Regular Income Tax

Module 4
Prepared by Mrs. Nelia I. Tomas, CPA, LPT

INCOME TAXATION Laws. Principles and Applications 2019 OBE Edition by Rex B. Banggawan
Introduction to Regular
Income Tax
Part 1
 Learning Objectives
After completing the lesson, the students will be able to
01 Identify the scope of regular income and its tax model
02 Understand the features of regular income tax
03 Determine the types of gross income subject to regular tax
04 Understand the concept of deduction and personal exemption
05 Demonstrate knowledge on the measurement of gross
income from employment and business and the treatment of
other income.
06 Illustrate computation of the regular tax for individuals and
corporations
Characteristics of the Regular Income Tax
1. General in coverage
2. A net income tax
3. An annual tax
4. Creditable withholding tax
5. Progressive or proportional tax

The Regular Income Tax Model

Gross Income –Inclusions xxx
Less: Allowable deductions xxx
Taxable Income xxx

Gross income consists of:

Exclusion of gross income

Inclusion of gross income

Special topics – either exclusion or inclusion

Allowable deductions
Allowable deductions are expenses of the conduct of
business or exercise of profession. They are
commonly known as business expenses.

Personal expenses that an individual spends that

are not connected to furtherance, maintenance or
development of his trade, business or profession are
non-deductible against gross income.

Individual taxpayers are classified as follows:

1. Pure compensation income earner
2. Pure business or professional income earner
3. Mixed income earner

The TRAIN law exempts the P250,000 annual

income of the individual income taxpayer from regular
income tax
 Determination of Taxable Income
Taxable compensation Business Income that are 1. Compensation 1. Compensation
income: expenses are neither Income – arises Income (CI)
deducted against compensation from employer- Classification
Gross CI xxx gross income income nor business employee 2. Business or and Global
Less: Non-taxable CI xxx from business or income such as relationship. Professional Rule
Taxable CI xxx profession. passive income are Income
2. Business Income –
classified as “other (BI or PI)
arises from the
No deduction for taxable income” and
Taxable net income of selling of goods or
compensation are added to gross
pure business: rendering of
income: P250,000 income from
services for a profit. Taxable Income of
of income is tax business and
Gross BI/PI xxx exempt. profession. Individual Income
Add: Other Income xxx Classification Taxpayers
Total GI xxx Compensation Rule
Less: AD xxx Income vs.
Taxable NI xxx Business
Treatment of
Other Income Income
Allowable
Taxable Income of Pure Deductions
Compensation Income Earner and
Taxable Income of Pure Business or
Professional Income Earner
Illustration No. 1
Case 1 Case 2 Case 3
Compensation Income P 300,000 P 300,000
Non-taxable Income 30,000 30,000
Gross Business Income P400,000 400,000
Deductions 250,000 250,000
Other Income 20,000 20,000 20,000

Case 1
Gross Compensation Income P 300,000
Less: Non-taxable Compensation 30,000
Taxable Compensation Income P 270,000
Add: Other Income 20,000
Taxable Income P 290,000

Case 2
Gross Business Income P 400,000
Add: Other Income 20,000
Total Gross Income P 420,000
Less: Allowable deductions 250,000
Net Income P 170,000
Globalized Rule for Mixed
Income Earner

Both compensation income and business income

are totaled or globalized.

