I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
Don't you just hate it? Even gifts are taxed. For every gift that you give to somebody in a year, you have to pay a tax for it. The tax is imposed on the net value of the gift.
If the net gift is:
1.) Php100,000 or less -exempt
2.) Between Php100,000 and Php200,000 -2% of the excess over Php100,000
3.) Between Php200,000 and Php500,000 -Php2,000 + 4% of the excess over Php200,000
4.) Between Php500,000 and Php1Million -Php14,000 + 6% of the excess over Php500,000
5.) Between Php1Million and Php3Million -Php44,000 + 8% of the excess over Php1Million
6.) Between Php3Million and Php5Million -Php204,000 + 10% of the excess over Php3Million
7.) Between Php5Million and Php10Million -Php404,000 + 12% of the excess over Php5Million
8.) More than Php10Million -Php1,004,000 +15% of the excess over Php10Million
So we're taxed on our incomes, estates and gifts.
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