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    NIRC - Tax Table Based On Atty. Lumbera's Lecture

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    Red Rose Dickinson
    This document outlines the types of income and applicable taxes for different taxpayer types in the Philippines. It shows whether income is taxed for those residing within and without the country. For natural persons, residents are taxed on worldwide income under the net income tax or at 8% if available, while non-residents pay final withholding tax on passive income and capital gains from stock sales. Domestic corporations pay corporate income tax on worldwide income, while resident foreign corporations pay the same taxes except they are exempt from dividends taxes.

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    NIRC - Tax Table Based On Atty. Lumbera's Lecture

    Uploaded by

    Red Rose Dickinson
    486 views1 page
    This document outlines the types of income and applicable taxes for different taxpayer types in the Philippines. It shows whether income is taxed for those residing within and without the country. For natural persons, residents are taxed on worldwide income under the net income tax or at 8% if available, while non-residents pay final withholding tax on passive income and capital gains from stock sales. Domestic corporations pay corporate income tax on worldwide income, while resident foreign corporations pay the same taxes except they are exempt from dividends taxes.

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    NIRC_Tax Table based on Atty. Lumbera's Lecture

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    This document outlines the types of income and applicable taxes for different taxpayer types in the Philippines. It shows whether income is taxed for those residing within and without the country. For natural persons, residents are taxed on worldwide income under the net income tax or at 8% if available, while non-residents pay final withholding tax on passive income and capital gains from stock sales. Domestic corporations pay corporate income tax on worldwide income, while resident foreign corporations pay the same taxes except they are exempt from dividends taxes.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    486 views1 page

    NIRC - Tax Table Based On Atty. Lumbera's Lecture

    Uploaded by

    Red Rose Dickinson
    This document outlines the types of income and applicable taxes for different taxpayer types in the Philippines. It shows whether income is taxed for those residing within and without the country. For natural persons, residents are taxed on worldwide income under the net income tax or at 8% if available, while non-residents pay final withholding tax on passive income and capital gains from stock sales. Domestic corporations pay corporate income tax on worldwide income, while resident foreign corporations pay the same taxes except they are exempt from dividends taxes.

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    of 1

    Source (S42) Kinds of Income (S24)

    (A) (B) (C) (D)


    Taxpayer Type All Income Passive GC on Sale CG on Real ICDT BPRT MCIT
    Within Without
    Income of Shares Property
    Stock
    1. Resident Citizen ✓ ✓
    NIT or
    2. Non-Resident Citizen ✓ X
    Natural 8% (if FWT*
    3. Resident Alien (RA) ✓ X FWT 6%
    Persons available)
    4. Non-RA engaged in T/B ✓ X FMV or GSP
    FWT 15%
    5. Non-RA not engaged in T/B ✓ X GIT 25%
    Corp. incl. 6. Domesic Corp. ✓ ✓ D-D Exempt X 1% GI
    CIT 25% FWT 20%
    Trust and 7. Resident Foreign Corp. (RFC) ✓ X X D-RFC Exempt 15% 1% GI
    Estate 8. Non-RFC ✓ X GIT 25% X 15% X X

    FWT - Final Withholding Tax FWT*


    NIT - Net Income Taxable 20% - local currency bank deposits
    GIT - Gross Income Taxable 10% - literary works and musical compositions
    CIT - Corporate Income Taxable 8% if does 15% - foreign currency bank deposits
    CG - Capital Gains not exceed
    FMV - Fair Market Value Php3M
    Prizes > Php10K - subject to NIT
    GSP - Gross Selling Price threshhold
    Winnings from PCSO > Php10k - exempt
    ICDT - Intercorporate Dividends Tax
    Prizes and other winnings < Php10K - FWT 20%
    BPRT - Branch Profit Remittance Tax
    MCIT - Minimum Corporate Income Tax

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