Pacific Ocean width at about 5°N latitude, where it stretches approximately from Indonesia to the coast of Colombia—halfway around the world, and more than five times the diameter of the Moon. The lowest known point on Earth—the Mariana Trench—lies below sea level. Its average depth is , putting the total water volume at roughly . Due to the effects of plate tectonics, the Pacific Ocean is currently shrinking by roughly per year on three sides, roughly averaging a year. By contrast, the Atlantic Ocean is increasing in size. Along the Pacific Ocean's irregular western margins lie many seas, the largest of which
Taxation in the Philippines goods, services and transactions are exempted from the VAT: Percentage tax is a business tax imposed on persons or entities/transactions: Excise taxes apply to goods manufactured or produced in the Philippines for domestic sales or consumption or for any other disposition and to things imported. 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. Taxation in the Philippines The policy of ‘’’taxation in the Philippines’’’ is governed chiefly by the Constitution of the Philippines and three