Corporate Income Tax

Question 1

what is Constructive Receipt Doctrine

Answer 1

In a GEneral Professional Partnership, onstructive The Constructive Receipt Doctrine, states that even if the partners did not physically receive their share of the income, it is as if they already received it because it is their right as co-owners of the GPP.

Question 2

Revenue Regulation (RR 10-2012) enumerating the requirements from when joint venture or consortium for purpose of undertaking a construction project may be exempted from corporate income tax.

Answer 2

(1) for the undertaking of a construction project; and

(2) should involve joining or pooling of resources by licensed local contracts; that is, licensed as general contractor by the Philippine Contractors Accreditation Board (PCAB) of the Department of Trade and Industry (DTI);

(3) these local contractors are engaged in construction business; and

(4) the Joint Venture itself must likewise be duly licensed as such by the Philippine Contractors Accreditation Board (PCAB) of the Department of Trade and Industry (DTI)