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    8 TRAIN Tax Reform Items that You Probably Didn’t Know yet

     

    1. Deadline for filing of annual Income Tax Return (ITR)

    Before: April 15
    Now: May 15

    2. Personal and additional exemptions have been removed

    Before: personal exemption of P50,000 and additional exemption of P25,000 per qualified dependent

    Now: None

    3. Tax on lotto winnings and PCSO prizes

    Before: Lotto winnings and all PCSO prizes are tax-exempt

    Now: all PCSO and lotto prizes are taxed 20% if the amount of the prize or winnings is above ten thousand pesos (P10,000).

    4. Tax on stock transactions

    Sale of stocks not traded in the Philippine Stock Exchange (PSE)

    Before: Tax Rate is 5-10%. 
    Now: Tax Rate is 15%.

    Sale of stocks that are traded in the PSE

    Before: Tax Rate is 0.5% of the gross trade amount
    Now: Tax Rate is 0.6% of the gross trade amount

    5. Documentary Stamps (Doc Stamps) Tax

    Before: DST is from ₱0.75 to ₱1.50
    Now: DST is doubled at ₱1.50 to ₱3.00

    6. Donor’s Tax

    Before: The donor’s tax was 2% to 15% if the donor and donee are related, and 30% if the donation was to a stranger.

    Now: The donor’s tax was revised to a flat rate of 6% regardless of the relationship between the donor and the donee.

    Donations or gifts below P250,000 are tax-exempt. Donations with value of at least P250,000 are taxed using the new rate of 6% on the amount in excess of P250,000.

    7. Estate Tax

    Before: Under current tax laws, only family homes worth P1 million are tax-exempt.

    Now: The estate tax is now a flat 6% rate on the amount in excess of P5 million. Estates with a net value of P5 million and below will be tax-exempt. Family homes that are valued at no more than P10 million will also be exempted.

    8. Tax Exempt on 13th Month Pay and Other Benefits

    Before: ₱82,000
    Now: ₱90,000

    For your guidance.

    Panabo City is Located along Daang Maharlika (Pan-Philippines Highway) and is situated between two major cities, Davao City and Tagum City.

    By LAND, you can reach Panabo City from Davao City via Davao-Butuan, Davao-Mati, and Davao –Tagum bus routes. Other public vehicles such jeepneys, vans and metered taxicabs are also available. It is 32 kilometers or approximately 45 minutes away from Davao City and 28 kilometers or 30 minutes away from Tagum City.

    By AIR, The Davao International Airport has numerous local and international airlinrs flying into Davao. From the airport, you can either take a metered cab, van or jeepney going to Panabo City or via Tagum City or Mati City.

    By SEA, Panabo City is accessible through the Sasa port of Davao City. From Davao City you can choose among the numerous public vehicles to bring you to Panabo City.

     

     Travel Information

    City Mayor's Office

    2F City hall, Nat'l H-way, JP Laurel, Panabo City

    Davao del Norte, Philippines

    Tel. No. (084) 628-5284 |822-2179

    Email: citymayor@panabocity.gov.ph

     

    City Tourism Office

    3F City hall, Nat'l H-way, JP Laurel, Panabo City

    Davao del Norte, Philippines

    Telefax No. (084) 822-7455 |822-0287

    Email: tipspanabo@gmail.com

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    © 2017 Local Government Unit of Panabo City, Davao Del Norte, Philippines. Developed by the Information Technology Section.

    Goods - 2016