Net loss from business income is not offset

against taxable compensation income

No expense is deductible against taxable

compensation income
 Illustration No. 1

Case 3
Gross Compensation Income P 300,000
Less: Non-taxable Compensation 30,000
Taxable Compensation Income P 270,000
Gross Business Income P 400,000
Add: Other Income 20,000
Total Gross Income P 420,000
Less: Allowable deductions 250,000
Taxable Net Income P 170,000
Taxable Income P 440,000
Determination of Taxable
Income of Corporate
Income Taxpayers
 Taxable income shall be computed
upon the basis of the taxpayer’s
annual accounting period in
accordance with the method of
accounting regularly employed in
keeping the books of such taxpayer
 If no method of accounting has been
employed or if the method employed
does not clearly reflect the income,
the computation shall be made in
accordance with the method in the
opinion of the Commissioner, clearly
reflects the income
Determination of Gross
Income from Business or
Profession
Sales xxx,xxx
Less: Cost of sales/ services xxx,xxx
Gross Income xxx,xxx Corporate Income Taxes
Cost of sales – acquisition cost of
goods sold for merchandising or the
manufacturing cost of the goods sold
in the case of manufacturing.
Cost of services – all direct cost of
rendering the services such as cost of
labor , materials and overhead costs.
 Corporate Income Tax
Sales, revenue, receipts and fees
 Revenue is a general term which pertains to the
gross inflow of benefits (total return) arising from
the primary operations of the business.
 Sales refer to the revenue from the sales of goods.
 Fees pertains to revenue from the sale
of service.
 Receipts refers to cash collection
from the sale of goods or services.
Differences
Revenue vs. Gross Income Distinguished
 Revenue is a gross concept pertaining to the
total return in a transaction which includes the
return of capital and the return on capital.
 Gross income is a net concept pertaining to the
return on capital in a transaction. It is net of the
cost of sales or cost of services.
Other Taxable Income from Operations and
Other Taxable Income not subject to Final Tax
 Other Taxable Income from Operations includes
revenues and receipts incidental to primary operations
or from secondary operations.
 Other Taxable Income not subject to final tax
includes other items of gross income
whether or not arising from the
Definitions
operations of the corporation.
Examples Non-operating Income
Other items of gross income such as:
 Gains from dealings in properties
 Income distribution from a general professional
partnership, taxable trust or estate, or from an exempt
joint venture
 Casual active income
 Passive income not subject to final tax
Types of Regular Income Tax
1. Individual Income Tax
2. Corporate Income Tax

Individual Income Tax

 Also called progressive income tax covers all

individuals including taxable estates and trusts
except NRA-NETB which is subject to 25% final tax
on gross income.

 Determined by reference to a tax table of

progressive tax rates.
Individual Income Tax
The Income Tax Table for Individual Taxpayers (Year 2018-2022)
Taxable Income per Year Income Tax Rate
P250,000 and below 0%
Above P250,000 to P400,000 20% of the excess over P250,000
Above P400,000 to P800,000 P30,000 + 25% of the excess over P400,000
Above P800,000 to P2,000,000 P130,000 + 30% of the excess over P800,000
Above P2,000,000 to P8,000,000 P490,000 + 32% of the excess over P2,000,000
Above P8,000,000 P2,410,000 + 35% of the excess over P8,000,000

The Income Tax Table for Individual Taxpayers (Year 2023-onwards)

Taxable Income per Year
P250,000 and below
Above P250,000 to P400,000
Above P400,000 to P800,000
Above P800,000 to P2,000,000
Above P2,000,000 to P8,000,000
Above P8,000,000
Income Tax Rate
0%
15% of the excess over P250,000
P22,500 + 20% of the excess over P400,000
P102,500 + 25% of the excess over P800,000
P402,500 + 30% of the excess over P2,000,000
P2,202,500 + 35% of the excess over P8,000,000
Illustration No. 2
A resident citizen with has a compensation income of p1,250,000 and P150,000 abroad.

Tax due is computed as:

Tax Due
Taxable Income P 1,400,000
Less: Lower limit of the income bracket 800,000 P 130,000
Excess 600,000
Multiply by: bracket marginal rate x 30% 180,000
Total Income Tax Due P 310,000

Taxable Income per Year Income Tax Rate

Above P400,000 to P800,000 P30,000 + 25% of the excess over P400,000
Above P800,000 to P2,000,000 P130,000 + 30% of the excess over P800,000
Above P2,000,000 to P8,000,000 P490,000 + 32% of the excess over P2,000,000
The Optional 8% Income Tax

Self-employed businessmen and Self-

employed professionals can opt to be taxed
at 8% of sales or receipt and other non-
operating income.

The 8% is in lieu of the:

a. Progressive income tax and
b. 3% Percentage business tax on sales or
receipts
 Corporate Income Tax
Regular Corporate Income Tax Illustration No. 3
It is a proportional or flat tax at a rate of A corporation has a net income of P1.2
30% on taxable income. It applies to any million in the Philippines and P800,000 from
corporation except those: abroad.
 Subject to final tax such as non-
Domestic Corporation
resident foreign corporation and
Taxable income P 2,000,000
FCDU interest income not subjected
Multiply by tax rate 30%
to final tax.
Income Tax Due P 600,000
 Special corporations or those subject
to preferential tax rates or special Resident Foreign Corporation
regimes. Taxable income P 1,200,000
Multiply by tax rate 30%
 Exempt corporations
Income Tax Due P 360,000
Corporate Income Taxation

The Minimum Corporate Income Tax

Corporate taxpayers are subject to 2% minimum tax of total
gross income subject to regular tax. This is applicable even
if the corporation is losing in business.

