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CHAPTER 15-A REGULAR INCOME TAXATION Special Corporations Questions &Exam (elaborations) answers 100% satisfaction guarantee
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CHAPTER 15-A REGULAR INCOME TAXATION Special Corporations Questions &Exam (elaborations) answers 100% satisfaction guarantee

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  • August 11, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter 15 a regular income taxation special corp

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CHAPTER 15-A
- ✔✔Domestic Corporation
Regular domestic corporations

- ✔✔Resident Foreign Corporations
Regular Resident Foreign Corporations

- 25% final tax on their gross income from all sources (any taxable income, passive or
active) within the Philippines other than rentals of cinematographic films -
✔✔Non-resident Cinematographic Film Owner, Lessor or Distributor

- 4 ½% final tax on gross rentals, lease or charter fees from leases or charters to
Filipino residents or corporations - ✔✔Non-resident lessor of vessels chartered by
Philippine Nationals

- 7 ½% final tax on rentals, charters, and other fees
%

Note: Non-resident foreign corporations, special or resident, do not file income tax
returns. Philippine Resident foreign corporations, special or resident, do not file income
tax returns. Philippine residents who make income payments to them must withhold the
final tax and remit the same to the government through BIR Form 1601-F. -
✔✔Non-resident owner or lessor of aircraft, machineries and other equipment

- Flight or voyages of passengers, mails, or excess baggage commencing from foreign
countries which will be interconnected in the Philippines for continuance of the flight or
voyage to a foreign destination by the same international carriers shall not be
considered originating from the Philippines if the actual departure is made within 48
hours from embarkation in the country, except only when delayed by force majeure. -
✔✔The "48-hour" rule on transient passengers

- Form part of the Gross Philippine Billings of the carrying airline if the passenger
boards a plane or a port or point in the Philippines. - ✔✔Rules on re-validated,
exchanged, or endorsed tickets

, - 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?

- OBU or FCDU of a resident foreign bank is subject to the same tax rules applicable to
FCDUs/EFCDUs of domestic banks except for their offshore income which is exempt
%

from income - ✔✔SPECIAL RESIDENT FOREIGN CORPORATIONS: OBUs and
EFCDUs

- Other income of international carriers other than from international transport is subject
to the appropriate type of income tax - ✔✔Treatment of income other than income
from international transport

- Preferential rate or exemption from income tax on the basis of applicable tax treaty or
international agreement to which the Philippines is a signatory or on the basis of
reciprocity such that an international carrier whose home country exempts Philippine
carriers shall likewise be exempt from income tax in the Philippines - ✔✔Treaty or
reciprocity consideration

- Preferential tax rate of 5% on gross income (3% to the national government and 2%
to the city or municipality where the establishment is located) earned in lieu of all local
and national taxes except for the real property tax on land of developers.

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