chapter 3 (definition of terms) Flashcards
(34 cards)
Those created or organized under and by virtue of Philippine laws.
Domestic
(Corporation)
Those organized in accordance with laws of their respective countries.
Foreign
(Corporation - Foreign)
Those engaged in trade or business within the Philippines.
Resident
(Corporation-Foreign)
Those not engaged in trade or business within the Philippines.
Non-Resident
is an artificial being created by operation of law, having the right of succession and the powers, attributes and properties expressly authorized by law or incident to its existence (Revised Corporation Code of the Philippines, Section 2).
Corporation
is a corporation with a single stockholder, who may be a natural person, a trust or an estate
One Person Corporation (OPC)
Applies to a foreign corporation engaged in trade or business within the Philippines.
Resident Foreign Corporation
Applies to a foreign corporation not engaged in trade or business within the Philippines.
Non-Resident Foreign Corporation
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.
General Professional Partnerships.
All corporations, agencies, or instrumentalities owned or controlled by the Government.
Government-Owned or Controlled Corporations (GOCCs)
Dividends received from non-resident foreign corporations.
Foreign-Sourced Dividends.
Per Republic Act 9856 and Revenue Regulations 13-2011, REIT is a stock corporation established in accordance with the Corporation Code of the Philippines and the rules and regulations promulgated by the SEC, principally for the purpose of owning income- generating real estate assets. For tax purposes, a REIT is considered a taxpayer engaged in the real estate business. Hence, real properties owned by a REIT are considered ordinary assets.
Real Estate Investment Trust (REIT)
means real property which is held for the purpose of generating a regular stream of income such as rentals, toll fees, user’s fees and the like, as may be further defined and identified by the SEC.
Income-generating real estate
mean shares of stock issued by a REIT or derivatives thereof.
Investor securities
refers to an individual citizen of the Philippines who is working abroad, including one who has retained or reacquired his Philippine citizenship under R.A. 9225.
Overseas Filipino investor
means a stockholder who is, directly or indirectly, the beneficial owner of more than 10% of any class of investor securities of the REIT combined.
Principal stockholder
means a company listed with the Exchange and which, upon and after listing, have at least 1,000 public shareholders each owning at least 50 shares of any class and who, in the aggregate, own at least one-third (1/3) of the outstanding capital stock of the REIT. (Rev. Reg. 3-2020 amending Rev. Reg. 11-2019).
Public Company
means net income earned for the taxable year, as adjusted for unrealized gains and losses/expenses and impairment losses and other items in accordance with Internationally accepted accounting standards.
Distributable Income
Refer to any private schools (“which are non-profit; this provision has been removed, see footnote), maintained and administered by private individuals or groups, with an issued permit to operate from the Department of Education (DepEd) or the Commission on Higher Education (CHED) or the Technical Education and Skills Development Authority (TESDA), as the case may be, under existing laws and regulations.
Proprietary Educational Institutions
Refer to any private hospitals, which are non-profit for the purpose of these Regulations, maintained and administered by private individuals or groups.
Hospitals Which Are Non-Profit
as amended, whose revenues and assets that are used actually, directly and exclusively for educational purposes shall be exempt from taxes and duties.
Non-Stock, Non-Profit (NSNP) Educational Institutions
As used in the definition of NSNP Educational Institutions and Proprietary Hospitals, means that no net income or asset accrues to or benefits any member or specific person, with all the net income or assets devoted to the institution’s purposes and all its activities conducted not for profit.
non-profit
refers to any natural person regardless of citizenship or
residence, or juridical person regardless of place of organization, which provides ancillary services to an Offshore Gaming Licensee (OGL) or any other offshore gaming operator with license acquired from other jurisdictions. Such ancillary service may include, but shall not be limited to customer and technical relations and support, information technology, gaming software, data provision, payment solutions, and live studio and streaming services.
Accredited Service Provider
refers to the amount that is derived after dividing the minimum monthly fee or its equivalent, as imposed by a Philippine Offshore Gaming Operation (POGO) Licensing Authority, by the rate of prescribed regulatory fee.
Agreed Pre-Determined Minimum Monthly Revenue from Gaming Operations
