(To be filled up by the BIR)

DLN: BCS No. PSIC:

Republika ng Pilipinas Annual Income BIR Form No.

Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
For Corporations, Partnerships and Other Non-Individual Taxpayers
Tax Return 1702
July 2008 (ENCS)
Fill in all applicable spaces. Mark all appropriate boxes with an “X”.
1 For the Calendar Fiscal 3 Amended 4 Short 5 No. of 6 ATC
2 Year Ended Return? Yes Period Yes sheet/s
( MM / YYYY ) No Return? No attached
Part I Background Information
7 TIN 8 RDO 9 Line of Business
Code
10 Taxpayer's Name
ZET Corp.
11 Registered Address 12 Zip Code

13 Date of Incorporation/Creation 14 Date of Registration with BIR

(MM/DD/YYYY) (MM/DD/YYYY)
15 Method of Deduction Itemized Deduction 40% Optional Standard Deduction
16 Are you availing of tax relief under Special Law/ 16B
International Tax Treaty? 16A Yes No If yes, specify
Part II Computation of Tax
EXEMPT TAXABLE
Special Rate Regular Rate
17A 17B 17C
17 Sales/Revenues/Receipts/Fees (Sch.1)
P 24,700,000
18A 18B 18C
18 Less: Cost of Sales/Services (Sch. 2/3) (15,013,000)
19A 19B 19C
19 Gross Income from Operation P 9,687,000
20A 20B
20 Add: Non-Operating & Taxable Other Income (Schedule 4)
21A 21B 21C
21 Total Gross Income
22 Less: Deduction
Optional Standard Deduction (Sch. 6) 22A 22B 22C
OR Itemized Deduction (Sch. 7)
23A 23B
23 Taxable Income……………………………………………………………...………
24A 24B
24 Tax Rate (except MCIT Rate)…………………………………………………………………………..
25A 25B
25 Income Tax ……………………….. ……. …………………………………………..
26
26 Less: Share of Other Agencies (RA 7916/8748, etc)…………………………

27 Minimum Corporate Income Tax (MCIT) (Section B)………………………………………………………………...………….. 27

28 Tax Due
28A Tax on Transactions under Regular Rate (Normal Income Tax or Minimum Corporate Income Tax whichever is higher)………..28A

28B Less: Unexpired Excess of Prior Year's MCIT over Normal Income Tax Rate 28B
(deductible only if the current year's tax due is the normal rate) (Section C)……………………………………………
28C
28C Balance (Item 28A less Item 28B)………………………………………………………………………………...…………..
28D
28D Add: Tax Due to the BIR on transactions under Special Rate (25A less 26)
29
29 Aggregate Income Tax Due (Sum of Items 28C and 28D) …………………………………..
30 Less: Tax Credits/Payments 30A
30A Prior Year's Excess Credits other than MCIT .....................................................................
30B
30B Tax Payments for the First Three Quarters……………………………………………..……..
30C
30C Creditable Tax Withheld for the First Three Quarters ……………………..………………….
30D
30D Creditable Tax Withheld Per BIR Form No. 2307 for the Fourth Quarter …. ……...……….
30E
30E Foreign Tax Credits, if applicable..................................................…..………………………
30F
30F Tax Paid in Return Previously Filed, if this is an Amended Return............………...……….
30G
30G Others, please specify______________________________________…………….............
30H
30H Total Tax Credits/Payments (Sum of Items 30A to 30G)…………………………….....………
31
31 Tax Payable/(Overpayment)(Item 29 less Item 30H)......................................……………………………
32 Add: Penalties
Surcharge Interest Compromise
32A 32B 32C 32D

33 Total Amount Payable/(Overpayment) (Sum of Items 31 & 32D)...................................... 33

If overpayment, mark one box only: (once the choice is made, the same is irrevocable)
To be refunded To be issued a Tax Credit Certificate To be carried over as tax credit next year/quarter
Part III D e t a i l s of P a y m e n t Stamp of Receiving Office/
 Drawee Bank/ Date AAB and Date of Receipt
Particulars Agency Number MM DD YYYY Amount (RO's Signature/
34 Cash/Bank 34A 34B 34C 34D Bank Teller's Initial)
Debit Memo
35 Check 35A 35B 35C 35D

36 Tax Debit 36A 36B 36C

Memo
37 Others 37A 37B 37C 37D

Machine Validation/Revenue Official Receipt Details (If not filed with the bank)
 BIR FORM 1702 (ENCS) - PAGE 2
Section A Gross Income (Attach additional sheet/s, if necessary)
Schedule 1 Schedule of Sales/Revenues/Receipts/Fees
Special Rate Regular Rate
Creditable Tax Withheld Taxable Amount Creditable Tax Withheld Taxable Amount
38 Sale of Goods/Properties P 24,700,000
39 Sale of Services
40 Lease of Properties
41 Total
42 Less: Sales Returns/Discounts
43 Net Sales/Revenues/Receipts/Fees (to Item 17) P 24,700,000

