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Income Taxation (Finals) > chapter 3 (definition of terms) > Flashcards

chapter 3 (definition of terms) Flashcards

1
Q

Those created or organized under and by virtue of Philippine laws.

A

Domestic

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2
Q

(Corporation)

Those organized in accordance with laws of their respective countries.

A

Foreign

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3
Q

(Corporation - Foreign)

Those engaged in trade or business within the Philippines.

A

Resident

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4
Q

(Corporation-Foreign)
Those not engaged in trade or business within the Philippines.

A

Non-Resident

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5
Q

is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence (Revised Corporation Code of the Philippines, Section 2).

A

Corporation

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6
Q

is a corporation with a single stockholder, who may be a natural person, a trust or an estate

A

One Person Corporation (OPC)

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7
Q

Applies to a foreign corporation engaged in trade or business within the Philippines.

A

Resident Foreign Corporation

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8
Q

Applies to a foreign corporation not engaged in trade or business within the Philippines.

A

Non-Resident Foreign Corporation

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9
Q

Partnerships formed by persons for the sole purpose of exercising their common profession, no part of the income of which is derived from engaging in any trade or business.

A

General Professional Partnerships.

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10
Q

All corporations, agencies, or instrumentalities owned or controlled by the Government.

A

Government-Owned or Controlled Corporations (GOCCs)

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11
Q

Dividends received from non-resident foreign corporations.

A

Foreign-Sourced Dividends.

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12
Q

Per Republic Act 9856 and Revenue Regulations 13-2011, REIT is a stock corporation established in accordance with the Corporation Code of the Philippines and the rules and regulations promulgated by the SEC, principally for the purpose of owning income- generating real estate assets. For tax purposes, a REIT is considered a taxpayer engaged in the real estate business. Hence, real properties owned by a REIT are considered ordinary assets.

A

Real Estate Investment Trust (REIT)

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13
Q

means real property which is held for the purpose of generating a regular stream of income such as rentals, toll fees, user’s fees and the like, as may be further defined and identified by the SEC.

A

Income-generating real estate

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14
Q

mean shares of stock issued by a REIT or derivatives thereof.

A

Investor securities

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15
Q

refers to an individual citizen of the Philippines who is working abroad, including one who has retained or reacquired his Philippine citizenship under R.A. 9225.

A

Overseas Filipino investor

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16
Q

means a stockholder who is, directly or indirectly, the beneficial owner of more than 10% of any class of investor securities of the REIT combined.

A

Principal stockholder

17
Q

means a company listed with the Exchange and which, upon and after listing, have at least 1,000 public shareholders each owning at least 50 shares of any class and who, in the aggregate, own at least one-third (1/3) of the outstanding capital stock of the REIT. (Rev. Reg. 3-2020 amending Rev. Reg. 11-2019).

A

Public Company

18
Q

means net income earned for the taxable year, as adjusted for unrealized gains and losses/expenses and impairment losses and other items in accordance with Internationally accepted accounting standards.

A

Distributable Income

19
Q

Refer to any private schools (“which are non-profit; this provision has been removed, see footnote), maintained and administered by private individuals or groups, with an issued permit to operate from the Department of Education (DepEd) or the Commission on Higher Education (CHED) or the Technical Education and Skills Development Authority (TESDA), as the case may be, under existing laws and regulations.

A

Proprietary Educational Institutions

20
Q

Refer to any private hospitals, which are non-profit for the purpose of these Regulations, maintained and administered by private individuals or groups.

A

Hospitals Which Are Non-Profit

21
Q

as amended, whose revenues and assets that are used actually, directly and exclusively for educational purposes shall be exempt from taxes and duties.

A

Non-Stock, Non-Profit (NSNP) Educational Institutions

22
Q

As used in the definition of NSNP Educational Institutions and Proprietary Hospitals, means that no net income or asset accrues to or benefits any member or specific person, with all the net income or assets devoted to the institution’s purposes and all its activities conducted not for profit.

A

non-profit

23
Q

refers to any natural person regardless of citizenship or
residence, or juridical person regardless of place of organization, which provides ancillary services to an Offshore Gaming Licensee (OGL) or any other offshore gaming operator with license acquired from other jurisdictions. Such ancillary service may include, but shall not be limited to customer and technical relations and support, information technology, gaming software, data provision, payment solutions, and live studio and streaming services.

A

Accredited Service Provider

24
Q

refers to the amount that is derived after dividing the minimum monthly fee or its equivalent, as imposed by a Philippine Offshore Gaming Operation (POGO) Licensing Authority, by the rate of prescribed regulatory fee.

A

Agreed Pre-Determined Minimum Monthly Revenue from Gaming Operations

25
Q

means gross wagers less payouts

A

Gross Gaming Revenue or Receipts (GGR)

26
Q

refer to the total amount of money that offshore gaming customers wager

A

Gross Wagers

27
Q

refers to income or earnings realized or devedos operating online games of chance or sporting events via the internet using a network and software or program.

A

Income from Gaming Operations

28
Q

refers to any other income Or earnings realized Or derived within the Philippines by Foreign-based OGLs and all other income Or earnings realized or derived by Philippine -based OGLS that are not classified as income from gaming operations.

A

Income from Non Gaming Operations

29
Q

refers to an offshore gaming operator, whether organized in the Philippines (Philippine-based) or abroad (Offshore or Foreign-based), duly licensed and authorized through a gaming license issued by a POGO Licensing Authority to conduct offshore gaming operations, including the acceptance of bets from offshore customers. For purposes of these Regulations, an OGL [also referred to as Interactive Gaming License (GL) by other POGO Licensing Authorities) shall be considered engaged in doing business in the Philippines.

A

Offshore Gaming Licensee (OGL)

30
Q

refers to a representative in the Philippines of a Foreign-based OGL who shall act as a resident agent for the mere purpose of receiving summons, notices and other legal processes for the OGL and to comply with the disclosure requirements of the Securities and Exchange Commission (SEC). The OGL-Gaming Agent shall not be involved with the business operations of the OGL and shall derive no income therefrom.

A

OGL-Gaming Agent

31
Q

refer to the total amount paid out to offshore gaming customers for winning.

A

payouts

32
Q

refers to the operation by an OGL of online games of chance or sporting events via the internet using a network and software of program, exclusively for offshore customers/players who are non-Filipinos. The term “POGO entities” shall also refer to OGLs and Accredited Service Providers.

A

Philippine Offshore Gaming Operation (POGO)

33
Q

refers to Philippine Amusement and Gaming Corporation (PAGCOR) or any special economic zone authority, tourism zone authority or free port authority authorized by their respective charters to issue gaming licenses and accreditation POGO entities.

A

POGO Licensing Authority

34
Q

refers to a consultant or entity engaged by a POGO Licensing Authority internationally known, and duly accredited as such by an accrediting or similar agency to determine de refers to a consultant or entity engaged by be independent, repen recognized by industry experts.

A

Third-Party Auditor

Income Taxation (Finals) (3 decks)

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