Special Corporations
Those corporations that enjoys lower tax rates but not
0%.

Exempt Corporations
Those corporations that enjoys 0% tax rate with no
tax dues.
Individual Income Tax Returns
 Form 1700 - Purely Employed Taxpayer
file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%20Form%201700.pdf
 Form 1701A - Purely in Business or Profession, using itemized, OSD or opting to the 8%
Optional Income Tax
file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%201701A.pdf
 Form 1701 - Mixed Income Earners, Estates and Trusts
file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%20Form%201701.pdf

Corporate Income Tax Returns

 Form 1702-RT – Corporations subject only to the 30% regular income tax
file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%20Form%201702-RT.pdf

 Form 1702-MX - Corporations subject to special or combination of tax rate

file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%20Form%201702-MX.pdf

 Form 1702-EX - Corporations that is exempt with no tax due

file:///D:/Documents/CCA/LESSONS/Inco%20Tax/Accountancy/Modules/BIR%20Form%201702-EX.pdf
 Deadline of filing the income tax
Rounding Rules in the
return Income Tax Returns
Annual Filing If the amount of
On the 15% day of the fourth month of the following centavos is 49 and
year of the taxpayer. below, the centavos
are dropped down
Quarterly Filing Deadlines and rounding
Individual Corporation If the amount is 50
rules
1st Qtr May 15, same year 60 days centavos or more, it is
end of 1st Qtr rounded in the next
peso
2nd Qtr August 15, same year 60 days
end of 2nd Qtr

3rd Qtr November 15, same year 60 days

end of 3rd Qtr

 Corporations and individuals engaged in business and those engaged in the practice of
profession are required to file three quarterly returns aside from the consolidated income tax
return. (BIR Form 1701Q for individuals and BIR Form 1702Q for corporations)
 Individuals earning purely compensation income file income tax annually. They may avail
substituted filing system wherein their employer shall withhold the income tax of the employees’
compensation, if they have no taxable income from other sources other than their lone employer.
Questions to Ponder:
1. Discuss the scope of the regular income tax especially on passive income and capital gains tax.
2. Enumerate the characteristics of the regular income tax.
3. What are exclusion in gross income?
4. Distinguish allowable deductions from personal exemption.
5. Demonstrate the computation of the gross income from employment and the gross income from
business or exercise of a profession.
6. How is cost of goods sold determined?
7. What are included in the cost of services?
8. What composes the compensation income of a rank and file employee and a managerial and
supervisory employee?
9. How does the tax presentation of the composition of gross income in the tax return differ between
individuals and corporate taxpayers?
10. Distinguish “other taxable income from operations” from non-operating income.
11. Distinguish revenue from sales, fees and receipts.
12. Discuss how the taxable income of the following is determined: a. Corporate taxpayer, b. Purely
Compensation earner, c. Purely business or Professional Income Earner, d. Mixed Income Earner.
13. Discuss the treatment of net loss from business or exercise of profession.
14. What are the deadlines of the quarterly regular income tax for individuals and corporations?
Exclusions from Gross
Income
Part 2
 Learning Objectives
After completing the lesson, the students will be able to
01 Identify and master the list of exclusions from gross income.
02 Comprehend the exclusion conditions or limitations of certain
items of income
03 Knowledge of the list of entities exempt under the NIRC and
special laws
Exclusions from Gross Income
Income which are not subject
and not included to regular
income tax, capital gains tax and
final tax.
A. Proceeds of life insurance
policy
B. Amount received by the
insured as a return of
premium
C. Gift, bequest, devise of
descent
D. Compensation for injuries or
sickness
E. Income exempt under treaty
F. Retirement benefits,
pensions, gratuities, etc.
G. Miscellaneous items
Miscellaneous items
1. Income in the Philippines of foreign government or
foreign government-owned and controlled
corporations
2. Income of the government and its political
subdivisions
Exclusions from
3. Prizes and awards in recognition of religious, Gross Income
charitable, scientific, educational, artistic, literary,
or civic achievements
4. Prizes and awards in athletic sports competitions
5. Contributions to GSIS, SSS, Philhealth, Pag-IBIG
and union dues
6. Contributions to Personal Equity Retirement
Account (PERA)
7. PERA investment income and PERA distributions
8. 13th month pay and other benefits not exceeding
P90,000
9. Gains from sale of bonds, debentures, or
certificates of indebtedness with maturity of more
than 5 years
10. Gains from redemption of shares in mutual fund
 Exclusion from Gross Income
A. Proceeds of a life Insurance Policy
The proceeds of life insurance to the heirs or
beneficiaries upon the death of the insured, whether in
a single sum or otherwise; however, the interest
earned from the proceeds of a life insurance shall be
included in the gross income
Definition
B. Amount received by the insured as a
return of premium
The amount received by the insured as a return of
premiums paid by him under life insurance, endowment,
or annuity contracts, either during the term or at the
maturity of the term mentioned in the contract or upon
surrender of the contract.
Definition

