MCL - TAX.106 - Income Taxation of Individuals Corporations

Prof. RAMELO C.
GLORIA
CPA Reviewer
1
• Lecture Outline
 Nature of Corporations for Income Tax
Purposes
 Kinds of Corporate Taxpayers
 Income Taxes of Corporate Taxpayers
 Regular Corporate Income Taxes
 Special Corporate Income Taxes
 Special Income Taxation Schemes
 Minimum Corporate Income Tax (MCIT)
 Optional Gross Income Tax (OGIT)
 Improperly Accumulated Earnings Tax
 Exempted Corporate Income Taxpayers
 Individual Income Taxation Patterns
2
NATURE OF CORPORATIONS
• Definition/Characteristics/Features
Artificial being (person)
Created by operation of law
Rights of Succession
Attributes and Properties expressly
authorized by law
Includes partnership, no matter how
created or organized,
joint-stock companies, joint accounts,
associations, or insurance companies;
3
BUT it does not include General
Professional Partnerships;
Joint ventures or
Consortiums
IF formed for the purpose of undertaking
construction projects or
engaging in petroleum, coal, geothermal
and
other energy operations
pursuant to an operating or consortium
agreement under a service contract with
the government.
4
Stated in another way, Corporation
includes
Joint stock companies,
Accounts
Partnerships, in general
Associations, and
Nsurance companies; but not to include
General professional partnerships, joint
ventures and consortiums if engaged in
construction projects, petroleum, coal,
and other energy operations under a
service contract with the government.
5
KINDS OF CORPORATIONS
• Ordinary or Regular Corporations
 Domestic Corporations (DC)
 Resident Foreign Corporations (RFC)
 Nonresident Foreign Corporations (NRFC)
• Special Corporations
 Domestic Corporations (DC)
 Resident Foreign Corporations (RFC)
 Nonresident Foreign Corporations (NRFC)
6
ORDINARY CORPORATIONS
• Domestic Corporations
 Organized under Philippine Laws.
 Subject to basic income tax based on net income.
 Liable to pay income taxes on income earned from all
sources.
 Applicable basic income tax rate is 30% effective
January 1, 2009.
7
• Resident Foreign Corporations
 Organized under the law of a foreign country.
 Subject to basic income tax based on net income.
sources within the Philippines only.
January 1, 2009.
8
• Non-resident Foreign Corporations
 Organized under the law of a foreign country.
 Subject to basic income tax based on gross income.
sources within the Philippines only.
January 1, 2009.
9
SPECIAL CORPORATIONS
• Domestic
 Exempt Government Owned or Controlled Corporations
 Exempted Organizations (Section 30, Tax Code)
 Proprietary Educational Institutions (Subject to 10%*)
 Non-stock, non-profit hospital (Subject to 10%*)
 Others enjoying income taxes privileges under special
laws (tax incentives, holidays)
* If its income from unrelated activities does not exceed

