Income Tax - Special Income Tax Rates Flashcards
Income tax rate for Proprietary Educational Institutions
10% on World Taxable Income, subject ti the predominance test (GI from unrelated activites < 50% GI)
Income tax rate or Nonprofit educational institutions
Exempt. Even if there are unrelated activities, if the income is used for educational purposes, it will still be exempt from income tax.
Income tax rate on proprietary hospitals
30% RCIT
Income tax rate for nonprofit hospitals
10% of World Taxable Income, subject to the predominance test
Income tax rates for an FCDU:
On forex transactions with nonresidents
Exempt
Income tax rates for an FCDU:
On forex transactions with other residents
10% FIT on interest income from forex loans
30% RCIT on other forex income with Other Residents
Income tax rates for an FCDU:
On forex transactions with OBU or FCDU
Exempt
Income tax rates for an FCDU:
On forex transactions with local commercial banks
Exempt
Income tax rates for an FCDU:
On income from non-forex transactions
30% RCIT, whatever the source
Income tax rates for an FCDU:
On forex transactions with branches of foreign banks
Exempt
Income tax rate for PEZA and TIEZA registered companies
5% GIT, in lieu of all national and local taxes except RPT
3% goes to Natl Govt
2% goes to City/Municipality
Income tax rate for BOI-registered enterprises
30% RCIT after their income tax holiday
6 years or 4 years, up to 3 years extension
Income tax rate for Micro-finance NGOs
30% RCIT on non-microfinance activities,
2% income tax on Gross Receipts from Microfinance Operations
