TAXATION Prof. R.E. HermosillaMCITR/NCITM -MinimumR/N-Regular/NormalC -Corporate C-Corporate I-Income I-Income T-Tax T-Tax1998-34%2% of GI1999-33% of TI2000-32%2005-35%Meaning of gross income:1. For sale of goods – Gross sales less sales returns, allowances, discounts and cost of goods sold.2. For sale of services – Gross receipts less allowances, discounts and cost of services sold. Cost of services sold means all direct costs and expenses incurred to provide the services required by the customers and clients including (a) salaries and employee benefits of personnel, consultants and specialists directly rendering the service and (b) cost of facilities used directly in providing the service such as depreciation, rental of property and cost of supplies. In the case of banks, cost of services sold shall include interest expense.Corporations covered:Domestic Those whose taxable income are subject to the regular or normal tax 34%, 33%, 32%, 35% rates ofResident FC Not those enjoying preferential rates on their taxable income.When? Effective, 1/1/98.
- Spring '13
- Cost Accounting, Makati City