50% of its total income (including passive income).
10
EXEMPT CORPORATIONS
• Government Owned or Controlled Corporations*
 Government Service Insurance System
 Social Security System
 Philippine Charity Sweepstakes Office
 Philippine Health Insurance Corporations
* For performing governmental functions.
11
EXEMPT CORPORATIONS
• Exempt Organizations under the Tax Code (Sec. 30)
 Labor, agricultural or horticultural organization not organized
principally for profit;
 Mutual savings bank not having a capital stock represented by
shares and cooperative bank without capital stock organized
and operated for mutual purposes and without profit;
 A beneficiary society, order or association, operating for the
exclusive benefit of the members such as fraternal
organization operating under the lodge system, or a mutual
aid association or a non-stock corporation organized by
employees providing for the payment of life, sickness,
accident, or other benefits exclusively to the members of such
society, order or association, or non-stock corporation or their
dependents;
 Cemetery company owned and operated exclusively for the
12 benefit of its members;
EXEMPT CORPORATIONS
 Non-stock corporation or association organized and
operated exclusively for religious, charitable, scientific,
athletic, or cultural purposes, or for the rehabilitation of
veterans, no part of its net income or asset shall belong
to or inure to the benefit of any member, organizer,
officer or any specific person;
 Business league, chamber of commerce, or board of
trade, not organized for profit and no part of the net
income of which inures to the benefit of any private
stockholder or individual;
 Civic league or organization not organized for profit but
operated exclusively for the promotion of social welfare;
13
EXEMPT CORPORATIONS
 A non-stock and non-profit educational institution;
 Government educational institutions;
 Farmers’ or other mutual typhoon or fire insurance company,
mutual ditch or irrigation company, mutual or cooperative
telephone company, or like organization of a purely local
character, the income of which consists solely of assessments,
dues, and fees collected from members solely for meeting its
expenses; and
 Farmers’ fruit growers’ or like association organized and
operated as a sales agent for the purpose of marketing the
products of its members and returning back to them the
proceeds of sales, less the necessary selling expenses on the
basis of the quantity of produce finished by them.
14
• Resident Foreign Corporations
 International Carriers (2.5%, gross billings)
 Offshore Banking Units (10%, gross income)
 Regional Operating HQs of MNC (10%, gross income)
 Regional or Area HQs of MNC (Exempted)
 Remitting Branches of MNC (15%, gross remittance)
15
• Non-Resident Foreign (Taxed based on Gross Amounts)
 Cinematographic Film Owners, Lessors or Distributors, 25%)
 Lessors or Owners of Vessels chartered by Filipinos, 4.5%)
 Owners or Lessors of Aircraft, Machineries and Other Equipment, 7.5%)
16
KINDS OF CORPORATE INCOME TAXES
• Regular Corporate Income Tax
 Tax paid upon filing a return.
 Basis of tax is net income (gross less deductions)
 Allowed deductions may be based on itemized or
optional standards deductions (OSD) when allowed.
 Situs or sources of income is world if Domestic
Corporation or Philippines only if Nonresidents.
January 1, 2009.
17
KINDS OF CORPORATE INCOME TAXES
• Special Corporate Income Taxes
 Tax paid through withholding tax system.
 Basis of tax is gross income regardless of the amount
involved, except in cases of capital asset transactions.
 Once tax is withheld and remitted to the BIR by the
payor, no income is reported related thereto and
consequently, no additional income tax is paid
anymore.
 Various rates ranging from 0% to 30% applies.
 Taxes usually apply to corporations’ passive income.
18
Special Corporate Income Taxes
• Final Tax on Passive Income
 20% final tax on interest income earned from deposit
maintained with an ordinary bank under the
supervision of the Bangko Sentral ng Pilipinas.
 7.5% final tax on interest income earned from deposit
maintained with a bank operating under the expanded
foreign currency deposit system by a domestic or
resident corporation.
 20% final tax on royalty income earned from any
intellectual properties used in the Philippines.
19
Special Corporate Income Taxes
• Capital Gains Tax on Dealings in Properties
 On sale of investment in stock of a domestic
corporation whose shares are not traded in the local
stock exchange by all kinds of corporations – 5% on
gains not exceeding P100,000 and 10% on gains in
excess thereof.
 On sale of real property held as capital assets in the
Philippines by a domestic corporation – 6% final tax
based on gross selling price or fair market value, as
defined under the Tax Code, whichever is higher.
 If real properties are sold to government, the corporate
taxpayer has the option to be taxed either subject to
6% as provided above or to the regular corporate tax
rate based on net income at 30%.
20
Special Income Taxation Schemes
• Minimum Corporate Income Tax (MCIT)
• Improperly Accumulated Earnings Tax (IAET)
• Optional Gross Income Tax (OGIT)
21
• Minimum Corporate Income Tax (MCIT)
 Covers domestic and resident foreign corporations.
 Applicable beginning the fourth (4th) taxable year of the
corporation. Counted from date of BIR registration.
 Applies when regular corporate income tax is zero,
negative or lower than the Minimum Corporate Income
Tax (MCIT)
 Basis is Gross Income for seller of goods and services.
 Rate of tax is 2%
 The excess of minimum corporate income tax (2%)
over the normal income tax shall be carried forward
and credited against the normal income tax for the (3)
immediately succeeding years.
 This 2% provision on MCIT is to be applied both on an
annual and quarterly basis and paid quarterly when
higher than normal income tax.
22
Minimum Corporate Income Tax (MCIT)
 It should be noted that the cumulative MCIT
and Normal Income Taxes per quarter are
compared to determine the amount due and
payable each quarter.
 The Secretary of Finance is authorized to
suspend this tax (MCIT) on corporation which
suffers substantial losses on account of (PLM):
 Prolong labor dispute
 Legitimate business reverses
 Majeure Force (Acts of God)
23
Minimum Corporate Income Tax (MCIT)
 The following corporations are exempt from
MCIT:
 PEZA registered companies
 Offshore banking units
 International carriers
 Non-resident foreign corporations
 Taxable hospitals and
 Schools
24
Illustrative Example 1
INCOME TAX PY EXCESS PY EXCESS
QUARTER NCIT MCIT WITHHELD MCIT WHTAX
1ST P100,000 P80,000 P20,000 P30,000 P10,000

