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    Final Income Tax Rates Revised

    Uploaded by

    Khyle Ferrile Eligio

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Final Income Tax Rates Revised

    Uploaded by

    Khyle Ferrile Eligio
    4 views8 pages

    Copyright

    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    4 views8 pages

    Final Income Tax Rates Revised

    Uploaded by

    Khyle Ferrile Eligio

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 8

    Local Currency Deposits

    Recepient

    On interest Income Individuals Corporations


    From Banks
    Short-term deposits/certificates 20% 20%
    Long-term deposits/certificates Exempt 20%
    From Non-Bank Institutions
    Short-term deposits/certificates EX RIT
    Long-term deposits/certificates EX RIT

    Deposit Substitute
    Recepient
    Issued by Banks Individuals Corporations
    Short-term 20% 20%
    Long-term Exempt RIT

    From Non-Bank Institutions


    Short-term 20-% 20%
    Long-term 20% RIT

    Pre-termination of long-
    term deposits or investment of
    individuals Pre-Termination Tax
    Less than 3 years 20%
    3 years to less than 4 years 12%
    4 years to less than 5 years 5%
    5 years or more 0%

    Foreign Currency
    Deposit with foreign currency
    depositary banks (EFCDS kay sir K.) Individuals Corporations
    Residents 15% 15%
    Non-residents Exempt Exempt

    Dividend Tax Rules Recepients


    Source Individuals Corporations
    Domestic Corp. 10%, if NRA-ETB 20% Exempt
    Foreign Corp. Regular Tax Regular Tax

    Royalties Recepient
    Literary Works, Musical
    compositions, Books (LBM) 10% 20%
    Other Sources 20% 20%
    Taxable Prizes Recepient
    Amount Individuals Corporations
    Exceeding 10,000 20% Regular Tax
    Not Exceeding 10,000 Regular Tax Regular Tax

    Winnings Recepient
    Type of Winnings Individuals Corporations
    PCSO winnings not exceeding 10,000 Exempt Exempt
    PCSO winnings exceeding 10,000 20% 20%
    Other winnings, in general 20% Regular tax

    Bond investor
    Tax- Free Corporate Covenant Bonds All Individuals Corporations
    Tax on interest income on tax-free
    corporate covenant bonds 30% final tax RIT

    Exceptions to General final tax on


    Non-Resident Persons not engaged
    in trade or business in Phil. NRA-NETB NRFC
    General Final Tax Rate 25% 25%
    Exceptions:
    Capital Gain on sale of domestic
    stocks directly to buyer 15% CGT 15% CGT
    Rentals on cinematographic
    films and similar works 25% of rentals 25% of rentals
    Rentals of vessels 25% of rentals 4.5% of rentals

    Rentals of aircrafts, machgineries and


    other equipments 25% of rentals 7.5% of rentals
    Interest income under the foreign
    currency deposit system Exempt Exempt
    Interest on foreign loans N/A 20%

    25%,
    15% if tax
    sparing rule
    Dividend income 25% is applicable
    Tax on corporate bonds 30% 30%

    Income payments of Sub-contractors


    of petroleup service contractors 8% final income tax
    Other sources RIT
    Tax Informer's reward

    10% of revenues,
    surcharges, or fees
    recovered, or fine or
    penalty imposed or
    Cash reward Lower of: collected or 1,000,000
    Final Tax 10%
    Monetized unused Vacation Leave of private employees
    Monetized unused Vacation and Sick Leave given to Government employees
    Medical cash allowance to dependents of employees
    Rice subsidy
    Uniform and clothing allowance
    Actual medical assistance
    Laundry Allowance
    Employee achievement award
    Gifts given during christmas and major anniversary
    Daily meal allowance for OT, night and Graveyard shift
    Productivity incentive bonus and benefits under CBA
    Limit
    10 days
    ALL EXEMPT Taxable sick leave ng private employees
    1,500 per semster 250 per month
    1500 or 1 sack of 50kg rice per month not exceeding 2000
    6000 per annum
    10,000 per annum
    300 per month
    10,000 (non cash property)
    5000 per employee per annum
    25% of minimum wage per region
    10,000 if exceeding 10k, whole amount will be taxable

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