4.

The 10% final withholding tax:

• On cash and/or property dividends actually or constructively
received from a domestic corporation or from a joint stock
compa_ny, insurance or mutual fund company and a regional
operating headquarters of a multinational company; or
• On the share of an individual in the distributable net income
after tax of . a 'partnership (except a general professional
partnership) of which •he is a partner; or
• On the share of an individual in the net income after tax of an
association, a joint account, or a joint venture or consortium
taxable as a corporation of which he is a member or a co-
venturer (Sec. 24(8)(2), Tax Code).

5. The Capital gains tax from sales of shares of stock not traded in the
stock exchange (Sec. 24(C), Tax Code); and
6. The 6% final withholding tax on presumed capital gains from sale
of real property, classified as capital asset, except capital gains
presumed to have been realized from the sale or disposition of
principal residence (Sec. 24(D), Tax Code).
7. OTHER TAXES. A Senior Citizen/PWD shall also be subject to the
following internal revenue taxes, among others, imposed under the
Tax Code:
• Value Added Tax or Other Percentage Taxes. If he is self~
employed or engaged in business or practice of profession, and
his gross annual sales and/or receipts exceeds the revised vat
threshold of P.3,000,000 or such amou~t to which this may be
adjusted pursuant to Sec. 109(1 )(V) of the Tax Code, he shall
be subject to VAT. Otherwise, he shall be subject to the 3%
- percentage tax (VAT and Other Percentage Taxes are
discussed in volume2-Transfer and Business Taxes).
■ Donor's Tax on all donations made by a Senior Citizen/PWD
during any calendar year, unless exempt under a specific
provision of law (Donor's Tax is discussed in volume2-Transfer
and Business Taxes).
■ Estate Tax., In the event of death, the estate ·of the Senior
Citizen/PWD may also be subject to the estate tax following the
rules enunciated under Title Ill of the Tax Code and its
i_mplementing Regulations (Estate Tax is discussed in
volurhe2-Transfer and. Business Taxes). ·
■ . Excise Tax on certain goods (discussed in volume2- Transfer
and Business Taxes).
■ Documentary stamp tax (discussed in volume2-Transfer and
Business Taxes).

109
I

Benefits for Senior Citizens and/or PWDs

l Senior citizens and/or PWDs, as the case may be, under under the
law are entitled to the following benefits

• 20% discount and exemption from VAT on their purchase of

specified goods and services (a more de~ailed discussed is
presented in volume2-Trans fer and Busir"!ess Taxes);·
• 5% discount on basic and prime commodities
• P500 monthly· social pension, for indigent senior citizens;
• . Death benefit assistance; :
• 5.% discount on utilities; and ·
• Income tax exemption for minimum wage earners or for senior
citizens/PWDs whose annual taxable income is not more than
?250,000

'
FILING OF INCOME TAX RETURNS (ITR)

❖ BASIC TAX

• FOR PURELY COMPENSATIO N INCOME EARNERS:

► Once a year only (unless qualified for substituted filing)
► On or before April 15 of the following year.

• FOR BUSINESS INCOME EARNERS including income from

practice of profession:

► The individual taxpayer .i s required to file a quarterly tax

return on or before the following dates (regardless of the
results of operations):
-1 st Quarter May 15
2nd Quarter Aug. 15 (45 days after end of Quarter)
3rt1 Quarter Nov. 15 (45 days after end of Quarter)
Final adjusted/annual return April 15 of the succeeding year
t

110

l
❖ FINAL WITHHOLDING TAX ON PASSIVE INCOME

January to November 10th day of the month following the

PRIOR to 2018 month the withholding was made
December January 15 of the succeeding year

Beginning 2018 For Final and Creditable Withholding taxes, the return shall
be filed and paid not later than the last day of the month
following the close of the taxable quarter during Which the
withholding was made. The power of the Secretary of
Finance to require withholding agents to pay or deposit taxes
deducted or withheld at more frequent intervals is repealed
under RA 10963.

❖ CAPITAL GAINS TAX

a) Shares of stock
• Ordinary Return - within 30 days after each transaction
• Final Consolidated Return - on or before April 15 of the
following year

b) Real Property - within 30 days following each sale or other

disposition

Manner of Filing
Filing of ITR may be made through:
a) Manual Filing
b) Electronic Filing and Payment System (EFPS)
c) eBIR Forms
The aformentioned manners of filing income tax returns are discussed
extensively in Chapter 5 (Income Tax for Corporations).