Illustration No. 1 Illustration Illustration Illustration No. 2

Mr. A is insured in a P1M life insurance policy Mr. A is insured in a P1M life insurance policy
with annual premium payments of P20,000 for 10 years. with annual premium payments of P20,000 for 10 years. Mr. A
outlives the policy, he collected P500,000 payment from insurance
Case 1: Mr. A died on the 8th year of coverage and his heirs company.
collected the P1M. P1M is not taxable Total proceeds P 500,000
Case 2: The heirs of Mr. A negotiated for the extension of Return of premium (P20,000x10yrs) 200,000
payment of the proceeds. As a consequence, the Return on capital (item of GI) P 300,000
proceeds earned P50,000 interest. P1M is not taxable,
but the P50,000 interest is included in the GI of heirs.
Exclusion from Gross Income
C. Gift, bequest, devise of descent
The value of property acquired by gift, bequest, devise, or
descent; however, the income from such property as well as
gift, bequest, devise, or descent of income from any property,
in cases of transfers of divided interest, shall be included in
the gross income.

Illustration No. 3
Mr. A received a restaurant gift worth P400,000 plus P50,000
cash income earned. The restaurant posted P150,000
additional income after the transfer.

P400,000 is a gratuity subject to transfer tax, not income tax.

P50,000 donated income shall be included in the gross
income of the donor.
P150,000 is item of gross income of Mr. A, donee.
Exclusion from Gross Income
D. Compensation for injuries and sickness
Amount received through accident or health
insurance under Workmen’s Compensation Acts as
compensation for personal injuries or sickness, plus
the amounts of any damages received, whether by
E. Income Exempt Under Treaty
suit or agreement, on account of such injuries or Income items that are
sickness. excluded by international Exclusions from Gross
agreement to which the Income
Illustration No. 4 Philippine government is a
signatory is excluded from
Mr. A was hit by a jeepney. He was awarded by the
income tax.
court a total indemnity of P340,000 divided as
follows: P100,000 reimbursement for hospital bills,
P200,000 indemnity for his pain, anguish and
suffering and P40,000 for his lost salaries.

Reimbursement for hospital bills and indemnity

(P100,000 + P200,000) are not taxable.
Recovery of lost profit (P40,000) is item of gross
income
Exclusion from Gross Income
F. . Retirement benefits, pensions, gratuities, and other benefits
1. Retirement benefit under RA 7641 and those received by officials and employees of private firms in accordance with a
reasonable private benefit plan maintained by the employer.
Requisites of exemption: (1-10-50-RPBP)
a. First time availment of the retirement benefit exemption.
b. The retiring official or employee has been in the services for the same employer for at least 10 years (cumulative years
of employment)
c. The retiring employee is at least 50 years of age at the time of retirement.
d. The employer maintains a reasonable private benefit plan.
Reasonable private benefit plan means a pension, gratuity, stock bonus or profit sharing plan maintained by an employer
for the benefit of some or all of his officials or employees, wherein contributions are made by such employer for the officials
or employees, or both, for the purpose of distributing to such officials and employees the earnings and principal of the fund
thus accumulated, and wherein it is provided in said plan that at no time shall any part of the income of the fund be used for
or diverted to any purpose other than for the exclusive benefit of the said officials and employees.
To be exempted, the retirement benefit plan must be a trusteed plan where the fund is held under the management of a
trustee free from both employer and employee control.

