Records the taxes and mandatory contributions that a medium-sized company must pay in a given year, as well
as measures the administrative burden of paying taxes and contributions.
The ranking is derived from the number of tax payments per year, the number of hours per year to prepare
and file returns and pay taxes, and the total tax rate as % of profit.
Reforms to reduce steps and days for Paying Taxes were also institutionalized and implemented this year. E-government initiatives including online payments to government financial institutions, such as Land Bank of the Philippines and Development Bank of the Philippines, offer accessible and convenient online transactions for payroll-related payments to the Philippine Health Insurance System (or Philhealth) and the Home Development Mutual Fund (or the Pag-IBIG Fund). The E-payment system allows business employers to open corporate accounts with "No Average Daily Balance", enabling employers to pay annually, thus reducing the number of payments from 36 to 13 annually.
REDUCED NO. OF PAYMENTS from 36 to 13
(Social Service Contributions/Payments)
|
REDUCED NO. OF PAYMENTS from 36 to 13
(Social Service Contributions/Payments)
|
REFORMS
(Social Service Contributions/Payments)
REFORMS:
-
The Home Development Mutual Fund (or the Pag-IBIG Fund) signed a Memorandum of Agreement with the Landbank of the Philippines (LBP) and Development Bank of the Philippines (DBP) to implement an electronic payment system that allows business employers to open corporate accounts with 'No Average Daily Balance', thus reducing the number of payments to HDMF from 12 to 1.
-
Like the Pag-IBIG Fund, the Philippine Health Insurance System (or PhilHealth) signed a Memorandum of Agreement with the Landbank of the Philippines (LBP) and Development Bank of the Philippines (DBP) to implement an electronic payment system that allows business employers to open corporate accounts with 'No Average Daily Balance'. Moreover, PhilHealth required all employers in government and private sector to pay premium contributions at accredited collecting agents or through e-Payment facilities and adopt e-Premium Reporting System (e-PRS) in reporting premium payments. To date, a total of 2,103 out of 2,685 e-Pay users were registered in the period of January to April 2015 or 78% from 79% of users in the previous year.
-
The Local Government of Quezon City also maintained that the annual community tax is not a separate payment but is paid together with the local business tax at the Business Permits and Licensing Office (BPLO), thus considered as one payment only.
Reference Links:
Issuance of certification for mandatory use of online platforms
Approved Signed MOAs of LBP-Pag-IBIG
Approved Signed MOAs of DBP-Pag-IBIG
Philhealth's report on the number of e-Pay users
PHILHEALTH CIRCULAR NO.004-2015
Approved Signed MOAs of LBP-PhilHealth
Approved Signed MOAs of DBP-PhilHealth
PH PT Summary of Number of Payments
Office Order 138
Agencies
|
 |
Quezon City Local Government Unit |
 |
Bureau of Internal Revenue |
 |
Pag-IBIG Home Development Mutual Fund |
 |
Philippine Health Insurance Corporation |
 |
Social Security System |
