Taxes imposed at the national level are collected by the Bureau of Internal Revenue (BIR), while those imposed at the local level (i.e., provincial, city, municipal, barangay) are collected by a local treasurer's office.
Citizens of the Philippines and resident aliens must pay taxes for all income they have derived from various sources, which include, but are not limited to:
[2] Royalties, except on books, literary works and musical compositions, are taxed at the rate of 10%.
[3] Interest income from a depository bank under the expanded foreign currency deposit system is taxed at the rate of 15%.
[2][3] One of main sources of revenues of the local government units is the real property tax, which is a tax imposed on all types of real properties including lands, buildings, improvements, and machinery.
[4] On June 13, 2024, Marcos, Jr. signed into law, R.A. 12001, the 'Real Property Valuation and Assessment Reform Act', part of Legislative-Executive Development Advisory Council and his 8-Point Socioeconomic Agenda.