This document outlines tax rates for individuals and corporations in the Philippines. For individuals, it provides the tax rate brackets based on taxable income. For corporations, it states that the regular corporate income tax is 30% but was previously 35%, and establishes a 2% minimum corporate income tax if gross income is higher than taxable income. It also lists tax rates for other types of passive income such as interest, royalties, prizes, and dividends.
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This document outlines tax rates for individuals and corporations in the Philippines. For individuals, it provides the tax rate brackets based on taxable income. For corporations, it states that the regular corporate income tax is 30% but was previously 35%, and establishes a 2% minimum corporate income tax if gross income is higher than taxable income. It also lists tax rates for other types of passive income such as interest, royalties, prizes, and dividends.
This document outlines tax rates for individuals and corporations in the Philippines. For individuals, it provides the tax rate brackets based on taxable income. For corporations, it states that the regular corporate income tax is 30% but was previously 35%, and establishes a 2% minimum corporate income tax if gross income is higher than taxable income. It also lists tax rates for other types of passive income such as interest, royalties, prizes, and dividends.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online from Scribd
This document outlines tax rates for individuals and corporations in the Philippines. For individuals, it provides the tax rate brackets based on taxable income. For corporations, it states that the regular corporate income tax is 30% but was previously 35%, and establishes a 2% minimum corporate income tax if gross income is higher than taxable income. It also lists tax rates for other types of passive income such as interest, royalties, prizes, and dividends.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLS, PDF, TXT or read online from Scribd
Download as xls, pdf, or txt
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For individuals
If taxable income is tax rate
over but not over the tax shall beplus of excess over - 10,000.00 5% 0 - 10,000.00 30,000.00 500.00 10% 10,000.00 30,000.00 70,000.00 2,500.00 15% 30,000.00 70,000.00 140,000.00 8,500.00 20% 70,000.00 140,000.00 250,000.00 22,500.00 25% 140,000.00 250,000.00 500,000.00 50,000.00 30% 250,000.00 500,000.00 125,000.00 32% 500,000.00
for corporations regular corporate income tax is 35%, but starting January 2009, it is 30%
if gross income which is defined as sales less cost of sales is higher than taxable income defined as sales less cost of sales less all expenses, the tax is 2% of the gross income. This is called the minimum corporate income tax
other passive income
interest from bank deposit 20%
yield or any other monetary benefit from deposit substitutes, trust funds, and similar arrangements 20%
royalties on books, literary works and musical composition 10%
prizes of more than 10,000 20% prize of 10,000 or less is included in the schedular income winnings from PCSO is exempt interest from bank deposit under expanded foreign currency deposit system 7.5% dividends, partnership share is 10%