Schedule 2 Schedule of Cost of Sales (Trading / Manufacturing)

Amount under Special Rate Amount under Regular Rate
44 Merchandise/Finished Goods Inventory, Beginning P 110,000
45 Add: Purchases of Merchandise/Cost of Goods Manufactured 14,660,000
46 Total Goods Available for Sale P 14,770,000
47 Less: Merchandise/Finished Goods Inventory, End (129,000)
48 Cost of Sales (to Item 18) P 14,641,000

Schedule 3 Schedule of Cost of Sales (Service)

Amount under Special Rate Amount under Regular Rate
49 Direct Charges - Salaries, Wages and Benefits
50 Direct Charges - Materials, Supplies, and Facilities
51 Direct Charges - Depreciation
52 Direct Charges - Rental
53 Direct Charges - Outside Services
54 Direct Charges - Others
55 Total Cost of Services (Sum of Items 49 to 54) (to Item 18)

Schedule 4 Schedule of Non-Operating and Taxable Other Income

Special Rate Regular Rate
Nature of Income
Creditable Tax Withheld Taxable Amount Creditable Tax Withheld Taxable Amount
56 Rent Income
57
58
59
60
61
62 Total Non- Operating and Taxable
Other Income (to Item 20)

Schedule 5A Computation of Net Operating Loss Carry Over (NOLCO)

63 Gross Income
64 Less: Total Deductions exclusive of NOLCO & Deductions under Special Laws
65 Net Operating Loss Carry Over (to Schedule 5B)
Schedule 5B Computation of Available Net Operating Loss Carry Over (NOLCO) (Attach additional sheet/s, if necessary)
Net Operating Loss Net Operating Loss Carry Over Net Operating
Year Applied Applied Loss
Amount Expired
Incurred Previous Year Current Year (Unapplied)
66
67
68
69
70 Total (To Item 118)

Section B Computation of Minimum Corporate Income Tax (MCIT) of Current Year

71 Total Gross Income for MCIT purposes

72 Tax Rate 2%
73 Minimum Corporate Income Tax (to Item 27)

Section C Computation of Excess Minimum Corporate Income Tax (MCIT) of Previous Year
Normal Income Tax Excess of MCIT over Excess MCIT applied Balance MCIT Expired Portion
Year as adjusted MCIT Normal Income Tax this Year still allowable of Excess MCIT
as adjusted as Tax Credit
74
75
76
77
 BIR FORM 1702 (ENCS) - PAGE 3
Section D Deduction
Schedule 6 Computation of Optional Standard Deduction
Amount under EXEMPT Amount under Special Rate Amount under Regular Rate
78 Gross Income from Operation (from Item 19)
79 Non-Operating and Taxable Other Income (from Item 20/Sch. 4)
80 Total
81 40% Optional Standard Deduction (to Item 22A, B & C)
Schedule 7 Schedule of Itemized Deduction
TAXABLE
Nature of Expense / Deduction EXEMPT
Special Rate Regular Rate
82 Salaries and Allowances P 3,269,000
83 Fringe Benefits 180,000
84 Rental
85 Professional Fees
86 Director's Fees
87 Management and Consultancy Fee
88 Security Services
89 Janitorial and Messengerial Services
90 Tolling Fees
91 Other Outside Services
92 Advertising 100,000
93 Commissions
94 Repairs and Maintenance-Labor
95 Repairs and Maintenance-Materials/Supplies
96 Research and Development
97 Office Supplies 195,000
98 Royalties
99 Interest 80,250
100 SSS, GSIS, Philhealth, HDMF and Other Contributions
101 Insurance
102 Representation and Entertainment
103 Transportation and Travel 160,000
104 Fuel and Oil
105 Communication, Light and Water 784,000
106 Taxes and Licenses 61,000
107 Losses
108 Bad Debts
109 Depreciation 708,000
110 Amortization of Intangibles
111 Depletion
112 Charitable Contributions 60,000
113 Amortization of Pension Trust Contribution
114 Miscellaneous 120,000
115 Others: (attach add'l
116 sheet/s, if necessary)
117 Total Expenses (Sum of Items 82 to 116)
118 Allowance of NOLCO (from Schedule 5B)
119 Total (Sum of Items 117& 118)
(to Item 22A, B & C)
Section E Reconciliation of Net Income Per Books Against Taxable Income (Attach additional sheets if necessary)
Special Rate Regular Rate
120 Net Income/(Loss)per books………………………………………..
121 Add: Non-deductible Expenses/Taxable Other Income