Illustration No. 5
Mr. A was employed in 1990 when he was 25 years old. In 2010, he availed of the early retirement program of her employer.
He was 45 years old.

The retirement benefit is an inclusion in the gross income as compensation income because he does not satisfied the age
requirement of 50 years old.
 Exclusion from Gross Income
F. Retirement benefits, pensions, gratuities, and other benefits
2. Separation Pay
Requisites of Exemption
1. The separation or termination must be due to job-threatening sickness, deaths or other physical disability; and
2. The same must be due to any cause beyond the control of the employee or official such as:
 Redundancy
 Retrenchment
 Closure of employer’s business
 Employee lay-off
 Downsizing of employer’s business
 Sickness or death of the employee
The exemption of termination or separation benefits does not extend to:
1. Back wages or illegal deductions repaid by the employer upon termination
2. Terminal leave pay or the commutation of accumulated unused leave credits
To avail of the tax exemption, the employee or his heirs shall request for a ruling or certificate of exemption (CTE) from the BIR
which shall be filed at the RDO where the employer is registered.
Illustration No. 6
Mr. A is an employee of Goldfish company which closed its business during the year. Mr. A’s last paycheck shows the following:
Accrued Salary for 2 months P30,000; Current month salary P15,000; and Separation pay P100,000.
The accrued salary and current month salary are subject to income tax while the separation pay is exclusion from the gross
income
 Exclusion from Gross Income:
F. Retirement benefits, pensions, gratuities
and other benefits
3. Social Security Benefits, Retirement Gratuities, and Other
similar benefits from foreign government agencies and other
institutions, private or public received by resident or non-resident
citizens or aliens who come to settle permanently in the Philippines.

4. United States Veterans Administration (USVA) –

administered benefits under the laws of the United States
received by any person residing in the Philippines

5. Social Security Systems (SSS) Benefits under RA 8282

6. GSIS Benefits under RA 8291 including retirement

gratuity received by government officials and employees
Exclusion from Gross Income
F. Miscellaneous items
1. Income derived on investments in the Philippines
in loans, stocks, bonds, or other domestic securities
or from interest on deposits in banks in the
Philippines by:
a. Foreign governments
b. Financial institutions owned, controlled, or enjoying
refinancing from foreign government
c. International or regional financial institutions established
by foreign governments
2. Income derived by government and its
political subdivisions from:
a. Any public utility or
b. Exercise of essential government function
3. Prizes and awards made primarily in recognition
of religious, charitable, scientific, educational, artistic,
literary or civic achievements but only if
a. The recipient was selected without any action on
his part to enter the contest, and
LOREM IPSUM DOLOR
b. The recipient is not required to render substantial
SIT AMET
future services as a condition to receiving the
prize or award.
4. Prizes and Awards in Sports Competitions
granted to athletes:
a. In local or international competitions and
tournaments;
b. Whether in the Philippines or broad and
c. Sanctioned by their national sports
associations
 Exclusion from Gross Income
F. Miscellaneous items
5. Share in the contributions for 6. Contributions to Personal 8. 13th month pay and other
GSIS, SSS, Philhealth, Pag- Equity Retirement Account benefits received by officials and
IBIG and Union dues of (PERA) employees of public or private not
individuals OFW allowed contribution –P100,000 exceeding P90,000
Non-OFW – P200,000
Illustration No. 7 LOREM IPSUM DOLOR
PERA contributors are allowed to 9. Gains from the sale of bonds,
Mr. A has a gross compensation of claim 5% of their PERA contributions SIT AMET
P400,000. His employer deducted P5,000 debentures, or other certificate
as tax credit against any internal
SSS, P4,000 Philihealth, P3,000 HDMF, revenue taxes.
of indebtedness with a maturity
P2,000 union dues. of more than 5 years
The term “gain” does not include
The gross income subject to income tax: 7. PERA investment interest.
income and PERA The interest is subject to regular
GCI P400,000 distributions income tax.
Less: The PERA account assets will be
SSS P 5,000 distributed back to the contributor 10. Gains realized from
Philhealth 4,000 either in lump sum, life pension or
HDMF 3,000
redemption of shares in a
in installment upon reaching the mutual fund company by the
Union Dues 2,000 14,000 age of 55, or to his heirs or
GTCI P386,000 investor
beneficiaries upon his death.
Other Exempt Income Under the NIRC and Special Laws
1. Minimum wage and certain benefits of minimum wage earners.