2ND 120,000 250,000 30,000
3RD 250,000 100,000 40,000
4TH 200,000 100,000 35,000
25
Computation of Tax – 1st Quarter
NCIT is higher than MCIT P100,000
Less Tax credits:
Tax withheld-Prior years P10,000
Tax withheld-1st Quarter 20,000
Excess MCIT – Prior years 30,000 60,000
Income Tax Due – 1st Quarter P 40,000
26
Computation of Tax – 2nd Quarter
MCIT is higher than NCIT P330,000
Less Tax credits:
Tax withheld–2nd Quarter 30,000
Income tax paid –1st Quarter 40,000 100,000
Income Tax Due–2nd Quarter P230,000
27
Computation of Tax – 3rd Quarter
Less Tax credits:
Tax withheld-3rd Quarter 40,000
Income tax paid –1st Quarter 40,000
MCIT paid – 2nd Quarter 230,000
Income Tax Due–3rd Quarter P 70,000
28
Computation of Tax – Annual Return
Less Tax credits:
Tax withheld-4th Quarter 35,000
Income tax paid – 3rd Quarter 70,000
MCIT paid – 2nd Quarter 230,000
Income
29 Tax Due – Annual P 165,000
Illustrative Example 2
INCOME TAX PY EXCESS PY EXCESS
QUARTER NCIT MCIT WITHHELD MCIT WHTAX
1ST P100,000 P80,000 P20,000 P30,000 P10,000

2ND 120,000 250,000 30,000
3RD 250,000 100,000 40,000
4TH 50,000 120,000 35,000
30
Computation of Tax – Annual Return
Less Tax credits:
Tax withheld-4th Quarter 35,000
Income tax paid – 3rd Quarter 70,000
MCIT paid – 2nd Quarter 230,000 475,000
Income Tax Due– Annual P 75,000
31
MEANING OF GROSS INCOME
• For Minimum Corporate Income Tax Purposes
 For purposes of the minimum corporate income tax (MCIT),
the term “gross income” means gross sales less sales
returns, discounts, and allowances and cost of goods sold,
in case of sale of goods, or gross revenue less sales returns,
discounts, allowances and cost of services/direct cost, in
case of sale of services.
 This rule, notwithstanding, if apart from deriving income
from these core business activities there are other items of
gross income realized or earned by the taxpayer during the
taxable period which are subject to the normal corporate
income tax, the same items must be included as part of the
taxpayer’s gross income for computing MCIT.
 This means that the term “gross income” will also include all
items of gross income enumerated under Section 32(A) of
the Tax Code, as amended, except income exempt from
income tax and income subject to final withholding tax.
32
MEANING OF GROSS SALES
• For Minimum Corporate Income Tax Purposes
 “Gross sales” shall include only sales contributory to income
taxable under Sec. 27(A) of the Code. “Cost of goods sold” shall
include all business expenses directly incurred to produce the
merchandise to bring them to their present location and use.
 Gross revenue shall include income from sale of services, likewise,
taxable under Sec. 27(A).
 Cost of Services or Direct Cost of Services shall include business
expenses directly incurred or related to the gross revenue from
rendition of services.
 Cost of services shall mean all direct costs and expenses
necessarily incurred to provide the services required by the
customers and clients including the following:
 Salaries and employee benefits of personnel, consultants and
specialists directly rendering the service and
 Cost of facilities directly utilized in providing the services such as
depreciation or rental of equipment used and cost of supplies.
 Provided, however, That in the case of banks, ‘cost of services’
shall include interest expense.
33
• Improperly Accumulated Earnings Tax
 Pursuant to section 244 of the Tax Code of 1997 (R.A.
8424), in relation to section 29 of the same Code, there
is imposed for each taxable year, in addition to other
taxes imposed under Title II of the Tax Code of 1997, a
tax equal to 10% of the improperly accumulated
taxable income of corporations formed or availed of for
the purpose of avoiding the income tax with respect to
its shareholders or the shareholders of any other
corporation, by permitting the earnings and profits of
the corporation to accumulate instead of dividing
among or distributing them to the shareholders.
 The rationale is that if the earnings and profits were
distributed, the shareholders would then be liable to
income tax thereon, whereas if the distribution were
not made to them, they would not incur any tax in
respect to the undistributed earnings and profits of the
corporation.
34
• Improperly Accumulated Earnings Tax
 Thus, a tax is being imposed in the nature of a penalty
to the corporation for the improper accumulation of its
earnings, and as a form of deterrent to the avoidance
of tax upon shareholders who are supposed to pay
dividends tax on the earnings distributed to them by
the corporation.
 The touchtone of the liability is the purpose behind the
accumulation of the income and not the consequences
of the accumulation. Thus, if the failure to pay
dividends is due to some other causes, such as the use
of undistributed earnings and profits for the reasonable
needs of the business, such purpose would not
generally make the accumulated or undistributed
earnings subject to the tax. However, if there is a
determination that a corporation has accumulated
income beyond the reasonable needs of the business,
the 10% improperly accumulated earning tax shall be
35 imposed (Sec. 2, RR 2-2001).
Improperly Accumulated Earnings Tax
• Determination of Reasonable Needs of Business
 An accumulation of earnings or profits (including
undistributed earnings or profits of prior years) is
unreasonable if it is not necessary for the purpose of the
business, considering all the circumstances of the case.
 To determine the “reasonable needs of the business in
order to justify an accumulation of earnings, revenue
regulations adhere to the so-called “Immediacy Test”
under American jurisprudence as adopted in this
jurisdiction.
 Accordingly, the term “reasonable needs of the
business” are construed to mean the immediate needs
of the business, including reasonably anticipated needs.
In either case, the corporation should be able to prove
an immediate need for the accumulation of the earnings
and profits, or the direct correlation of anticipated needs
to such accumulation of profits.
36
 Otherwise, such accumulation would be deemed to be
not for the reasonable needs of the business, and the
penalty tax would apply (Section 3, RR 2-2001)
 For purposes of revenue regulations, the following
constitute accumulation of earnings for the reasonable
needs of the business [Section 3 (a)-(f), RR 2-2001]:
 Allowance for the increase in the accumulation of
earnings up to 100% of the paid-up capital of the
corporation as of Balance Sheet date, inclusive of
accumulations taken from other years;
 Earnings reserved for definite corporate expansion
projects or programs requiring considerable capital
expenditure as approved by the Board of Directors or
equivalent body;
 Earnings reserved for building, plants or equipment
acquisition as approved by the Board of Directors or
37
equivalent body;
 For purposes of revenue regulations, the following
constitute accumulation of earnings for the reasonable
needs of the business [Section 3 (a)-(f), RR 2-2001]:
 Earnings reserved for compliance with any loan
covenant or pre-existing obligation established under a
legitimate business agreement;
 Earnings required by law or applicable regulations to
be retained by the corporation or in respect of which
there is legal prohibition against its distributions;
 In the case of subsidiaries of foreign corporations in
the Philippines, all undistributed earnings intended or
reserved for investments within the Philippines as can
be proven by corporate records and/or relevant
documentary evidence.
38
Coverage of Improperly Accumulated Earnings Tax
 The 10% Improperly Accumulated Earnings Tax
(IAET) is imposed on improperly accumulated
taxable income earned by closely held domestic
corporations.
 Provided, however, that Improperly Accumulated
Earnings Tax (IAET) shall not apply to the following
corporations:
 Banks & other non-bank financial intermediaries;
 Insurance companies;
 Publicly-held corporations;
 Exempt Joint ventures and Partnerships
 Taxable Partnerships
39
Coverage of Improperly Accumulated Earnings Tax
 The Improperly Accumulated Earnings Tax (IAET) shall
not also apply to the following corporations :
 BCDA Registered Entities;
 PEZA Registered Enterprises;
 Other enterprises duly registered under special
economic zones declared by law which enjoy
payment of special tax rate on their registered
operations or activities in lieu of other taxes,
national or local.
40
• Improperly Accumulated Taxable Income
 For corporations found subject to the IAET, the “Improperly
Accumulated Taxable Income” for a particular year is first
determined by adding to that year’s taxable income the following:
 Income exempt from tax;
 Income excluded from gross income;
 Income subject to final tax; and
 The amount of net operating loss carry-over (NOLCO) deducted;
 The taxable income as thus determined shall be reduced by the
sum of:
 income tax paid/payable for the taxable year;
 dividends actually or constructively paid/issued from the
applicable year’s taxable income;
 amount reserved for the reasonable needs of the business as
defined in the revenue regulations emanating from the covered
year’s taxable income.
41
• Computation of Improperly Accumulated Taxable
Income and Improperly Accumulated Earnings Tax:
 The resulting “Improperly Accumulated Taxable Income”
is thereby multiplied by 10% to get the Improperly
Accumulated Earnings Tax (IAET).
 This formula of improperly accumulated taxable income
may be expressed a tabular form as follows :
 Taxable income P xxx
 Add: exempted income Pxx
 passive income xx
 excluded income xx
 NOLCO xx xxx
 Total P xxx
 Less (please see next slide)
42
 Total P xxx
 Less:
 Dividends paid Pxx
 Income tax paid xx
 Reasonable bus. Needs xx xxx
 Improperly Accumulated Taxable Income P xxx
 Tax Rate 10%
 Improperly Accumulated Earnings Tax P xxx
=====
43
Illustrative Example
Everlasting Corporation has the following data for the year ended
December 31, 2009:
Taxable income per income tax return P560,000

