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Bureau > Partnership & Corporation > Flashcards

Partnership & Corporation Flashcards

1
Q

% Preferential
Propriety Educational
Institutions and Hospitals

AND

Starting July 1, 2020 (RR 5-2021)

A 
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%

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2
Q

% Preferential
GOCCs, Agencies or
Instrumentalities

AND

Starting July 1, 2020 (RR 5-2021)

A

30%

Starting July 1, 2020:
25%

MCIT from July 1, 2020 to June 30, 2023:
1%

Afterwards:
Back to 2%

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3
Q

% Preferential

GSIS, SSS, LWD & PHIC - DC

A

Exempt

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4
Q

%

International air carriers - RFC

A

2 ½%

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5
Q

%

International Shipping - RFC

A

2 ½%

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6
Q

%
Offshore Banking Units - RFC

AND

Starting April 11, 2021 (RR 5-2021)

A

10%

Starting April 11, 2021 (effectivity of CREATE Law):
25%

MCIT from April 11, 2021 to June 30, 2023:
1%

Afterwards:
Back to 2%

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7
Q

%

Tax on Branch Profit Remittance - RFC

A

15%

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8
Q

%
Regional or area headquarters of
multinational companies - RFC

A

Exempt

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9
Q

%
Regional operating headquarters of
multinational companies (ROHQ) - RFC

AND

Starting January 1, 2022 (RR 5-2021)

A

10% Preferential Rate % 12% VAT

Starting January 1, 2022:
25%

MCIT from January 1, 2022 to June 30, 2023:
1%

Afterwards:
Back to 2%

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10
Q

%
In General - NRFC

AND

Starting January 1, 2021 (RR 5-2021)

A

30%

Starting January 1, 2021:
25%

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11
Q

%

Reinsurance premium - NRFC

A

Exempt

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12
Q

%
Cinematographic film owners,
lessors or distributors - NRFC

A

25%

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13
Q

%
Owners or lessors of Vessels
chartered by Philippine Nationals - NRFC

A

4 ½%

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14
Q

%
Owners or lessors of aircraft,
machineries and other equipment - NRFC

A

7 ½%

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15
Q

%

Interest on foreign loans - NRFC

A

20%

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16
Q

%
Capital gains from sale of shares
of stocks not traded in the stock
exchange (Not over P100,000) - NRFC

A

5%

17
Q 
%
Capital gains from sale of shares  
of stocks not traded in the stock 
exchange (Any amount in excess of 
P100,000) - NRFC
A

15%

18
Q

a person who established a trust.

A

Trustor or grantor

19
Q

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

A

Trust

20
Q

one in whom confidence is proposed as

regards property for the benefit of another person

A

Trustee

21
Q

the person for whose benefit the trust

is created

A

Beneficiary

22
Q

means guardian, trustee, executor,
administrator, receiver, conservator, or any person
acting in any fiduciary capacity for any person

A

Fiduciary

23
Q

Allowed Exemption on income of estate or trust

A

P20,000.00

24
Q

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.

A

Evangelista doctrine

25
Q

%
Domestic Corporations - DC (in general)

AND

Starting July 1, 2020 (RR 5-2021)

A

30%

Starting July 1, 2020:
25%

MCIT from July 1, 2020 to June 30, 2023:
1%

Afterwards:
Back to 2%

26
Q

&
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

A

Starting July 1, 2020:

20%

27
Q

%
Resident Foreign Corporations - RFC

AND

Starting July 1, 2020 (RR 5-2021)

A

30%

Starting July 1, 2020:
25%

MCIT from July 1, 2020 to June 30, 2023:
1%

Afterwards:
Back to 2%

28
Q

%
Inter-corporate dividends - DC
(from another DC)

A

Exempt

29
Q

%
Inter-corporate dividends - DC
(from NRFC)

A

25%, or 20%, as the case may be

(?) Exempt upon effectivity of CREATE:
April 11, 2021

30
Q

%

Inter-corporate dividends - NRFC

A

15%

31
Q

%

Income from a depository bank under the expanded foreign currency deposit system - RFC

A

15% upon effectivity of CREATE:

April 11, 2021

32
Q

%

Capital gains from sale of shares of stock not traded in the stock exchange - RFC

A

15% upon effectivity of CREATE:

April 11, 2021

33
Q

%

Gross income received from all sources WITHIN the Philippines - NRFC

A

25% upon January 1, 2021

34
Q

%

Inter-corporate dividend received from a DC (in general) - NRFC

A

25% upon January 1, 2021

35
Q

%

Inter-corporate dividend received from a DC (if the other country allows tax credit…) - NRFC

A

15% upon January 1, 2021

Bureau (24 decks)

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