2. Barangay Micro-Business Enterprise (BMBE) – a business entity engaged in the production, processing, or
manufacturing of products or commodities, including agro-processing, trading, and services, whose total
assets including those arising from loans but exclusive of the land on which the particular business entity’s
office, plant and equipment are situated, do not exceed P3,000,000.To avail of the benefits and privileges of
a BMBE, an applicant must secure a certificate of authority to operate as BMBE from LOREM IPSUM
the office DOLOR
of the
treasurer of the city or municipality that has jurisdiction. Income of BMBE is excluded SIT AMET
from regular income tax,
however, their non-operating, passive, and capital gains are subject to the appropriate type of income tax.
BMBE file an Annual Information Return in lieu of the income tax return.
Revocation of BMBE Tax Exemption
a. Transfer of place of business
b. Value of assets exceed P3,000,000
c. Voluntary surrender of the Certificate of Authority
d. Death of the registered individual owner; violation or non-compliance with the provisions of RA 9178
e. Merger or consolidation with an entity which is not eligible to be a BMBE
f. Sale or transfer of the BMBE if a sole proprietorship without prejudice to the transferee applying for
registration
g. Submission of fake documents
h. Retirement from business, or cessation/suspension of operations for one year
i. Making false or omitting required declarations or statements
 Other Exempt Income Under the NIRC and Special Laws
3. Income of Cooperatives that transact business purely with members and cooperatives that transact business with
non-members if the accumulated reserve and undivided savings do not exceed P10M.

4. Income of Non-stock, non-profit entities from related operations

5. Income of Qualified Employee Trust Funds LOREM IPSUM DOLOR

Conditions for exemptions SIT AMET
a. Contributions are made to the trust by such employer, or employees, or both for the purpose of distributing to
such employees the earnings and principal of the fund accumulated by the trust in accordance with such plan.
b. The asset of the fund shall not be diverted for other purposes other than the exclusive benefit of the employees.

Qualification of Exemption of exempt entities

Tax exemption is not automatic. Taxpayers with exemptions under any existing laws must establish their entitlement
by filing the required documents with the BIR. BMBEs need to secure Certificate of Authority while cooperatives
Certificate of Tax Exemption. Once exemption is established, it operates prospectively.

6. Business or professional income of self-employed and or professionals who opted to the 8% income tax.
Questions to Ponder:
1. Enumerate the exclusions from gross income.
2. What are the capital items considered with infinite value?
3. Enumerate the exclusion conditions of retirement benefits.
4. Discuss the exclusion condition of termination benefits.
5. Discuss the rules on taxation of prizes.
6. Enumerate the exclusions from gross compensation income in the determination of gross
taxable compensation income.
7. Who is a minimum wage earner?
8. Enumerate the benefits of minimum wage earners exempt from income tax.
9. What is a BMBE?
10. What are the exemption conditions of an employee trust fund?
 Required Readings
1. Chapters 7 & 8, pp.221 – 238; pp.249 – 263:

Banggawan, Rex B. 2019. INCOME TAXATION LAWS, PRINCIPLES, AND

APPLICATIONS. Real Excellence Publishing., Pasay Default Barangay, Pasay
City, Philippines.

2. https://www.bir.gov.ph/index.php/tax-information/income-tax.html
 Learning Activities
Chapters 7 & 8, pp.239 – 248; pp.264 – 275:

Banggawan, Rex B. 2019. INCOME TAXATION LAWS, PRINCIPLES, AND

APPLICATIONS. Real Excellence Publishing., Pasay Default Barangay, Pasay
City, Philippines.
 References

Banggawan, Rex B. 2019. INCOME TAXATION LAWS, PRINCIPLES, AND

APPLICATIONS. Real Excellence Publishing., Pasay Default Barangay, Pasay
City, Philippines.

https://www.bir.gov.ph/index.php/tax-information/income-tax.html
 Appendix: Course Materials Evaluation
Adopted: BEST PRACTICES AND SAMPLE QUESTIONS FOR COURSE EVALUATION SURVEYS. Retrieved from
https://assessment.provost.wisc.edu/best-practices-and-sample-questions-for-courseevaluation-surveys//.