Tax paid in the last three (3) quarterly returns 50,000
Other income:
Interest income from bank deposit (gross) 25,000
Dividend income from domestic corporations 100,000
Selling price of real property held as capital asset 900,000
Cost of above real property 450,000
Dividends declared and paid 120,000
Allowance for reasonable needs of business 180,000
The BIR has reasonable grounds to believe that the company is retaining
earnings beyond the reasonable needs of business and apparently, an
assessment is imminent.
44
Required: Estimate the amount of any improperly accumulated
earnings tax assessment assuming the BIR is correct.
SOLUTION:
Taxable Income P560,000

Add (deduct)adjustments:
Interest income from bank deposit (gross) 25,000
Dividend income from domestic corporations 100,000
Gain on sale of property held as capital asset 450,000
Income taxes paid [(P560,000 x 30% +
(P25,000 x 20%) + P900,000 x 6%)] (227,000)
Dividends paid (120,000)
Allowance for reasonable needs of business (180,000)
Improperly accumulated taxable income P608,000
Tax Rate 10%
Improperly Accumulated Earnings Tax P 60,800
======
45
 Period for Payment of Dividend/Payment of IAET
 The dividends must be declared and paid or issued not
later than one year following the close of the taxable
year, otherwise, the IAET, if any, should be paid within
fifteen (15) days thereafter.
 Determination of Purpose to Avoid Income Tax

 The fact that a corporation is a mere holding company or
investment company shall be prima facie evidence of a purpose
to avoid the tax upon its shareholders or members. Likewise, the
fact that the earnings or profits of a corporation are
permitted to accumulate beyond the reasonable needs of
the business shall be determinative of the purpose to avoid the
tax upon its shareholders or members. In both instances, the
corporation may, by clear preponderance of evidence in its favor,
prove the contrary.
46
 Determination of Purpose to Avoid Income Tax
 For purposes of revenue regulations, term “holding
company” shall refer to a corporation having practically
no activities except holding property, and collecting the
income therefrom or investing the same.
 The following are prima facie instances of accumulation
of profits beyond the reasonable needs of a business
and indicative of purpose to avoid income tax upon
shareholders:
 Investment of substantial earnings and profits of the corporation
in unrelated business or in stock or securities of unrelated
business;
 Investment in bonds and other long-term securities;
 Accumulation of earnings in excess of 100% of paid-up capital,
not otherwise intended for the reasonable needs of the business
47 as defined in revenue regulations.
 Determination of Reasonable Needs of Business
 In order to determine whether profits are accumulated
for the reasonable needs of the business as to avoid the
imposition of the improperly accumulated earnings tax,
the controlling intention of the taxpayer is that which is
manifested at the time of accumulation, not
subsequently declared intentions which are merely the
product of afterthought. A speculative and indefinite
purpose will not suffice. The mere recognition of a
future problem or the discussion of possible and
alternative solutions is not sufficient. Definiteness of
plan/s coupled with action/s taken towards its
consummation are essential.
48
 Determination of Source of Declared Dividends
 Once the profit has been subjected to IAET, the same shall
no longer be subjected to IAET in later years even if not
declared as dividend. Notwithstanding the imposition of the
IAET, profits which have been subjected to IAET, when finally
declared as dividends, shall nevertheless be subject to tax on
dividends imposed under the Tax Code of 1997 except in
those instances where the recipient is not subject thereto.
 For purposes of determining the source of earnings or profits
declared or distributed from accumulated income for each
taxable year, the dividends shall be deemed to have been
paid out of the most recently accumulated profits or surplus
and shall constitute a part of the annual income of the
distributee for the year in which received pursuant to Section
73(C) of the Code (Section 5, RR 2-2001).
49
Optional Gross Income Taxation (OGIT)
 Effective January 1, 2000, domestic and resident foreign
corporations may be allowed the option to be taxed at
fifteen percent (15%) based on gross income subject to
the following conditions:
 A tax effort ratio of twenty percent (20%) of Gross
National Products (GNP)
 A ratio of forty percent (40%) of income tax collection
to total tax revenues;
 A VAT effort of four percent (4%) of GNP; and
 A 0.9 percent (.09%) ratio of the Consolidated Public
Sector Financial Position (CPSFP) to GNP.
50
 Optional Gross Income Taxation (OGIT)
 The option to be taxed on gross income shall be

