Dentists and Taxes
Dentists and Taxes
AND ETHICS
Dentist and Taxation
The act of laying taxes-the enforced proportional contributions from persons
and property levied by the law-making body of the state by virtue of its
sovereignty for the support of the government and public needs.
As a power, taxation refers to the inherent power of the State to demand and
enforce contributions for public purpose or purposes.
Donor's Tax is a tax on a donation or gift, and is imposed on the gratuitous transfer of
property between two or more persons who are living at the time of the transfer.
Income Tax is a tax on all yearly profits arising from property, profession,
trades or offices or as a tax on a person’s income, emoluments, profits and the
like.
Value Added Tax is a business tax imposed and collected from the seller in the
course of trade or business on every sale of properties (real or personal) lease of
goods or properties (real or personal) or vendors of services. It is an indirect tax,
thus, it can be passed on to the buyer.
DEFINITION OF TERMS USED IN
TAXATION
Withholding Tax on Compensation is the tax withheld from individuals
receiving purely compensation income.
(a) The province may levy an annual professional tax on each person engaged
in the exercise or practice of his profession requiring government examination
at such amount and reasonable classification as the sangguniang panlalawigan
may determine but shall in no case exceed Three hundred pesos (P300.00).
(b) Every person legally authorized to practice his profession shall pay the
professional tax to the province where he practices his profession or where he
maintains his principal office in case he practices his profession in several
places: Provided, however, That such person who has paid the corresponding
professional tax shall be entitled to practice his profession in any part of the
Philippines without being subjected to any other national or local tax, license,
or fee for the practice of such profession.
TAXES DUE FROM DENTAL PRACTITIONERS
(c) Any individual or corporation employing a person subject to professional
tax shall require payment by that person of the tax on his profession before
employment and annually thereafter.
(d) The professional tax shall be payable annually, on or before the thirty-first
(31st) day of January. Any person first beginning to practice a profession after
the month of January must, however, pay the full tax before engaging therein.
A line of profession does not become exempt even if conducted with some
other profession for which the tax has been paid. Professionals exclusively
employed in the government shall be exempt from the payment of this tax.
(e) Any person subject to the professional tax shall write in deeds, receipts,
prescriptions, reports, books of account, plans and designs, surveys and maps,
as the case may be, the number of the official receipt issued to him.
Income Tax
A tax on all yearly profits arising from property, profession, trades or offices or as
a tax on a person’s income, emoluments, profits and the like.