[tax] rates Flashcards
donor’s tax
6%
regular corporate income tax from july 1, 2020 onwards for domestic corporations
25%
minimum corporate income tax for domestic corporation from july 1, 2020 to june 30, 2023
1%
prizes for nranetb
25% final tax
prizes for nrfc
25% final tax
pcso/lotto winning exceeding 10,000
20% final tax
non-pcso/lotto winning for nranetb/nrfc
25% final tax
tax credit for personal equity and retirement accounts
5% based on contribution
penalty for early unqualified withdrawal for personal equity and retirement account
20% of gross income earned by PERA
for the determination of the ceiling amout for EAR for the sale of goods/properties, the lower of the actual EAR is compared to
0.5% of net sales
the lower of the actual EAR and this percentage of net revenue for the determination of EAR ceiling for the sale of services
1%
ceiling of the deduction for training expenses
10% of direct labor wage
deduction to the interest expense is this percent of the interest income subject to final tax
20%
deduction to interest expense if net taxable income is <5M, and total assets are <100M
0%
at least what percentage of ownership to retain to be able to carry over
25%
senior citizens discount
20%
persons’ with disability discount
20%
discount to national athletes, coaches, trainers
20%
solo parents act
10%
student fare discount
20%
magna carta for senior citizens deduction
15% of total salaries paid
magna carta for pwd deduction (salaries)
25% of total salaries paid
magna carta for pwd deduction (improvements)
50% of direct cost improvement
tesda law deduction
50% of training expense
peza law deduction
50% of training expense
jewelry act deduction
50% of training expense
adopt-a-school deduction
50% of contribution/donation
philippine green jobs act deduction
50% of skills training
free legal assistance act deduction is lower of actual free legal service and
10% of gross income
optional standard deduction for individuals
40% of gross sales
optional standard deduction for non-individual
40% of gross income
regular corporate income tax rate from january 1, 1998 to june 30, 2020 for domestic corporation
25%
minimum corporate income tax rate from july 1, 2023 onwards for domestic corporation
2%
rcit for corporations with net taxable income of <5M and total assets of <100M
20%
mcit of corporations with net taxable income of <5M and total assets of <100M from july 1, 2020 to june 30, 2023
1%
corporations with net taxable income of <5M and total assets of <100M have an mcit of this percentage from july 1, 2023 onwards
2%
rcit of proprietary educational institutions and hospitals from july 1, 2023 onwards
10%
rcit of proprietary educational institutions and hospitals from july 1, 2020 to june 30, 2023
1%
