Wondering where your money goes? Here’s for you!
Why do we pay taxes?
“There are only two things certain in life: death and taxes.” This popular saying only shows how taxes greatly affect our entire lives, making us wonder, how do taxes really work?
Have you received the financial support given by the government in the recent lockdowns? Do you enjoy your ride with the newly rehabilitated MRT? Or the no-traffic ride in NLEX? These are only some of the things that people benefit from paying their taxes.
Tax serves as a fund of the government to be used for various public purposes such as education, public infrastructures, health insurances, and other projects that will provide the basic necessities of the society. Tax may appear to be complicated, yet it contributes to the growth of our economy and provides the necessities of the public. And every individual, whether a person or corporation, who earns income in the Philippines has the responsibility to pay taxes that will supplement the needs of the public.
Why do I need to know it?
It is every Filipino citizen’s legal obligation to understand which taxes one must pay and to calculate them properly. As it is considered a violation of the law once a person fails to file and pay taxes on time, whether intentionally or unintentionally, making that person criminally liable for not paying its taxes.
Knowing how taxation works can help you have a deeper understanding of how your money is taxed in the long run and enable you to take charge of your finances.
Getting curious about taxes?
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