Payment
Generally, the income tax payable shall be paid at the time the
return is filed (also known as "Pay as you file system"). The deadline for
filing is discussed in the preceding page. However.HA 10963 (TRAIN Law)
provides, that, when the tax due · is in excess of .P2,000, the individual
taxpayer may elect to pay the tax in two equal installments as follows:

st : at the time of filing the annual ITR.

1 installment
Z'd installment : on or before October 15 following the close of the
calendar year. 11

11

1 11
1,I i
\I
I
r

ILLUSTRATION 13:
Juan Dela Cruz, a practicing CPA, with four dependent children, provided th e following data
f~r 2018 taxable year; Gross receipts, P10,000,000, direct cost an~ expenses, P5,000,0oo
creditable withholding taxes, P1 ,250,000. His income tax payable is computed as follows•'
Gross receipts P10,000,000 ·
Direct cost and expenses (5,000,000)
Taxable net income P5,000,000

Income Tax:
1st P2M P490,000
In excess of P2M @ 32%
(P3M x 32%) 960,000
Total income Tax Due P1,450,000
Less: Creditable withholding taxes (1,250,000)
Income Tax Payable P200,000

NOTE:
• Juan Dela Cruz is required to file quarterly and annual income tax returns
• The creditable withholding taxes is deductible from income the tax due
• He is allowed to pay the income tax payable in two (2) equal annual installments
• In addition to income tax, as a practicing professional, he is also required to pay
business tax.

Place of Filing Income Tax Return

The Income tax return shall be filed and paid with any of the
following; (1 )authorized agent banks, (2)Revenue District Officer,
(3)Collection agent; (4)Puly authorized city or municipal Treasurer in which
the taxpayer has his legal residence or principal place of business in the
Philippines or if there be no legal residence or place of business in the
Philippines, with the Office of the Commissioner of Internal Revenue.

For "With Payment" Returns

File the return in with the Authorized Agent.Bank (AAB) of the place
where the taxpayer registered or required to be registered. In places where
there are no AABs, the return shall be filed directly with the Reven~e
Collection Officer or duly Authorized Treasurer of the city or municipality ~n
which such person has his leg_al residence or principal place of business in
the Philippines, or if there is none, filing of the return will be at the Office of
the Commissioner.

112

L
 For "No Payment" Returns (refundable, break-even, exempt and no
operation)
I I

File the return with the concerned Revenue District Office (RDO)
where the taxpayer is registered. However, "no payment" returns filed late
shall be accepted by the RDO but shall be filed with an AAB of Collection
Officer/Deputized Municipal Treasurer (in places where there are no AABs,
for payment of necessary penalties.

Persons Required to file Income Tax Return

1) Individuals engaged in business and/or practice of profession,

·regardless of the results of operations.
2) Individuals deriving · compensation from two or more employers
concurrently or successively at any time during the taxable year.
3) Employees deriving compensation income, regardless of the amount,
whether from a single or several employers during the calendar year,
the income tax of which has not been withheld correctly (i.e. tax due is
not equal to the tax withheld) resulting to collectible or refundable return.
· 4) Individuals deriving other non-business, non-profession-related income
in addition to compensation income not otherwise subject to final tax.
5) Individuals -receiving purely compensation income from a single
employer, although the income tax of which has been correctly
withheld, but whose spouse is required to file income tax return.
6) Non-resident alien engaged in trade or business in the Philippines
deriving purely compensation income, or compensation income and
other non-business, non-profession-related income.

Persons not Required to file Income Tax Return (RR 8-2018)

1) An individual earning purely compensation income whose taxable

income does not exceed P.250,000.
2) An individual whose income tax has been correctly withheld by his
· employer, provid~d that such individual has only one employer for the
taxable year - the Certificate of Withholding filed by the respective
employers, duly stamped "Received" by the Bureau, shall be
tantamount to the substituted filing of income tax returns by said
employees.
3) An individual whose sole income has been subjected to final
withholding tax.
4) Minimum wage earners

l l3

I·
I

•
CERTIF ICATE OF WITHH OLDING BY THE EMPLO YER
(BIR FORM 2316)

Under Section 2.83 of RR2-98 , as a~~~de d, every e'!}ploye r is

required to furni~h its employ ees (includin g minIm~ m. wage earners ) BIR
,. Form 2316 on or before January 31 of the succeed ing calenda r year, or if
employ ment is termina ted before the close of_such cal~nda r year, on the
day on which last paymen t of compen sation is made. Failure to furnish BIR
Form 2316. shall be grounds for the mandat ory audit of p~yor's income tax
liabilitie s (includi ng withhold ing tax) upon verified compla int of the payee.

