Partnership & Corporation Flashcards
% Preferential
Propriety Educational
Institutions and Hospitals
AND
Starting July 1, 2020 (RR 5-2021)
10% Net taxable income provided that the gross income from unrelated trade, business or other activity does not exceed 50% of the total gross income; if exceeded 50% then 30% tax rate.
Starting July 1, 2020 to June 30, 2023:
1%
After June 30, 2023:
Back to 10%
% Preferential
GOCCs, Agencies or
Instrumentalities
AND
Starting July 1, 2020 (RR 5-2021)
30%
Starting July 1, 2020:
25%
MCIT from July 1, 2020 to June 30, 2023:
1%
Afterwards:
Back to 2%
% Preferential
GSIS, SSS, LWD & PHIC - DC
Exempt
%
International air carriers - RFC
2 ½%
%
International Shipping - RFC
2 ½%
%
Offshore Banking Units - RFC
AND
Starting April 11, 2021 (RR 5-2021)
10%
Starting April 11, 2021 (effectivity of CREATE Law):
25%
MCIT from April 11, 2021 to June 30, 2023:
1%
Afterwards:
Back to 2%
%
Tax on Branch Profit Remittance - RFC
15%
%
Regional or area headquarters of
multinational companies - RFC
Exempt
%
Regional operating headquarters of
multinational companies (ROHQ) - RFC
AND
Starting January 1, 2022 (RR 5-2021)
10% Preferential Rate % 12% VAT
Starting January 1, 2022:
25%
MCIT from January 1, 2022 to June 30, 2023:
1%
Afterwards:
Back to 2%
%
In General - NRFC
AND
Starting January 1, 2021 (RR 5-2021)
30%
Starting January 1, 2021:
25%
%
Reinsurance premium - NRFC
Exempt
%
Cinematographic film owners,
lessors or distributors - NRFC
25%
%
Owners or lessors of Vessels
chartered by Philippine Nationals - NRFC
4 ½%
%
Owners or lessors of aircraft,
machineries and other equipment - NRFC
7 ½%
%
Interest on foreign loans - NRFC
20%
%
Capital gains from sale of shares
of stocks not traded in the stock
exchange (Not over P100,000) - NRFC
5%
% Capital gains from sale of shares of stocks not traded in the stock exchange (Any amount in excess of P100,000) - NRFC
15%
a person who established a trust.
Trustor or grantor
an agreement created by will or an agreement
under which title to property is passed to another for
conservation or investment with the income there from
and ultimately the corpus (principal) to be distributed in
accordance with the direction of the creator as
stated in the instrument
Trust
one in whom confidence is proposed as
regards property for the benefit of another person
Trustee
the person for whose benefit the trust
is created
Beneficiary
means guardian, trustee, executor,
administrator, receiver, conservator, or any person
acting in any fiduciary capacity for any person
Fiduciary
Allowed Exemption on income of estate or trust
P20,000.00
Under the _____, if no (or unless) substantial improvements are made on the property, the income is taxed as such co-ownership income; on the other hand, if substantial improvement is introduced, then the entire income becomes subject to tax as corp. income, their assoc. being then deemed for profit.
Evangelista doctrine
%
Domestic Corporations - DC (in general)
AND
Starting July 1, 2020 (RR 5-2021)
30%
Starting July 1, 2020:
25%
MCIT from July 1, 2020 to June 30, 2023:
1%
Afterwards:
Back to 2%
&
Corporations with net taxable income of less than or equal to P5,000,000.00 AND total assets of less than or equal to P100,000,000.00, EXCLUDING LAND where business is situated
Starting July 1, 2020
Starting July 1, 2020:
20%
%
Resident Foreign Corporations - RFC
AND
Starting July 1, 2020 (RR 5-2021)
30%
Starting July 1, 2020:
25%
MCIT from July 1, 2020 to June 30, 2023:
1%
Afterwards:
Back to 2%
%
Inter-corporate dividends - DC
(from another DC)
Exempt
%
Inter-corporate dividends - DC
(from NRFC)
25%, or 20%, as the case may be
(?) Exempt upon effectivity of CREATE:
April 11, 2021
%
Inter-corporate dividends - NRFC
15%
%
Income from a depository bank under the expanded foreign currency deposit system - RFC
15% upon effectivity of CREATE:
April 11, 2021
%
Capital gains from sale of shares of stock not traded in the stock exchange - RFC
15% upon effectivity of CREATE:
April 11, 2021
%
Gross income received from all sources WITHIN the Philippines - NRFC
25% upon January 1, 2021
%
Inter-corporate dividend received from a DC (in general) - NRFC
25% upon January 1, 2021
%
Inter-corporate dividend received from a DC (if the other country allows tax credit…) - NRFC
15% upon January 1, 2021
