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Individual income tax.feb.2011

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Phil Taxation

Individual Income Tax

Economía y finanzasEmpresarialesTecnología
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Kinds of Individual Taxpayers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Importance of classification ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Individual vs. Corporate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Individual vs. Corporate ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Individual vs. Corporate ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Filipino Citizen (Section I, Art. III Constitution) ,[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Alien Individual Taxpayers ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Resident Citizen ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Non-resident Citizen ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Non-resident Citizen ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Resident Alien ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Non-Resident Alien (NRA) ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
NRA Engaged in trade or business (NRA-ETB) ,[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
NRA not Engaged in trade or business (NRA-ETB) ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Estates and Trusts (Sec. 60-66, NIRC) ,[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Kinds of taxable income ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Types of individual income tax ,[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Formula: Pure compensation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Formula: Trade/bus./profession ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],(Courtesy: www.philtaxation.blogspot.com )
Summary of individual applications (Courtesy: www.philtaxation.blogspot.com ) Income RC RA NRC NRA-ETB NRA-nETB SAE Taxable W/in & W/out Within Within Within Within Within GCI 5-32% 5-32% 5-32% 5-32% 25% 15% GBI/GPI 5-32% 5-32% 5-32% 5-32% n/a 5-32% COS-AD Yes Yes Yes Yes n/a RA/NRA BPE Yes Yes Yes Yes, cond. n/a RA/NRA APE Yes Yes, cond. Yes n/a n/a RA/NRA HHIP Yes Yes Yes Yes n/a Variable Foreign tax credits Yes n/a n/a n/a n/a n/a
Summary of individual applications (Courtesy: www.philxaation.blogspot.com ) Summary continued… Income RC RA NRC NRA-ETB NRA-nETB SAE CGT-share 5/10% 5/10% 5/10% 5/10% 5/10% RA/NRA CGT-RP 6% 6% 6% 6% 6% RA/NRA Cap. Gains 5-32% 5-32% 5-32% 5-32% 25% RA/NRA Cap. losses Yes Yes Yes Yes Yes RA/NRA Interest 20% 20% 20% 20% 25% RA/NRA ,[object Object],7.5% 7.5% Exempt Exempt Exempt RA/NRA ,[object Object],0%/5%/12%/20% 0%/5%/12%/20% 0%/5%/12%/20% 0%/5%/12%/20% 25% RA/NRA
(Courtesy: www.pihiltaxation.blogspot.com) Summary continued… Income RC RA NRC NRA-ETB NRA-nETB SAE Royalties 20% 20% 20% 20% 25% RA/NRA - books 10% 10% 10% 10% 25% RA/NRA Prizes/Winnings 20% 20% 20% 20% 25% RA/NRA - P10k 5-32% 5-32% 5-32% 5-32% 25% RA/NRA - PCSO/Lotto Exempt Exempt Exempt Exempt Exempt RA/NRA Info. reward 10% 10% 10% 10% 10% RA/NRA Partnership - GPP 5-32% n/a 5-32% n/a n/a RA/NRA - OP 6/8/10% 6/8/10% 6/8/10% 6/8/10% n/a RA/NRA
Summary continued… (Courtesy: www.philtaxaation.blogspot.com.com ) Income RC RA NRC NRA-ETB NRA-nETB SAE Dividend - Dom. Corp 6/8/10% 6/8/10% 6/8/10% 6/8/10% 25% RA/NRA - For. Corp. 5-32% Exempt Exempt Exempt Exempt Exempt - Stock div. Exempt Exempt Exempt Exempt Exempt Exempt FBT /68%*32% /68%*32% /68%*32% /68%*32% /75%*25% /85%*15%
[object Object],[object Object],[object Object],[object Object]

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Individual income tax.feb.2011

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  • 21. Summary of individual applications (Courtesy: www.philtaxation.blogspot.com ) Income RC RA NRC NRA-ETB NRA-nETB SAE Taxable W/in & W/out Within Within Within Within Within GCI 5-32% 5-32% 5-32% 5-32% 25% 15% GBI/GPI 5-32% 5-32% 5-32% 5-32% n/a 5-32% COS-AD Yes Yes Yes Yes n/a RA/NRA BPE Yes Yes Yes Yes, cond. n/a RA/NRA APE Yes Yes, cond. Yes n/a n/a RA/NRA HHIP Yes Yes Yes Yes n/a Variable Foreign tax credits Yes n/a n/a n/a n/a n/a
  • 22.
  • 23. (Courtesy: www.pihiltaxation.blogspot.com) Summary continued… Income RC RA NRC NRA-ETB NRA-nETB SAE Royalties 20% 20% 20% 20% 25% RA/NRA - books 10% 10% 10% 10% 25% RA/NRA Prizes/Winnings 20% 20% 20% 20% 25% RA/NRA - P10k 5-32% 5-32% 5-32% 5-32% 25% RA/NRA - PCSO/Lotto Exempt Exempt Exempt Exempt Exempt RA/NRA Info. reward 10% 10% 10% 10% 10% RA/NRA Partnership - GPP 5-32% n/a 5-32% n/a n/a RA/NRA - OP 6/8/10% 6/8/10% 6/8/10% 6/8/10% n/a RA/NRA
  • 24. Summary continued… (Courtesy: www.philtaxaation.blogspot.com.com ) Income RC RA NRC NRA-ETB NRA-nETB SAE Dividend - Dom. Corp 6/8/10% 6/8/10% 6/8/10% 6/8/10% 25% RA/NRA - For. Corp. 5-32% Exempt Exempt Exempt Exempt Exempt - Stock div. Exempt Exempt Exempt Exempt Exempt Exempt FBT /68%*32% /68%*32% /68%*32% /68%*32% /75%*25% /85%*15%
  • 25.