Individuals Flashcards
Resident Citizen
derived income from abroad < 183 days
Non res Citizen
Derived income from abroad > or equal to 183 days
- ofw reg with poea
nrc till he go back to ph
Resident Alien
come to ph for definite purpose which requires extended stay (continuous 1yr)
- married a filipino
- come here without definite intention
NRA
ETB - > 180 days
NETB < or equal - 180 days (Tax table not allowed) only fwt cgt
*if my gross income then sa Fwt papasok 25%
Situs of Taxation
- persons - place of residence
- real property - location of property
- Tangible Personal property - location
- intangible - domicile of owner
- business - place of business
- dividends - nationality of corp *
- 50% of annual gross receipts from ph in past 3 yrs
total within / total all income ph and abroad
total ng tatlong taon hindi per yr ang calculate
types of income tax
- basic income tax
- FWT on passive income (PH only)
- CGT on sale of sst unlisted domestic company
- CGT on sale of real property (PH)
business or profession
Gross sale or Gross receipt + other income
- < or equal 3M = tax table or 8% (excess of 250k)
- > 3m = tax table and subj to bus tax
- 8% in lieu of tax table and 3% perc tax
qualifications of 8% in excess of 250k
- non vat reg
- subj to 3% perc tax
- not subj to vat exempt trans/sales
- cant be purely comp inc
- cant have perc tax business but need to be 3m kaya 3% perc tax lol
Mixed earners
Compensation
- tax table
Bus or prof
- Gross sale or Gross receipt + other income
- < or equal 3M = tax table or 8% (excess of 250k)
- > 3m = tax table and subj to bus tax
- 12% vat - vat reg and >3m
- 3% percentage tax - non vat reg and < or equal to 3m
taxable income
Gross sale
gross receipt
(cogs)
(opex)
\_\_\_\_\_\_\_\_\_\_\_\_\_\_
Taxable incomeInterest income from any currency bank dep, dep subs, trust fund, other monetary benefit
RC, RA - 20%
NRC, NRAETB - 20%
NRANETB - 25%
interest from dep bank under forex
RC, RA - 15%
NRC, NRAETB - exempt
NRANETB - exempt
interest from long term bank dep (if ganire lang sinabi assume long term at hindi terminate)
RC, RA - E
NRC, NRAETB - E
NRANETB - 25%
* need nasa name ng individual not under comp para magamit
*if sold na hindi na pwede sa gain na yon papasok na sa basic tax
long term bank dep int (pre termination period) <5 yrs
RC, RA - E
NRC, NRAETB - E
NRANETB - 25%
long term bank dep int (pre termination period) <4 yrs - >5yrs
RC, RA - 5%
NRC, NRAETB - 5%
NRANETB - 25%
long term bank dep int (pre termination period) <3 yrs - >4yrs
RC, RA - 12%
NRC, NRAETB - 12%
NRANETB - 25%
long term bank dep int (pre termination period) > 3yrs
RC, RA - 20%
NRC, NRAETB - 20%
NRANETB - 25%
royalties (literary works, books, musical comp)
RC, RA NRC - 10%
NRAETB - 10%
NRANETB - 25%
other royalties
RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%
- Dividends rec from DC, join stock, insurance, and roh of multi comp *
- Share in distri NI after tax of partnership (XPN: GPP), assoc, tax JV
RC, RA NRC - 10%
NRAETB - 20%
NRANETB - 25%
- 50% of annual gross receipts from ph in past 3 yrs
total within / total all income ph and abroad
total ng tatlong taon hindi per yr ang calculate
prizes > 10000
- NOT FROM RELIGIOUS, CHARITY, SCIENTIFIC, RECIPIENT DIDNT ENTER THE CONTEST OR DIDNT RENDER SERVICE, ATLETHES NATIONAL SPORTS ABORAD OR PH
RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%
prizes < or equal 10000
- NOT FROM RELIGIOUS, CHARITY, SCIENTIFIC, RECIPIENT DIDNT ENTER THE CONTEST OR DIDNT RENDER SERVICE, ATLETHES NATIONAL SPORTS ABORAD OR PH
RC, RA NRC - Tax table
NRAETB - tax table
NRANETB - 25%
other winnings
*NOT FROM 126 OF OPT
RC, RA NRC - 20%
NRAETB - 20%
NRANETB - 25%
Winnings pcso or lotto > 10000
RC, RA NRC - 20%
NRAETB - EXEMPT
NRANETB - 25%
Winnings pcso or lotto < or equal 10000
RC, RA - E
NRC, NRAETB - E
NRANETB - 25%
CWT professional fee talent fee
annual income < 3m = 5%
annual income > 3m = 10%
CWT rentals
5% gr
CWT payment to contarctor
2%GP
CWT beneficiary of estate or trust
15% of inc distribution
CWT income dist to GPP
< 720k = 10%
> 720k = 15 %
CGT stocks or check seperate cgt notes
SST unlisted = 15% of capital gain
SP (AC) use fmv \_\_\_\_ Net cap gain or loss x 15% \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ CGT
CGT RP
6% of higher SP, FMV, ZONAL
MWE
XPN ON INC TAX
-BPHONHA
but with limit 90k and de minimis (kasama sa fbt notes)
NOTE
8% laging may 250k deduction bago tax
Change of tax %
unless signify by the taxpayer in 1st quarter of the tax yr the taxpayer will pay using tax table.
to change vat to 8% or vice vers = shall upddate reg records on or before 1st quarter of a taxable yr to reflect the change or shall remain liable for vat as long as no update
employees of ROHQ RHQ OBU petroleum contactore and sub contactor
Senior citizen and PWD
subj to bsic inc tax
NOTE
if jointly ang FCDU then tax half half sa % nila
NOTE
SP - SPE - COST = Cap gain or loss
NOTE
if my kasamang business ang binentang bldg or RP katulad ng rentals then Ord Asset
NOTE
CGT di pwede sa nasa aborad kahit res cit pa, sa basic tax papasok
