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what is an income tax

Income Tax

Know more about Income Taxes in the Philippines.

What is an Income tax?

An income tax is a tax imposed by the government on the financial income of people or companies within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe taxes or are eligible for a tax refund. Income tax is a key source of funds the government uses to fund its activities and for Public Service.