installment 15 of the same year at on or before July the Authorized Agent Bank

Installment 15 of the same year at on or before july

This preview shows page 20 - 22 out of 35 pages.

installment 15 of the same year at on or before July the Authorized Agent Bank (AAB) within the jurisdiction of the Revenue District Office (RDO) where the taxpayer is registered. Tax Rate Taxable Base 1. Domestic Corporations: a. In General 30% (effective Jan. 1, 2009) Net taxable income from all sources b. Minimum Corporate Income Tax* 2% Gross Income c. Improperly Accumulated Earnings 10% Improperly Accumulated Taxable Income 2. Proprietary Educational Institution 10% Net taxable income provided that the gross income from unrelated trade, business or other activity does not exceed 50% of the total gross income 3. Non-stock, Non-profit Hospitals 10% Net taxable income provided that the gross income from unrelated trade, business or other activity does not exceed 50% of the total gross income 4. GOCC, Agencies & Instrumentalities a. In General 30% Net taxable income from all sources b. Minimum Corporate Income Tax* 2% Gross Income c. Improperly Accumulated Earnings 10% Improperly Accumulated Taxable Income 5. National Gov't. & LGUs a. In General 30% Net taxable income from all sources b. Minimum Corporate Income Tax* 2% Gross Income c. Improperly Accumulated Earnings 10% Improperly Accumulated Taxable Income 6. Taxable Partnerships a. In General 30% Net taxable income from all sources b. Minimum Corporate Income Tax* 2% Gross Income c. Improperly Accumulated Earnings 10% Improperly Accumulated Taxable Income 7. Exempt Corporation
Image of page 20

Subscribe to view the full document.

a. On Exempt Activities 0% b. On Taxable Activities 30% Net taxable income from all sources 8. General Professional Partnerships 0% 9. Corporation covered by Special Laws Rate specified under the respective special laws 10. International Carriers 2.5% Gross Philippine Billings 11. Regional Operating Head 10% Taxable Income 12. Offshore Banking Units (OBUs) 10% Gross Taxable Income On Foreign Currency Transaction 30% On Taxable Income other than Foreign Currency Transaction 13. Foreign Currency Deposit Units (FCDU) 10% Gross Taxable Income On Foreign Currency Transaction 30% On Taxable Income other than Foreign Currency Transaction *Beginning on the 4th year immediately following the year in which such corporation commenced its business operations, when the minimum corporate income tax is greater than the tax computed using the normal income tax. Passive Income 1. Interest from currency deposits, trust funds and deposit substitutes 20% 2. Royalties (on books as well as literary & musical composition) 10% - In general 20% 3. Prizes (P10,000 or less ) 5% - In excess of P10,000 20% 4. Winnings (except from PCSO and lotto) 20% 5. Interest Income of Foreign Currency Deposit 7.5% 6. Cash and Property Dividends - To individuals from Domestic Corporations 10 % - To Domestic Corporations from Another Domestic Corporations 0% 7. On capital gains presumed to have been realized from sale, exchange or other disposition of real property (capital asset) 6% 8. On capital gains for shares of stock not traded in the stock exchange - Not over P100,000 5% - Any amount in excess of P100,000 10% 9. Interest Income from long-term deposit or investment in the form of savings, common or individual trust funds, deposit substitutes, investment management
Image of page 21
Image of page 22
  • Spring '16

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes