Scribd Logo
Upload

Welcome to Scribd!

  • Final Income Tax

    Uploaded by

    Jñelle Faith Herrera Saludares
    23 views6 pages
    1. The document summarizes individual and corporate tax rates in the Philippines under the National Internal Revenue Code (NIRC). 2. For individuals, tax rates range from exempt to 30% depending on the income type and residency status. Nonresident aliens pay higher rates than residents for certain types of income. 3. Corporate tax rates are generally 20% for domestic corporations and 25% for nonresident foreign corporations. Certain income types like dividends, royalties, and winnings have varying tax rates.

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    1. The document summarizes individual and corporate tax rates in the Philippines under the National Internal Revenue Code (NIRC). 2. For individuals, tax rates range from exempt to 30% depending on the income type and residency status. Nonresident aliens pay higher rates than residents for certain types of income. 3. Corporate tax rates are generally 20% for domestic corporations and 25% for nonresident foreign corporations. Certain income types like dividends, royalties, and winnings have varying tax rates.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    23 views6 pages

    Final Income Tax

    Uploaded by

    Jñelle Faith Herrera Saludares
    1. The document summarizes individual and corporate tax rates in the Philippines under the National Internal Revenue Code (NIRC). 2. For individuals, tax rates range from exempt to 30% depending on the income type and residency status. Nonresident aliens pay higher rates than residents for certain types of income. 3. Corporate tax rates are generally 20% for domestic corporations and 25% for nonresident foreign corporations. Certain income types like dividends, royalties, and winnings have varying tax rates.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    SUMMARY OF FINAL TAX RATES UNDER

    (Income Taxation by Rex Banggaw

    INDIVIDUALS
    SOURCE OF INCOME RC NRC RA NRA-ETB

    1 INTEREST INCOME
    • Local Currency Bank Deposits
    Short-term interest 20% 20% 20% 20%
    Long-term interest exempt exempt exempt exempt
    Pre-termination interest
    Less than 3 years 20% 20% 20% 20%
    3 to less than 4 years 12% 12% 12% 12%
    4 to less than 5 years 5% 5% 5% 5%
    • Foreign Currency Deposit
    FCDUs/OBU depositary banks 15% exempt 15% exempt
    FCDU/EDCDU 10% exempt 10% exempt
    Foreign loans - - - -
    • Tax Free Covenant Bonds 30% 30% 30% 30%

    2 DIVIDEND INCOME
    • Domestic Corporations 10% 10% 10% 20%
    • Foreign Corporations RIT RIT RIT RIT
    • Real Estate Investment Trust 10% exempt 10% <10%^^

    3 SHARE IN NET INCOME


    • Taxable Partnerships, Joint Venture
    and Co-Ownership 10% 10% 10% 20%

    4 ROYALTIES
    • In General, Passive 20% 20% 20% 20%
    • Printed Literature 10% 10% 10% 10%
    • Cinematographic films and similar works 20% 20% 20% 25%
    • Others, Active RIT RIT RIT RIT

    5 TAXABLE PRIZES
    • P10,000 and Below RIT RIT RIT RIT
    • Above P10,000 20% 20% 20% 20%

    6 WINNINGS
    • In General 20% 20% 20% 20%
    • PCSO & lotto winnings > P10,000 20% 20% 20% 20%
    • PCSO & lotto winnings ≤ P10,000 exempt exempt exempt exempt
    7 INFORMER'S TAX REWARD
    • Informer's tax reward 10% 10% 10% 10%
    L TAX RATES UNDER THE NIRC, AS AMENDED
    xation by Rex Banggawan, 2021 Edition)

    UALS CORPORATIONS
    General General
    NRA-NETB DC RFC NRFC
    Rule Rule

    20% 25% 20% 20% 20% 25%


    exempt 25% RIT RIT RIT 25%

    20% 25% 20% 20% 20% 25%


    12% 25% 20% 20% 20% 25%
    5% 25% 20% 20% 20% 25%

    see note exempt 15% 15% 15% exempt


    see note exempt 10% 10% 10% exempt
    N/A - - - - 20%
    30% 30% - - - -

    10% 25% exempt exempt exempt 15%*


    RIT RIT RIT RIT RIT RIT
    10% <10%^ exempt exempt exempt <10%^

    10% 25% 10% 10% 10% 25%

    20% 25% 20% 20% 20% 25%


    10% 25% 20% 20% 20% 25%
    20% 25% 20% 20% 20% 25%
    RIT 25% RIT RIT RIT 25%

    RIT 25% RIT RIT RIT 25%


    20% 25% RIT RIT RIT 25%

    20% 25% RIT RIT RIT 25%


    20% 25% 20% 20% 20% 25%
    exempt 25% exempt exempt exempt 25%
    10% 25% 10% 10% 10% 25%
    Notes

    GR: 20%, NETB: 25%

    GR: 20%, NETB: 25%

    nonresidents are exempt


    nonresidents are exempt
    taxable on NRFC only
    taxable on individuals only

    subject to RIT
    subject to preferential rates

    GR: 20%, NETB: 25%

    GR: RIT, NETB: 25%

    GR: RIT, NETB: 25%

    GR: 20%, NETB: 25%


    GR: exempt, NETB: 25%
    GR: 10%, NETB: 25%

    You might also like