[tax] rates

Question 1

donor’s tax

Answer 1

6%

Question 2

regular corporate income tax from july 1, 2020 onwards for domestic corporations

Answer 2

25%

Question 3

minimum corporate income tax for domestic corporation from july 1, 2020 to june 30, 2023

Answer 3

1%

Question 4

prizes for nranetb

Answer 4

25% final tax

Question 5

prizes for nrfc

Answer 5

25% final tax

Question 6

pcso/lotto winning exceeding 10,000

Answer 6

20% final tax

Question 7

non-pcso/lotto winning for nranetb/nrfc

Answer 7

25% final tax

Question 8

tax credit for personal equity and retirement accounts

Answer 8

5% based on contribution

Question 9

penalty for early unqualified withdrawal for personal equity and retirement account

Answer 9

20% of gross income earned by PERA

Question 10

for the determination of the ceiling amout for EAR for the sale of goods/properties, the lower of the actual EAR is compared to

Answer 10

0.5% of net sales

Question 11

the lower of the actual EAR and this percentage of net revenue for the determination of EAR ceiling for the sale of services

Answer 11

1%

Question 12

ceiling of the deduction for training expenses

Answer 12

10% of direct labor wage

Question 13

deduction to the interest expense is this percent of the interest income subject to final tax

Answer 13

20%

Question 14

deduction to interest expense if net taxable income is <5M, and total assets are <100M

Answer 14

0%

Question 15

at least what percentage of ownership to retain to be able to carry over

Answer 15

25%

Question 16

senior citizens discount

Answer 16

20%

Question 17

persons’ with disability discount

Answer 17

20%

Question 18

discount to national athletes, coaches, trainers

Answer 18

20%

Question 19

solo parents act

Answer 19

10%

Question 20

student fare discount

Answer 20

20%

Question 21

magna carta for senior citizens deduction

Answer 21

15% of total salaries paid

Question 22

magna carta for pwd deduction (salaries)

Answer 22

25% of total salaries paid

Question 23

magna carta for pwd deduction (improvements)

Answer 23

50% of direct cost improvement

Question 24

tesda law deduction

Answer 24

50% of training expense

Question 25

peza law deduction

Answer 25

50% of training expense

Question 26

jewelry act deduction

Answer 26

50% of training expense

Question 27

adopt-a-school deduction

Answer 27

50% of contribution/donation

Question 28

philippine green jobs act deduction

Answer 28

50% of skills training

Question 29

free legal assistance act deduction is lower of actual free legal service and

Answer 29

10% of gross income

Question 30

optional standard deduction for individuals

Answer 30

40% of gross sales

Question 31

optional standard deduction for non-individual

Answer 31

40% of gross income

Question 32

regular corporate income tax rate from january 1, 1998 to june 30, 2020 for domestic corporation

Answer 32

25%

Question 33

minimum corporate income tax rate from july 1, 2023 onwards for domestic corporation

Answer 33

2%

Question 34

rcit for corporations with net taxable income of <5M and total assets of <100M

Answer 34

20%

Question 35

mcit of corporations with net taxable income of <5M and total assets of <100M from july 1, 2020 to june 30, 2023

Answer 35

1%

Question 36

corporations with net taxable income of <5M and total assets of <100M have an mcit of this percentage from july 1, 2023 onwards

Answer 36

2%

Question 37

rcit of proprietary educational institutions and hospitals from july 1, 2023 onwards

Answer 37

10%

Question 38

rcit of proprietary educational institutions and hospitals from july 1, 2020 to june 30, 2023

Answer 38

1%