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22 Cards in this Set
- Front
- Back
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Citizen of the Philippines |
Residents of the Philippines Not Residents of the Philippines OFW and Seaman |
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Aliens |
-Residents of the Philippines -Not Residents of the Philippines -Aliens employed by multinational companies, offshore banking units and petroleum contractors and subcontractors |
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in common law, is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets-legal rights, interests and entitiements to property of any kindless all liabilities at that time. |
Estate |
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is a three-party fiduciary relationship |
Trust |
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transfers ("settles") a property (often but not necessarily a sum of money) upon the second party |
trustor |
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A Filipino citizen residing in the Philippines. |
Resident Citizen |
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A Filipino citizen residing abroad. |
Non- Resident Citizen |
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a person who resides in the Philippines who is not a citizen thereof. Intention is material for the determination. An alien who stay in the Philippines for more than 1 year is considered resident. |
Resident Alien |
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a person who does not resides in the Philippines and not a citizen thereof. |
Non-Resident Alien |
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Stays for more than 180 days during the taxable year. |
Non-resident Alien ETB |
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Stays 180 days at most during the taxable year. |
Non-resident alien NETB |
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Foreign Corporations |
Resident Corporation Non-Resident Corporation |
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Partnerships |
Taxable Partnership Exempt Partnership |
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is a corporation created and organized under the law of the Philippines, |
Domestic Corporation |
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are those which are created and organized under foreign laws: |
Foreign Corporations |
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no permanent establishment in the Philippines; not regularly engaged in trade or business in the Philippines |
Non-Resident Corporation |
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having a permanent establishment/branch in the Philippines, acquiring residency for tax purposes. |
Resident Corporations |
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3 income Taxation schemes |
a. Final Income Tax b. Capital Gains Tax c. Regular Income Tax |
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The final withholding system imposes upon the person making income payments the responsible to withold the tax |
Final Withholding Tax |
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The final withholding tax is built upon taxpayer and government convenience. It relieves the taxpayer of the obligation to file an income tax return |
Rationale of Final Income Taxation |
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Items of this income are earned with a very minimal involvement from the taxpayers and are generally irregular in timing and amount. Unlike items of active income, they are not usually specifically monitored by taxpayers. |
Passive Income |
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What are not considered as Capital Assets (Ordinary Assets) |
a. Stock in Trade; b. Inventories: c. Real Properties Held for Sale; d. Real Properties used in trade or business |
