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Learn how to apply the 20% senior citizen discount and VAT exemption on your sales transactions in the Philippines. Follow the three-step formula and see examples of computations.
To calculate senior citizen discounts, follow these simple steps: Divide the sales price by 1.12 to calculate the VAT. Subtract the VAT from the sales price to get the base price. Multiply the base price by 20% to calculate the senior citizen discount.
Jan 4, 2024 · If you are 65 or older and blind, the extra standard deduction is: $3,700 if you are single or filing as head of household. $3,000 per qualifying individual if you are married, filing jointly...
May 16, 2024 · Popular Types of Senior Discounts. From retail and grocery to insurance and health care, there are all types of senior discounts to claim. Maximize your savings and make the most out of your purchases (large or small) by cashing in on the following discounts.
- Health or Medical-Related Privileges. a. Twenty percent (20%) discount and VAT exemption on the purchase of the following: Generic and brand medicines and drugs.
- Transportation Privileges. a. Twenty percent (20%) discount and VAT exemption on the fare of the following: Domestic air and sea travel, including advanced booking;
- Travel, Entertainment, and Recreation. a. Twenty percent (20%) discount and VAT exemption on the following: Room accommodation and other amenities in hotels (including mountain and beach resorts) and similar establishments such as hotel-based parlors and barbershops, restaurants, massage parlors, spas, sauna baths, workout gyms, swimming pools, jacuzzis, aromatherapy rooms, KTV bars, Internet facilities, food, drinks, and other services offered;
- Utility Discounts. a. Five percent (5%) discount on the monthly utilization of electricity and water by a household with a senior citizen. Note: To avail of the discount, the meters for water and electricity should be registered in the name of the senior citizen residing therein.
Dec 19, 2019 · Learn how to compute the senior citizen discount on food in restaurants and fast food outlets in the Philippines. The discount is 20% of the base price, which is the sales price minus the VAT (12%).
Aug 19, 2019 · Learn how to compute senior citizen discounts on goods and services using VAT and percentage formulas. Find out other important facts and benefits for senior citizens in the Philippines.
