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    Taxes For JC

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    statices
    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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    Download as XLS, PDF, TXT or read online from Scribd

    Taxes For JC

    Uploaded by

    statices
    13 views2 pages
    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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    taxes for JC domingo

    Original Title

    Taxes for JC

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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.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    13 views2 pages

    Taxes For JC

    Uploaded by

    statices
    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)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 2

    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%

    Classified - Internal use


    taxable income
    ross income. This is

    and similar

    em 7.5%

    Classified - Internal use

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