How much does an MD earn there now??? [Archive] - Glock Talk

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riddler
08-02-2005, 21:54
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

Eye Cutter
08-02-2005, 22:32
how i wish ako sana isa dun sa limang yun!

mag-tennis na lang tayo riddler!

riddler
08-02-2005, 22:56
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

Dok
08-02-2005, 23:26
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

Eye Cutter
08-02-2005, 23:37
baka naman kasi sila may ari ng hospital!

Dok
08-02-2005, 23:42
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

Eye Cutter
08-02-2005, 23:54
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.

riddler
08-02-2005, 23:59
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?

GMV
08-03-2005, 02:19
Originally posted by riddler
EC, what about charity cases? There will always be some patients who can't pay. Are the collectables (that may be forever collectables) considered taxable or losses, hence tax-deductible?

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

Dok
08-03-2005, 02:43
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.

tama ka dyan!:)

Eye Cutter
08-03-2005, 03:53
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!

doctabako
08-03-2005, 05:21
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.:)

antediluvianist
08-03-2005, 07:01
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."

mikol
08-03-2005, 08:43
Originally posted by doctabako
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.:)
your "mini-you" like my son mikol my "mini-me"? ;f ;)

revo
08-03-2005, 09:29
Originally posted by riddler
[b]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


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?

No wonder the country is drowning in debt! ;g ;g

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.

Evan N. Payawal
08-03-2005, 22:41
Very rare naman yung yumaman from medical practice dito sa Pinas. You make money from owning a hospital, drugstore, diagnostics, or some other business.