Tax
Partnership
A form of business where two or more people share ownership.
Domestic Corporation
a corporation that is organized in accordance with Philippines laws.
Foreign Corporation
a corporation that is organized in accordance with laws of their respective countries.
Non-resident Foreign Corporation
a foreign corporation which does not operate or conduct business in the Philippines.
Resident Foreign Corporation
a foreign corporation which operates and conducts business in the Philippines through a permanent establishment.
Corporation
a legal entity that is separate and distinct from it's owner.
Income Tax Return
a sworn statement or declaration in which the taxpayer disclosed the nature and extend of his tax liability by formally making a report of his income and allowable deductions for the taxable year in the prescribed form.
Income Tax Return
a sworn statement or declaration in which the taxpayer discloses the nature and extent of his tax liability by formally making a report of his income and allowable deductions for the taxable year in the prescribed form.
Estates or Inheritance
all the properties, rights and obligations of a person which are not extinguished by his death and also those which have accrued therefore since the opening of the succession.
Withholding Tax
amounts allowed as deductions from the tx due.
Trusts
an agreement created by will or an agreement under which title to property is passed to another for conservation or Investment with the income therefrom.
Allowable Deductions
are items or amounts which the allows to be deducted from gross income in order to arrive at the taxable income.
Business Income
earned by a corporation is taxed.
Passive Income
is subject to a separate final tax.
Fringe Benefits
means any good, service, or other benefit furnished or granted by an employer in cash or in kind in addition to basic salarues, to an individual employee.
Gross Income
the entire or gross income from business without any deduction for either optional standard deduction or itemized deduction.
Fiduciary
the general form which applies to all persons or corporation that occupy positions of pecullar confidence towards others, such as trustees, executors, guardians, or administrators, receiver, or conservators.
Net Income
the income arrived at after subtracting from the gross income the deductions of the taxpayer.
Trustor or Grantor
the person who establishes a trust.
Beneficiary
the person whose benefit the trust has been created.
Taxable Income
the pertinent items of gross income less the deductions authorized for such types of income.