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What is Tax Deductions in the Philippines about?
This document discusses deductions allowed for income tax purposes under Philippine law. It defines deductions as items or amounts that can be subtracted from gross income to arrive at taxable income. There are several basic principles for deductions: the taxpayer must point to a specific law authorizing the deduction and prove entitlement. Deductions include optional standard deductions, personal and additional exemptions, and itemized deductions for ordinary and necessary business expenses, interest, taxe
- Author
- Sjaney
- Language
- EN