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How much does an MD earn there now???

Discussion in 'Band of Glockers' started by riddler, Aug 2, 2005.

  1. riddler

    riddler

    1,190
    1
    Jan 19, 2001
    5 doctors to pay P450 M more in taxes

    First posted 01:18am (Mla time) Aug 03, 2005
    By Cynthia D. Balana
    Inquirer News Service


    FIVE Manila doctors have agreed to amend their tax declarations and pay additional taxes amounting to at least P450 million.

    The Bureau of Internal Revenue said the doctors’ positive act to cooperate with its effort to raise money for the government came barely a month after the bureau held tax briefings for medical practitioners from the Our Lady of Lourdes Hospital last June 29.

    According to BIR officials who refused to name the taxpayers, the doctors filed their amended returns for 2000 to 2004 last July 8. The returns reflected substantial increases in their income tax payments.

    The doctors also made an assurance that they would continue to support the bureau’s tax programs.


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    Considering equal division for 5 doctors: 450,000,000 php/5 = 90 million pesos each.

    Divided equally over 5 years (2000 - 2004): 90,000,000 php/5 = 18,000,000 php

    WTF! 18,000,000 php in taxes per/year??? What are these people making??? If doctors make this much, then how come a lot of them are going back to school to earn a nursing degree?

    Better yet, how could they have hidden their income for 5 years and avoid taxes on it?

    No wonder the country is drowning in debt! ;g ;g
     
  2. Eye Cutter

    Eye Cutter Moderator

    8,193
    1
    Nov 21, 2002
    Dr. B. Eye
    how i wish ako sana isa dun sa limang yun!

    mag-tennis na lang tayo riddler!
     

  3. riddler

    riddler

    1,190
    1
    Jan 19, 2001
    Sir, I really was shocked when I read this because my sisters who are also doctors there before never earned anything remotely close to this figure.

    Cool ako dyan sa idea mo Doc na mag-tennis. One of these days, maybe we could. ;e
     
  4. Dok

    Dok Rimfire Fan

    242
    0
    Jun 19, 2003
    Durian City, Philippines
    well, i know some md's who were also having problems with the BIR here in provinces. one paid an amount equivalent to a brand new car;f
     
  5. Eye Cutter

    Eye Cutter Moderator

    8,193
    1
    Nov 21, 2002
    Dr. B. Eye
    baka naman kasi sila may ari ng hospital!
     
  6. Dok

    Dok Rimfire Fan

    242
    0
    Jun 19, 2003
    Durian City, Philippines
    the problem is they dont usually declare all their patients specially out-patients. let's say out of 40 patients per day, only five is declared. :)

    you have problems doc EC with BIR? it was like a crack-down here when it happened. lahat nang mga doktor ma-iinit ang ulo that time.;f
     
  7. Eye Cutter

    Eye Cutter Moderator

    8,193
    1
    Nov 21, 2002
    Dr. B. Eye
    nope. my books are all in order. na tax mapping na kami sa hospital.

    nakakaasar lang, ang laki-laki na ng nakakaltas sa witholding tax, monthly percentage tax, quarterly tax, etc. etc. sa mga MDs. akala nila lahat ng doctors malakas kumita. and then meron pa impending VAT. hindi nila alam gaano ka tensionado pag meron surgical cases or critically ill patients.
     
  8. riddler

    riddler

    1,190
    1
    Jan 19, 2001
    EC, what about charity cases? There will always be some patients who can't pay. Are the collectibles (that may be forever collectibles) considered taxable or losses, hence tax-deductible?
     
  9. GMV

    GMV

    456
    0
    Oct 30, 2004
    boondocks
    Hi Riddler. In our Tax Code, bad debts can be claimed as deductions from a taxpayer's gross income, provided that these debts: (i) must be connected with the taxpayer's profession; (ii) are actually worthless; and (iii) are actually ascertained to be worthless during the taxable year.

    I believe that the (un)collectibles from these patients can be claimed as deductions by our doctors.

    My .02 cents :)

    GMV
     
  10. Dok

    Dok Rimfire Fan

    242
    0
    Jun 19, 2003
    Durian City, Philippines
    tama ka dyan!:)
     
  11. Eye Cutter

    Eye Cutter Moderator

    8,193
    1
    Nov 21, 2002
    Dr. B. Eye
    mga charity cases are your indulgences sa itaas. ipon mo na yun para kay san pedro! hahaha!

    i don't get to do as many charity cases as before as i'm on leave sa teaching hospital namin and i practice in a private medical center. ang mga ginagawa namin ngayon mostly semi-charity kung tawagin, yung mga medicare/philhealth insurance only lang bayad sa hospital and doctors.

    kelangan kumayod ulit para matapos na yung bagong project! hahaha!
     
  12. doctabako

    doctabako Gun Aficionado

    1,164
    0
    Aug 11, 2003
    Philippines
    Buwis dito, buwis doon, buwisit talaga ;g Napupunta lang naman sa kurakot at gobyernong walang kakwenta-kwenta ~sd

    Medical practice here in the province isn't as financially rewarding as it is in Manila as you can't charge as much. One must remember that the majority of patients here are farmers and fisherfolk who don't have that much disposable income. Those who are well off, mostly go to Manila for their healthcare.
    The bulk of my income is derived from other sources like land rental and proceeds from sugarland leaseholds but be that as it may, being a doctor is still the most fulfilling as it gives one a sense of purpose and of being needed.

    I may soon give up my practice here though, as my wife and I are planning to go back to Manila to be with our only child(who studies there) whom we've been missing so much.:)
     
  13. A wise old doctor once said : " Look at your waiting room. If there is a big crowd of people waiting, it's time to raise your fees."
     
  14. your "mini-you" like my son mikol my "mini-me"? ;f ;)
     
  15. revo

    revo

    521
    0
    Apr 27, 2003


    Interesting.

    The only way I'm thinking they could make that much is that they're somehow senior corporate partners in the hospital and get a share of the hospital's earnings.
     
  16. Very rare naman yung yumaman from medical practice dito sa Pinas. You make money from owning a hospital, drugstore, diagnostics, or some other business.