Exam (elaborations)
CHAPTER 15-A REGULAR INCOME TAXATION_ Special Corporations
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CHAPTER 15-A REGULAR INCOME TAXATION_ Special Corporations
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CHAPTER 15-A- It is subject to final tax, capital gains tax, and the regular income tax.
Include:
•partnerships, no matter how created or organized
•joint-stock companies
•joint accounts
•associations
•insurance companies.
Excludes:
•general professional partnerships
•joint ventures or consortium formed for the purpose of undertaking construction
projects or engaging in petroleum, coal, geothermal, and other energy operations
pursuant to an operating consortium agreement under a service contract with the
Government. - ✔✔What are corporations?
%
APPLICABLE TAX RATES: 30% (Regular Tax)
TAX BASIS: Taxable Income
SOURCE: WORLD (Within/Without) - ✔✔GENERAL CLASSIFICATION & TAXATION
OF CORPORATIONS
Domestic Corporation
APPLICABLE TAX RATES: 30% (Regular Tax)
TAX BASIS: Taxable Income
SOURCE: Philippine (Within) - ✔✔GENERAL CLASSIFICATION & TAXATION OF
CORPORATIONS
Resident Foreign Corporation
APPLICABLE TAX RATES: 30% (Regular Tax)
TAX BASIS: Gross Income
SOURCE: Philippine (Within) - ✔✔GENERAL CLASSIFICATION & TAXATION OF
CORPORATIONS
Non-resident Foreign Corporation
, These are subject to a special tax treatments or preferential tax rates lower than 30%
regular corporate income tax. - ✔✔Special Corporation
a. Exempt non-profit corporations under NIRC
b. Government agencies and instrumentalities
c. Certain government-owned and controlled corporations (GOCCs)
d. Cooperatives - ✔✔Domestic corporations
Exempt domestic corporations
a. Proprietary educational institutions and non-profit hospitals
b. Foreign currency deposit units (FCDUs) and Expanded FCDUs
c. PEZA or BOI-registered enterprises - ✔✔Domestic corporations
Special domestic corporations
- ✔✔Domestic Corporation
Regular domestic corporations
%
a. Offshore banking units (OBU) and expanded FCDUs
b. Regional Area Headquarters and Regional Operating Headquarters if Multinational
Companies
c. International Carrier
d. BOI or PEZA- registered enterprises - ✔✔Resident Foreign Corporations
Special Resident Foreign Corporations
- ✔✔Resident Foreign Corporations
Regular Resident Foreign Corporations
a. Non-resident cinematographic film, owner, lessor or distributor
b. Non-resident lessor of vessels, chartered by Philippine nationals
c. Non-resident owner or lessor of aircraft, machineries and other equipment -
✔✔Non-resident Foreign Corporations
Special Non-resident Foreign Corporations
1. Exempt non-profit corporations under the NIRC
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