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Income Tax - Special Income Tax Rates Flashcards

(13 cards)

1
Q

Income tax rate for Proprietary Educational Institutions

A

10% on World Taxable Income, subject ti the predominance test (GI from unrelated activites < 50% GI)

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2
Q

Income tax rate or Nonprofit educational institutions

A

Exempt. Even if there are unrelated activities, if the income is used for educational purposes, it will still be exempt from income tax.

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3
Q

Income tax rate on proprietary hospitals

A

30% RCIT

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4
Q

Income tax rate for nonprofit hospitals

A

10% of World Taxable Income, subject to the predominance test

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5
Q

Income tax rates for an FCDU:

On forex transactions with nonresidents

A

Exempt

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6
Q

Income tax rates for an FCDU:

On forex transactions with other residents

A

10% FIT on interest income from forex loans

30% RCIT on other forex income with Other Residents

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7
Q

Income tax rates for an FCDU:

On forex transactions with OBU or FCDU

A

Exempt

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8
Q

Income tax rates for an FCDU:

On forex transactions with local commercial banks

A

Exempt

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9
Q

Income tax rates for an FCDU:

On income from non-forex transactions

A

30% RCIT, whatever the source

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10
Q

Income tax rates for an FCDU:

On forex transactions with branches of foreign banks

A

Exempt

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11
Q

Income tax rate for PEZA and TIEZA registered companies

A

5% GIT, in lieu of all national and local taxes except RPT
3% goes to Natl Govt
2% goes to City/Municipality

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12
Q

Income tax rate for BOI-registered enterprises

A

30% RCIT after their income tax holiday

6 years or 4 years, up to 3 years extension

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13
Q

Income tax rate for Micro-finance NGOs

A

30% RCIT on non-microfinance activities,

2% income tax on Gross Receipts from Microfinance Operations

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