Professional Documents
Culture Documents
Taxation Reviewer
Taxation Reviewer
Taxation Reviewer
2. Corporate 1. Active/Ordinary
RC, NRC, RA, NRAETB 12% RC, NRC, RA, NRAETB 20%
RC, NRC, RA, NRAETB 20% *winnings from horse racing subj to OPT (4%/10%)
From DC (share in NI of taxable partnership, JV, co- Stock Transaction Tax (Business Tax)
ownership) 6/10 of 1% of Gross Selling Price 15% of capital gain (RC,
RC, NRC, RA 10% NRC, RA, NRAETB, NRANETB)
NRANETB 25% 15% of capital gain (RC, NRC, RA, NRAETB, NRANETB)
3. Real Property
Requisites:
*located in PH
TO ALLOW EXEMPTION:
Partial Exemption
TAXATION SCHEMES IN PH
TYPES OF ASSET
Default: Graduated Income Tax based on TNI 1. Subject to Basic Income Tax
1701 Annual Tax Report Basic Salary including OT Pay, Holiday Pay, Night
Shift Differential and Hazard Pay
1701Q Quarterly Tax Report
13th month pay, Productivity Incentives, Christmas
Payee (income earner) prepares income tax return. Bonus (in excess of 90000: only the excess is
taxable)
Retirement Pay and Separation Pay
CREDITABLE WITHHOLDING TAX Fringe benefits – Rank and File Employee
*Employer withheld tax, deducted in advance in our (provided by employer for employee’s benefit)
income. Employer will pay tax to BIR.
Separate computation for Compensation (GTR) and 3. Rank and File Employees
Business Income (8%)
1. Housing
DE MINIMIS BENEFITS
2. Expense Account
*small amount of benefits
3. Vehicle
*included in list and within threshold(TH)– EXEMPT
4. Household Personnel
(regardless if RF or MS)
5. Interest on loan at less than market rate
*if received by RF –excess will be part of other benefits:
6. Membership Fees in social and athletic clubs 13th month pay and other benefits (90000 maximum amt)
7. Holiday and Vacation Expenses *if received by MS – excess will be part of fringe benefits
subj to Final Tax
8. Educational Assistance to employee or his dependents
should not be for the benefit of the employer
FILING OF INCOME TAX RETURNS THEY DID NOT AGREE TO BE CO-OWNER, IT JUST
HAPPENS BECAUSE OF THE CIRCUMSTANCE
1. FWT on Passive Income
If nagbound naman to be co-owner, TAXED AS
Manual Filing PARTNERSHIP
January-November *Co-ownership is for preservation and mere
10th day of the month ff the month the administration of property and collection of income
withholding was made therein
December
Shares of Stock – 30 days after each trans ESTATE - property of deceased person
10th day of the month ff the end of the calendar -taxed as an individual
quarter in which the fringe benefits were granted Taxation for estate:
4. Basic Income Tax Gross income
1st Q – May 15 Less: allowable deductions
2nd Q – Aug 15 Special deduction: distribution of year’s income
rd
3 Q – Nov 15 to the beneficiaries
Compensation
Taxation of trust:
Gross income
Taxation of beneficiaries:
Compensation income
Requisites