available only to firms whose ratio of cost of sales
or receipts from all sources does not exceed fifty-
five percent (55%).
 The election of the gross income tax option by
the corporation shall be irrevocable for three (3)
consecutive taxable years during which the
corporation is qualified under the scheme.
51
 Gross Income for OGIT Purposes
 For OGIT purposes, gross income derived from business

shall be equivalent to gross sales less sales returns,
discounts and allowance and cost of goods sold. Cost of
goods sold on the other hand, shall include all business
expenses directly incurred to produce the merchandise to
bring them to their present location and use.
 For a trading or merchandising concern, ‘cost of goods
sold’ shall include the invoice cost of the goods sold, plus
import duties, freight transporting the goods to the place
where the goods are actually sold, including insurance
while the goods are in transit.
52
Optional Gross Income Taxation
 Meaning of Cost of Sales and Cost of Services
 For a manufacturing concern, ‘cost of goods

manufactured and sold’ shall include all costs of
production of finished goods, such as raw materials used
direct labor and manufacturing overheads, freight cost,
insurance premiums and other costs incurred to bring the
raw materials to the factory- or warehouse.
 In the case of taxpayers engaged in the sale of service,

‘gross income’ means gross receipts less sales returns,
allowances and discounts.
53
KINDS OF INDIVIDUAL TAXPAYERS
• Ordinary Citizens
 Residents
 Nonresidents (including OFW and seamen)
• Ordinary Aliens
 Residents
 Nonresident, engaged in business in the Philippines
 Nonresident, not engaged in business in the Phil.
54
INCOME TAXATION OF INDIVIDUALS
• Situs of Basic Income Taxes
 Resident Citizens (Worldwide)
 Others (Nationwide)
• Basis of Basic Income Tax
 Nonresident aliens not engaged in business in the Phil.
(Gross income)
 Others (Net income)
55
SPECIAL INDIVIDUAL EMPLOYEES
• Employees of
 Regional or Area Headquarters of MNC
 Regional Operating Headquarters of MNC
 Offshore Banking Units
 Foreign Contractors, subcontractors engaged in
petroleum, coal, geothermal and other energy
operations in the Philippines pursuant to a
service contract agreement entered into with
the government of the Philippines.
• Tax Rate & Basis: 15% final tax based on
Gross compensation income
56
MULTIPLE CHOICE
QUESTIONS
QUIZZER
57
That’s all folks!!

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Prof. RAMELO C.

* If its income from unrelated activities does not exceed

* For performing governmental functions.

1ST P100,000 P80,000 P20,000 P30,000 P10,000

1ST P100,000 P80,000 P20,000 P30,000 P10,000

Taxable income per income tax return P560,000

Taxable Income P560,000

 Determination of Purpose to Avoid Income Tax

 The option to be taxed on gross income shall be

 For OGIT purposes, gross income derived from business

 For a manufacturing concern, ‘cost of goods

 In the case of taxpayers engaged in the sale of service,

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