the local businesses.

[agentjackbauer]

Professionals are not taxed a flat 10% rate. They are taxed based on the income they declare. Im a professional and I get taxed around 30% as far as I know.

 

And Pac is not a corporation and no export sales are involved.

 

(Damn, my tax law is getting rusty)

 

 

 

uote name='grail80' date='May 9 2009, 01:24 PM' post='6633234']

If he is classified as a professional (e.g. lawyer/doctor/artists) then whatever income made in the Philippines is taxable 10%. However, I think there's also a rule that states a corporation's export sales (meaning outside the Philippines) is non-taxable. I don't know if that will apply to Pac-Man.

 

Even without taxes though, he still can help the economy by spending his hard-earned money here in the Philippines. This will circulate and will definitely help the local businesses.

Edited May 9, 2009 by agentjackbauer

[grail80]

Professionals are not taxed a flat 10% rate. They are taxed based on the income they declare. And Pac is not a corporation and no export sales are involved.

 

 

 

uote name='grail80' date='May 9 2009, 01:24 PM' post='6633234']

If he is classified as a professional (e.g. lawyer/doctor/artists) then whatever income made in the Philippines is taxable 10%. However, I think there's also a rule that states a corporation's export sales (meaning outside the Philippines) is non-taxable. I don't know if that will apply to Pac-Man.

 

Even without taxes though, he still can help the economy by spending his hard-earned money here in the Philippines. This will circulate and will definitely help the local businesses.

 

Oooh so the tax bracket still applies to professionals? I thought it was different because they don't have permanent employment.

[_eRon_]

i hope manny beats the sh*t out of mayweather, para mapahiya yung mag-amang mayabang hehehe

[agentjackbauer]

I believe the tax bracket still applies although Im not sure since I dont practice tax law. Pero Im a lawyer and hindi lang 10% ang tax ko. I justt doesnt make sense for lawyers who are individual practitioners to be taxed only a flat 10% rate while those in law firms or corporations are taxed at a higher rate based on their monthly income.

 

 

 

Oooh so the tax bracket still applies to professionals? I thought it was different because they don't have permanent employment.

Edited May 9, 2009 by agentjackbauer

[agentjackbauer]

Eto, sure na. Section 23 of Republic Act No. 8424:

 

 

Section 23. General Principles of Income Taxation in the Philippines. - Except when otherwise provided in this Code:

 

(A) A citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines;

 

(b ) A nonresident citizen is taxable only on income derived from sources within the Philippines;

 

( c ) An individual citizen of the Philippines who is working and deriving income from abroad as an overseas contract worker is taxable only on income derived from sources within the Philippines: Provided, That a seaman who is a citizen of the Philippines and who receives compensation for services rendered abroad as a member of the complement of a vessel engaged exclusively in international trade shall be treated as an overseas contract worker;

 

(D) An alien individual, whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines;

 

(E) A domestic corporation is taxable on all income derived from sources within and without the Philippines; and

 

(F) A foreign corporation, whether engaged or not in trade or business in the Philippines, is taxable only on income derived from sources within the Philippines

Edited May 9, 2009 by agentjackbauer

[grail80]

I believe the tax bracket still applies although Im not sure since I dont practice tax law. Pero Im a lawyer and hindi lang 10% ang tax ko. I dont know if its because Im employed in a law firm (so employee rin). Pero it doesnt make sense for lawyers who are individual practitioners to be taxed only a flat 10% rate while those in law firms or corporations are taxed at a higher rate based on their monthly income.

 

 

 

Ahh in my experience kasi 10% lang taxed sa akin if you go solo (I went freelance dati, but current tax rate is about 32%). Kaya siguro you are taxed higher is because you have a permanent employment, hence a fixed income. Professionals, as classified in our tax system, are those without regular income: those who need to find their own projects to make a living. Case in point: Willie Revillame. I think the declared annual income is 400M pesos, and he got taxed 40M.

 

There are special benefits to those who earn their money abroad, both corporations and individuals (OFWs) alike, and their income are tax-free. Maybe that could apply to Pac as well.

 

 

 

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posted this before I read your post. It seems I'm wrong on the corporation.

Edited May 9, 2009 by grail80

[agentjackbauer]

Hindi pasok si Pac sa exception eh. Hindi sya OFW . Paminsan-minsan lang sya pumunta abroad para lumaban. At resident sya ng Pinas.

Edited May 9, 2009 by agentjackbauer

[grail80]

Hindi pasok si Pac sa exception eh. Hindi sya OFW. Paminsan-minsan lang sya pumunta abroad para lumaban.

 

Yun nga lang. The taxes wouldn't help the economy at all. Sa bulsa lang ng pulitiko mapupunta yan hehehe

[agentjackbauer]

Bottom-line, mayaman na mayaman na si Pac. Kahit ilang Ara Mina (o higit pa), kaya nyang bayaran.

[grail80]

Bottom-line, mayaman na mayaman na si Pac. Kahit ilang Ara Mina (o higit pa), kaya nyang bayaran.

 

 

Teka I forgot about it: Pacman was BIR's model taxpayer. So malamang taxed nga ang earnings nya from boxing. I thought it was from his many businesses.

 

 

International Star na si Manny, baka international na rin ang kabit nya hahaha

[djrs]

Hindi pasok si Pac sa exception eh. Hindi sya OFW . Paminsan-minsan lang sya pumunta abroad para lumaban. At resident sya ng Pinas.

 

he is somewhat like OFW-Expat hindi taxable sa philippines ang kinita nya sa boxing(laban sa U.S.).. pero sa u.s. taxable yung kinita nya...

 

actually kakafile lang ni pacquiao last january ng ITR nya for 2008.. bakit? kasi lahat ng kinita nya sa local endorsement/TV appearance nya is considered as LOCAL INCOME and it is Taxable. even the contract sa solar sports taxable din yun...

 

actually pacquiao is one of the good example of TAX payer.. kasi di sya nag papalate at nagbabayad sya ng tama sa tax nya...

 

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how do i know? nakapag trabaho ako sa POEA. hehehehe.

 

Tax Exemption

 

Filipinos overseas are exempted from paying taxes on their earnings from foreign sources.

 

hope this one clear things up...

Edited May 9, 2009 by djrs

[agentjackbauer]

Djrs,

 

Sorry but Pac is not an OFW, as defined by law. I guess we just have to agree to disagree.

 

 

 

Grail,

 

It seems the 10% tax is the EVAT. So every amount paid to a professional such as lawyer for his fees are subject to a 10% final tax. Then, that same professionalis still subject to income tax based on his gross income (using the tax bracket).

Edited May 9, 2009 by agentjackbauer