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Income taxation

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PHILIPPINE INCOME TAXATION

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Income taxation

  1. 1. NATIONAL IINNTTEERRNNAALL RREEVVEENNUUEE CCOODDEE OOFF 11999977 AACCLLCC CCOOLLLLEEGGEE OOFF SSOORRSSOOGGOONN 22NNDD TTRRIIMMEESSTTEERR
  2. 2.  Means profit or gains.  Amount of money coming to a person or corporation within a specified time, whether as payment for services , interest or profit from investment.  It means cash or its equivalent.  Can also be thought as a flow of the fruits of one’s labor.
  3. 3.  CAPITAL is a fund, while INCOME is a flow  CAPITAL is wealth, while INCOME is the service of wealth  PROPERTY is a tree, while INCOME is the fruit
  4. 4. 1. There must be gain or profit 2. The gain or profit is realized or received, actually or constructively; and 3. It is not exempted by law or treaty from income tax Income tax is assessed on the income received from any property, activity or service that produces the income because the Tax Code stands as an indifferent neutral party on the matter of where income comes from.
  5. 5. a. Income Tax b. Estate and Donor Taxes c. Value-added Tax d. Other percentage Taxes e. Excise Taxes f. Documentary stamp taxes, and g. Other Taxes as are hereafter may be imposed and collected by the BIR
  6. 6.  A tax imposed on taxable income in one taxable year.  It is based on the gross income/ taxable income payable yearly by individual persons or corporations
  7. 7.  PRESUMPTIVE Income Tax – a scale of income taxes is imposed in relationto a group of person’s actual expendituresand the presumed income.  COMPOSITE Income Tax – a tax consisting of a series of separate quasi-personal taxes, assessed on the particular source of income with a superimposed personal tax on the income as a whole  UNITARY Income tax – incomes are arranged according to source. Separate items are added together & the rate applied to the resulting total income
  8. 8.  GLOBAL SYSTEM – a system employed where the tax system views indifferently the tax base and generally treats in common all categories of taxable income of the individual - it taxes all categories of income except certain passive income and capital gains  SCHEDULAR SYSTEM – is a system employed where the income tax treatment varies and is made to depend on the kind or category of taxable income of the taxpayer. - it itemizes the different income and provide for varied percentages of taxes, to be supplied thereto
  9. 9.  PROGRESSIVE  GLOBAL SYSTEM for taxable corporations  SCHEDULAR SYSTEM for individuals
  10. 10.  TAX ON INDIVIDUALS  TAX ON CORPORATIONS  INCOME TAX ON ESTATES  TAX ON TRUSTS
  11. 11.  To provide large amount of revenue  To off-set progressive sales and consumption of taxes  To mitigate the evil effects from the inequalities in the distribution of income and wealth which are considered deterrents to social progress by a progressive scheme of taxation
  12. 12.  Any person subject to tax imposed by Tax Code  Income Taxpayer – person who derive taxable income Kinds: - Individual taxpayer - Corporate taxpayers - Estates under juridical settlement - Trusts
  13. 13.  Single, married or legally separated  Head of the family  Married individuals who : file joint income tax return or file separate income tax return
  14. 14.  RESIDENT CITIZEN – citizen of the Philippines residing therein is taxable on all income derived from sources within and without the Philippines  NONRESIDENT CITIZEN – is taxable only on income derived from sources within the Philippines  ALIEN – whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines
  15. 15.  DOMESTIC CORPORATION – is taxable on all income derived from sources within and without the Philippines  FOREIGN CORPORATION – whether engaged or not in trade or business in the Philippines, is taxable only on incomederived from sources within the Philippines.
  16. 16. Individuals  Resident citizens receiving income from sources within or outside the Philippines  employees deriving purely compensation income from 2 or more employers, concurrently or successively at anytime during the taxable year  employees deriving purely compensation income regardless of the amount, whether from a single or several employers during the calendar year, the income tax of which has not been withheld correctly (i.e. tax due is not equal to the tax withheld) resulting to collectible or refundable return
  17. 17.  self-employed individuals receiving income from the conduct of trade or business and/or practice of profession  individuals deriving mixed income, i.e., compensation income and income from the conduct of trade or business and/or practice of profession  individuals deriving other non-business, non-professional related income in addition to compensation income not otherwise subject to a final tax
  18. 18.  individuals receiving purely compensation income from a single employer, although the income of which has been correctly withheld, but whose spouse is not entitled to substituted filing  marginal income earners
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PHILIPPINE INCOME TAXATION

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