Income Tax Definition Philippines

Income tax is a tax on a person s income emoluments profits arising from property practice of profession conduct of trade or business or on the pertinent items of gross income specified in the tax code of 1997 tax code as amended less the deductions if any authorized for such types of income by the tax code as amended or other.
Income tax definition philippines. For resident and non resident aliens engaged in trade or business in the philippines the maximum rate on income subject to final tax usually passive investment income is 20. Non resident foreign corporations are generally taxed on gross income received from sources within the philippines at a 30 rate. Tax rates for income subject to final tax.
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