Beruflich Dokumente
Kultur Dokumente
PERSONS IN TAXATION
Person - means an individual, a trust, estate or corporation. (22 A)
JURIDICAL ENTITIES
Corporation - shall include partnerships, no matter how created or organized, joint-stock companies, joint
accounts (cuentas en participacion), association, or insurance companies,
but does not include general professional partnerships and a joint venture or consortium formed for the
purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy
operations pursuant to an operating consortium agreement under a service contract with the Government. (22 B)
General professional partnerships are partnerships formed by persons for the sole purpose of
exercising their common profession, no part of the income of which is derived from engaging in any trade
or business. (22 B)
note: on joint ventures or consortium, if it does not fall under that definition (e.g. if the service contract is
NOT with the Government) it shall be a Partnership or under the definition of a Corporation in the tax
code.
Domestic Corporation Corporation created or organized in the Philippines under its laws (22 C)
Foreign Corporation Means a corporation which is not domestic.(22 D) So its a corporation NOT created or
organized under PH law.
Resident Foreign Corporation -
NATURAL PERSONS
GABOOGLE NOTES
TAXES
CAPITAL1 GAINS TAX
General Rule:
Real Property: 6% Tax Rate
For Shares of Stocks Not Traded in the Stock Exchange
- Not over P100,000 - 5%
- Any amount in excess of P100,000 - 10%
EX:
Stocks Traded and Listed in the Stocks Exchange
1 Capital asset means property held by the taxpayer (whether or not connected with
his trade or business), but does not include a) stock in trade of the taxpayer or other
property of a kind which would properly be included in the inventory of the taxpayer
if on hand at the close of the taxable year; or
b) property held by the taxpayer primarily for sale to customers in the ordinary
course of his trade or business; or
c) property used in the trade or business of a character which is subject to the
allowance for depreciation provided in subsection (F) of Sec. 34 of the Code; or
d) real property used in trade or business of the taxpayer.