In addition to the requirem ent to furnish BIR ~orm 2316 to

employ ees, the BIR now requires that all employe rs submit the duplicate
copy of BIR Form 2316 to the BIR not later than Februar y 28 following the
close of the calenda r year. Failure to submit/f ile BIR Form 2316 on or before
Februa ry 28 followin g the close of the calenda r year will merit a penalty of
P1 ,000 for each failure, or a maximu m amount of P25,000 for all such
failures during a calenda r year. In case the employ er fails to comply with
the filing or submiss ion of BIR Form 2316 for two consecu tive years, the
employ er sh~II be liable to a fine in the 1amount -of P10,00 0 and suffer
impriso nment of not less than one year but not more .than 10 years upon
convicti on, in accorda nce with Section 255 of the Tax Code. This is in
addition to other penaltie s provided by law. In settleme nt, a comprom ise fee
of P1' ,000 for each BIR Form 2316 not filed without any maximu m threshold
shall be collecte d by the BIR. (Revenu e Regulat ions No. 11-2013, June 6,
2013).

Substit uted filing of income ta>,e returns (ITR)

Under RA 9504 and RR 10-2008 , individu al taxpaye rs may no
. longer file income tax ·return on or before April 15 of the followin g taxable
year provide d the taxpaye r is/has (a_ll the requirem ents must be satisfied ):
1. Receivi ng purely compen sation income, regardle ss of amount.
2. The amount of income tax withheld by the employ er is correct
(Tax due = Tax withheld )
3. Only on~ employ er during the taxable year.
4 . If married , the employ ee's spouse also complie s with all three
aforeme ntioned conditio ns, or otherwis e receive s no income.

114
 PREPARATION OF INCOME TAX RETURN

J an Dela Cruz is a MIXED INCOME EARNER. He is a self-employed resident citizen and ·

c~rrently the Finance manager of Omega Corporation. The following data were provided for
2020 taxable year:
Compensation income P1,800,000
Sales 2,800,000
Cost of sales 1,125,000
Business Expenses 650,000
Interest income from peso bank deposit . 80,000
Interest income from bank deposit under FCDS 120,000
Gain on sale of land in the Philippines held as capital asset with cost of
P1 ,500,000 when the zonal value is P.1,200,000 500,000
Gain on sale of land in the Philippines held as capital asset with cost of
P1 ,500,000 when the zonal value is P1 ,200,000 500,000
Creditable withholding tax on compensation income 448,000
13th month pay and other benefits 150,000
Creditable withholding tax on sale of goods 28,000

1. How much is his total income tax expense assuming he opted to be taxed at 8%?
a. P321,500 c. P826,000
b. P7~8,500 d. P358,000

❖ Answer: C
• Basic Income Tax P672,000tt
• Final Tax on Peso deposit (80,000 x ·20%) 16,000
■ Final Tax on FCDS deposit (120,000 x 15%) 18,000
• CGT on real properties (P2M x 6%) · 120,000
SP =Cost + Gain =P2M.vs.
'ZV = P1 ,200,000
TOTAL-Income Tax Expense P826,000

Income from Self-employment:

Gross Sales . P2,800,000
X 8%
8%' Tax P224,000

Compensation Income:
Compensation + excess of 13th month pay
less P90,000 = Pt,860,000
Add:
Basic tax on compensation income:
1st PB00,000 P130,00Q
Excess over PBOOk
= Pt,060,000 X 30% 318,000 448,000
Total Basic Income Tax P672;ooo··

115
I

If the self-employed or prac.titioner is a mixed income earn

◊
the 8% ·income tax rate is based on Gross Sales and?
receipts and other non-operating income without deduct;:r
P250,000. g

◊ The compensation income is not subject to 8% tax rate.

2. How much is the income tax payable of Juan for the year?
a. P28,000 c. P448,000
b. P196,000 d. P672,000

❖ Answer: B

Income tax from Self-employment:

Gross Sa/es · P2,800,000
X 8%
8% Tax P224,000

• Income Tax .on Compensation Income:

Compensation + excess of 13th month pay'
over P90,000 = Pt,860,000
Add:
Basic tax on compensation income:
1•t PB00,000 P130,000
Excess overPB00k
= Pt,060,000 X 30% 318,000 448,000
Total Income Tax Due P672,000
Less:
• Creditable withholding tax on
compensation income
• Creditable withholding tax on sale of (448,000)
goods (28,000)
Income Tax Payable · P196,000

116

j
7
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111~■1
Annual Income Tax Return
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117
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2307- Certificate of ·Creditable\ Tax

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