What are the taxes I need to pay?
For starters, there are 3 types of taxes they are required to file:
a.) Income Taxes – if you are a sole proprietor or a registered professional, your business
income is subject to graduated income tax from 20% to 35%.
b.) Business Taxes – if the taxpayer’s total aggregate amount of actual gross sales or receipts exceeds three million pesos (Php3,000,000), the taxpayer is subject to 12% valued added tax otherwise 3% percentage tax based on gross sales or receipts.
c.) Withholding Taxes – applicable to those taxpayers with registered employees and third party contractors.