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TAXATION IN A NUTSHELL

KINDS OF TAXPAYERS
TAXPAYERS
INDIVIDUALS
Resident Citizen (RC)
Non-Resident citizen (NRC)
Managerial and Technical Filipino Employees
of AEMOPS, RHQ, ROHQ
Minimum Wage earners
Resident S Alien (RA)
Non-Resident Alien Engaged (NRAE)
Non-resident alien not Engaged (NRANE)
Alien Managerial and Technical Employees of
AEMOPS , RHQ, ROHQ
ESTATES AND TRUSTS

SOURCE OF
INCOME

W/IN

INCOME
NIT

W/
O

GIT

FIT

TAXES
OPCIT of
15% Gross

MCIT
of 2%

BANK
INTERES
T

PRIZES

WINNIN
GS

INCOMES

ROYALTI
ES

DIVIDEN
DS

SALE OF
SHARES

SALE OF
REALTY

*
*
*

*
X
*

*
X
*
*
*
*
*
*
*
*
*
X
*
*
*
*
*
*
*
*
GENERAL RULE = Taxable at 15% FIT on their compensation, for other income earned, the pertinent
provision of the law will be applied.
But has an option to subject income to NIT

*
*
*
*

X
X
X
X

*
*
X
X

X
*
*
*
*
*
X
*
X
*
*
*
*
*
X
*
*
*
GENERAL RULE = Taxable at 15% FIT on their compensation, for other income
pertinent provision of the law will be applied. No Option.

Revocable Trust
Irrevocable Trust

Domestic Corporations (DC)


Proprietary Educ. Institution
Special
and Non-profit Hospitals
GOCCs. Agencies or
Domestic
instrumentalities
Corporatio
Domestic Depositary (EFCD
ns
Banks)
Resident Foreign Corporations (RFC)
International Carriers
Special
Offshore Baking Units (OBU)
Foreign
Resident Depositary Banks
Resident
(EFCD)
Regional or Area HQ of
Corporatio
Multinational Companies
ns
Regional Operating HQ of
Multinationals Companies
Non-resident Foreign Corporations (NRFC)
Cinematographic Film-owners,
Special
Lessors or Distributors
Lessors of Vessel Chartered in
NRFC
the Phils.
Owner or lessor of aircrafts amd
other equipment
PARTNERSHIPS
TAX SUPPLEMENTS/2015 _JOEL OFILAN

PASSIVE
IAET
of 10%

*
*
*
*
*
*
earned, the

*
*
*

*
*

*
*

SAME TREATMENT AS INDIVIDUAL TAXPAYERS

*
*

*
*

*
*

X
X

*
*

*
X

*
X

*
X

X
X

X
X

X
X

*
X

*
X

DC-DC
=
EXEM
PT

EXCLUDED
*

EXCLUDED

TAXATION IN A NUTSHELL
KINDS OF TAXPAYERS
General Professional Partnership (GPP)
Business partnership

*
*

*
*

*
*

X
X

*
*

*
*

*
*

*
*

X
X

X
X

X
X

X
X

General co-partnership

SAME
AS DC

CREDITABLE VS. FINAL WITHHOLDING TAX: (CREBA vs. Romulo)

Distinctions

Nature of tax withheld

Persons liable

Filing of Income tax return

Applicability

FINAL WITHHOLDING TAX ( FWT)

CREDITABLE WITHHOLDING TAX


(CWT)
The amount of income tax withheld by the Taxes withheld on certain income payments are
withholding agent is constituted as a full and intended to equal or at least approximate the
final payment of the income tax due from the tax due of the payee on said income.
payee on the said income.
The liability for payment of the tax rests Payee of income is required to report the
primarily on the payor as a withholding agent.
income and/or pay the difference between the
tax withheld and the tax due on the income. The
payee also has the right to ask for a refund if
the tax withheld is more than the tax due.
The payee is not required to file an income tax The income recipient is still required to file an
return for the particular income
income tax return, as prescribed in Sec. 51 and
Sec. 52 of the NIRC, as amended
Imposed on Capital assets

Ordinary assets

The withholding tax system is a procedure through which taxes (including income taxes) are collected. Under Section 57 of RA 8424, the types of
income subject to withholding tax are divided into three categories:
(a) Withholding of final tax on certain incomes;
(b) Withholding of creditable tax at source and
TAX SUPPLEMENTS/2015 _JOEL OFILAN

*
*
*

*
*
*

TAXATION IN A NUTSHELL
KINDS OF TAXPAYERS
(c) Tax-free covenant bonds.

TAX SUPPLEMENTS/2015 _JOEL OFILAN

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