122 Total (Sum of Items 120 & 121)……………………………………

123 Less: Non-taxable Income and Income subjected to Final Tax

124 Special Deductions:

125 Total (Sum of Items 123 & 124)……………………………

126 Net Taxable Income/(Net Loss) (Item 122 less Item 125)
We declare, under the penalties of perjury, that this return has been made in good faith, verified by us, and to the best of our knowledge and belief,
is true and correct, pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority
thereof.
127 128
President/Vice President/Principal Officer/Accredited Tax Agent/ Treasurer/Asst. Treasurer
(Signature Over Printed Name) (Signature over Printed Name)

Title/Position of Signatory TIN of Signatory Title/Position of Signatory

Tax Agent Acc. No./Atty's Roll No. (if applicable) Date of Issuance Date of Expiry TIN of Signatory
Date Issued
Community Tax Certificate Number Place of Issue Amount
MM DD YYYY

129 130 131 132

 BIR FORM 1702 (ENCS) - PAGE 4
ATC Description Tax Rate Tax Base ATC Description Tax Rate Tax Base
DOMESTIC CORPORATION
IC 010 1. In General IC 020 6. Taxable Partnership
a. January 1- October 31, 2005 32% a. January 1 - October 31, 2005 32%
November 1, 2005 - December 31, 2008 35% Taxable Income from All Sources November 1, 2005 - December 31, 2008 35% On Taxable Income from All Sources
January 1, 2009 30% January 1, 2009 30%

IC 055 b. Minimum Corporate Income Tax 2% Gross Income IC 055 b. Minimum Corporate Income Tax 2% On
7. Exempt Corporation
IC 030 2. Proprietary Educational Institutions 10% On Taxable Income from All sources
IC 011 a. On Exempt Activities 0%
a. Proprietary Educational Institution whose IC 010 b. On Taxable Activities *same rate On Taxable Income from all sources
gross income from unrelated trade,business as in 1a
or other activity exceeds fifty percent (50%) of IC 021 8. General Professional Partnership exempt
the total gross income from all sources. 9. Corporation covered by Special Law*
January 1- October 31, 2005 32%
RESIDENT FOREIGN CORPORATION
November 1, 2005 - December 31, 2008 35% Taxable Income from All Sources
January 1, 2009 30% IC 070 1. In General
a. January 1 - October 31, 2005 32% On Taxable
IC 055 b. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 2008 35% Income from within the Philippines
January 1, 2009 30%
IC 031 3. Non Stock-Non Profit Hospitals 10% On Taxable Income from All sources
IC 055 b. Minimum Corporate Income Tax 2% On Gross Income
a. Non Stock-Non Profit Hospitals whose IC 080 2. International Carriers 2.5% Gross Philippine Billing
gross income from unrelated trade,business IC 101 3. Regional Operating Headquarters* 10% On Taxable Income
or other activity exceeds fifty percent (50%) of 4. Corporation covered by Special Law*
the total gross income from all sources. IC 190 5. Offshore Banking 10% On Gross Taxable Income on
January 1- October 31, 2005 32% Units (OBU's) Foreign Currency Transaction
November 1, 2005 - December 31, 2008 35% Taxable Income from All Sources not subjected to Final Tax
January 1, 2009 30%
a. January 1 - October 31, 2005 32% On Taxable Income
IC 055 b. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 2008 35% Other Than Foreign
IC 040 4. GOCC, Agencies & Instrumentalities January 1, 2009 30% Currency Transaction
a. January 1 - October 31, 2005 32%
November 1, 2005 - December 31, 2008 35% On Taxable Income from All Sources
January 1, 2009 30% IC 191 6. Foreign Currency 10% On Gross Taxable Income on
Deposit Units (FCDU's) Foreign Currency Transaction
IC 055 b. Minimum Corporate Income Tax 2% On Gross Income not subjected to Final Tax
IC 041 5. National Gov't & LGU's
a. January 1 - October 31, 2005 32% On Taxable a. January 1 - October 31, 2005 32% On Taxable Income
November 1, 2005 - December 31, 2008 35% Income from November 1, 2005 - December 31, 2008 35% Other Than Foreign
January 1, 2009 30% Proprietary activities January 1, 2009 30% Currency Transaction

IC 055 b. Minimum Corporate Income Tax 2% On Gross Income

* PLEASE REFER TO REVENUE DISTRICT OFFICES
BIR Form No. 1702 - Annual Income Tax Return
(For Corporations, Partnerships and Other Non-Individual Taxpayers)
GUIDELINES AND INSTRUCTIONS