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SECTION 24 -A COMMONWEALTH ACT NO. 466:

Tax on domestic corporations - A tax hereby imposed upon the taxable net income received during each taxable year from all sources by every corporation organized in, or existing under the laws of the Philippines, no matter how created or organized, but not including duly registered general co-partnerships (Companas Colectivas), general professional partnerships, private educational institutions, and buildings and local associations in accordance with the following:

Twenty five percent upon the amount by which the taxable net income does not exceed one hundred thousand pesos; and
Thirty five percent upon the amount by which the taxable net income exceeds one hundred thousand pesos.
Private educational institutions other than those exempt under Section 27 (e) of this code shall pay a tax of ten per cent of their taxable net income.

Building loan associations operating in accordance with the General Bank Act shall pay a tax of twelve per cent of their taxable net income.

SECTION 24-B COMMONWEALTH ACT NO. 466:

Tax on foreign corporations -

  1. Non- resident corporations - A foreign corporation not engaged in trade or business in the Philippines including a foreign life insurance company not engaged in the life insurance business in the Philippines shall pay a tax equal to 35 per cent of the gross income received during each taxable year from all sources within the Philippines, as interests, dividends, rents, royalties, salaries, wages, premiums, annuities, compensations, remuneration for technical services or otherwise emoluments or other fixed or determinable annual, periodical or casual gains, profits, and income and capital gains; provided, however, that premium shall not include reinsurance premiums.
  2. Resident corporations - A corporation, organized, authorized, or existing under the laws of any foreign country except a foreign life insurance company, engaged in trade or business within the Philippines, shall be taxable as provided in sub-section (a) of this section upon the total net income received in the proceeding taxable year from all sources within the Philippines.