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.