Exempt income under the NIRC

INCOME TAXATION  Proceeds of life insurance policy

 Amount received by insured as return of premium
 Gifts, bequests, devises, or descent
GROSS INCOME
 Compensation for injuries or sickness
 Income exempt under treaty
 Retirement benefits, pensions, gratuities, etc.
REGULAR  Miscellaneous items
SPECIAL INCOME
INCOME
TAXATION o Income derived by foreign government
TAXATION
o Income derived by the government or its political subdivision
o Prizes and awards in recognition of religious, charitable,
CAPITAL GAINS FINAL INCOME scientific, educational, artistic, literary, or civic achievements
TAXATION TAXATION o Prizes and awards in athletic sports competition
o Contributions to GSIS, SSS, Philhealth, Pag-Ibig, and union
EXCLUSIONS from gross income dues
exempted by the Constitution, law, treaty, or contract o Contributions to Personal Equity Retirement Account (PERA)
o PERA investment income and PERA distributions
Constitution o 13th month pay and other benefits not exceeding P90,000
 Exemption of religious or charitable entities, non-profit cemeteries, o Gains from the sale of bonds, debentures or other certificate of
churches, and mosque from property taxes
indebtedness with a maturity of more than five (5) years
 Exemption from taxes of the revenues and assets of non-profit, o Gains from redemption of shares in mutual fund
non-stock educational institutions
Other exempt income under the NIRC and special laws
Law
 Minimum wage and certain benefits of minimum wage earners
 Income of qualified employee trust fund
 Income of barangay micro-business enterprises (BMBE)
 Revenues of non-profit non-stock educational institutions
 Income of cooperatives
 SSS, GSIS, Pag-Ibig, or Philhealth benefits
 Income of non-stock, non-profit entities
 Salaries and wages of minimum wage earners and qualifies senior
 Income of qualified employee trust funds
citizen
 Business or professional income of self-employed and or
 Regular income of Barangay Micro-business Enterprises (BMBEs)
professionals who opted to the 8% income tax
 Income of foreign governments and foreign government-owned and
controlled corporations Entities exempt from income tax
 Income of international missions and organizations with income tax 1. Foreign governments and foreign government-owned and
immunity controlled corporations
2. International missions / organizations with tax immunity
3. General professional partnership
4. Qualified employee trust fund
*exempt on grounds of 2international comity(1&2); NIRC(3&4)