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  • Train VS Create

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    Deviline Michelle
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    The document outlines corporate income tax rates (RCIT) and minimum corporate income tax rates (MCIT) for domestic and foreign corporations in the Philippines for years 2020 through 2023. RCIT rates will decrease from 30% to 25% over time, while MCIT rates will fluctuate between 1-2%. Non-profit educational institutions and hospitals will see their RCIT drop from 10% to 1% before rising to 10% again.

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    TRAIN VS CREATE

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    TRAIN VS CREATE

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    The document outlines corporate income tax rates (RCIT) and minimum corporate income tax rates (MCIT) for domestic and foreign corporations in the Philippines for years 2020 through 2023. RCIT rates will decrease from 30% to 25% over time, while MCIT rates will fluctuate between 1-2%. Non-profit educational institutions and hospitals will see their RCIT drop from 10% to 1% before rising to 10% again.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    20 views2 pages

    Train VS Create

    Uploaded by

    Deviline Michelle
    The document outlines corporate income tax rates (RCIT) and minimum corporate income tax rates (MCIT) for domestic and foreign corporations in the Philippines for years 2020 through 2023. RCIT rates will decrease from 30% to 25% over time, while MCIT rates will fluctuate between 1-2%. Non-profit educational institutions and hospitals will see their RCIT drop from 10% to 1% before rising to 10% again.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    DOMESTIC and RESIDENT FOREIGN CORPORATIONS - RCIT

    Until June 30, 2020 30% For the Year 2020:


    YR 2020
    Effective July 1, 2020 25% 27.5%

    YR 2021 onwards 25%

    DOMESTIC CORPORATIONS (SME) RCIT


    Until June 30, 2020 30% For the Year 2020:
    YR 2020
    Effective July 1, 2020 20% 25%

    YR 2021 onwards 20%

    DOMESTIC and RESIDENT FOREIGN CORPORATIONS - MCIT


    Until June 30, 2020 2% For the Year 2020:
    YR 2020
    Effective July 1, 2020 1% 1.5%
    YR 2021-2022 1%
    Until June 30, 2023 1% For the Year 2023:
    YR 2023
    Effective July 1, 2023 2% 1.5%
    NON-PROFIT PROPRIETARY EDUCATIONAL INST. AND HOSPITALS
    Until June 30, 2020 10% For the Year 2020:
    YR 2020
    Effective July 1, 2020 1% 5.5%

    YR 2021-2022 1%
    Until June 30, 2023 1% For the Year 2023:
    YR 2023
    Effective July 1, 2023 10% 5.5%

    NON-RESIDENT FOREIGN CORPORATIONS RCIT Resident Operating HQ (ROHQ)


    Until December 31, 2020 30% Until December 31, 2021 10%
    Effective January 1, 2021 25% Effective January 1, 2022 25%

    Offshore Banking Unit (OBU) – RCIT (same with RFC)

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