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GABOOGLE NOTES

Income Taxation - Outline

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

Resident Citizen You know this.


Non- Resident Citizens (22 E):
(1) A citizen of the Philippines who establishes to the satisfaction of the Commissioner the fact of his
physical presence abroad with a definite intention to reside therein.
Note: Establishes what? 1. Fact of PHYSICAL PRESENCE abroad 2. Fact of definite INTENTION to reside.
(2) A citizen of the Philippines who leaves the Philippines during the taxable year to reside abroad, either
as an immigrant or for employment on a permanent basis.
Note: this persons leaves the country for 1. Employment or 2. To be an Immigrant. Compare to #1, this
person could have left the country as a tourist.
(3) A citizen of the Philippines who works and derives income from abroad and whose employment thereat
requires him to be physically present abroad most of the time during the taxable year.
(4) A citizen who has been previously considered as nonresident citizen and who arrives in the Philippines
at any time during the taxable year to reside permanently in the Philippines shall likewise be treated as a
nonresident citizen for the taxable year in which he arrives in the Philippines with respect to his income
derived from sources abroad until the date of his arrival in the Philippines.
(5) The taxpayer shall submit proof to the Commissioner to show his intention of leaving the Philippines to
reside permanently abroad or to return to and reside in the Philippines as the case may be for purpose of
this Section.

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.

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