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Income Taxation 2021 by Rex Banggawan

The document discusses taxation rules and exemptions for resident and non-resident citizens. It addresses whether income earned abroad is taxable and rules around business income and compensation. Thresholds and limits are also referenced.

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Aaron Barnachea
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126K views743 pages

Income Taxation 2021 by Rex Banggawan

The document discusses taxation rules and exemptions for resident and non-resident citizens. It addresses whether income earned abroad is taxable and rules around business income and compensation. Thresholds and limits are also referenced.

Uploaded by

Aaron Barnachea
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
Download as pdf or txt
Download as pdf or txt
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GROSS CONCEPT

EX. 12% VAT

NET CONCEPT
FOR PUBLIC PURPOSES LIKE BUILDING A ROAD
I I
I I
I I
I I
I I
I I
F

T
F

T
F

T
F
F
T
T
T
F TAXABLE
F RESIDENT CITIZENDS AND
T CONSIDERED TAXABLE
RULE
T

T
T
RULE
F NO LIMIT
F
F
F
T
CONSIDERED RESIDENT CITIZEN IN TAXATION

F
F

T
F
SOME ARE PART OF MANAGEMENT
F
T
F STILL MWE, BUT TAXABLE ON BUSINESS INCOME
T
F HIGHER
F

T
F

T
NON RESIDENT CITIZEN WITH INCOME ABROAD
F
100% EXEMPT
F REGULAR COMPENSATION
F
TAXABLE TO FINAL TAX
T

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