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1.

Section127(A)Shareslistedandtradedthroughthestockexchange
ShareslistedandtradedthruLocalStockExchange
or1%onthegrosssellingprice(GSP)orgrossvalueinmoney
NOTincludesalebydealerinsecurities

Saleofshares SaleofsharesNOT Saleofsharesby


LISTEDand LISTEDand DEALERin
TRADEDinPSE TRADEDinPSE securities
OPT CAPITALGAINS VAT
TAX
of1%ofGSP 5%for100,000 12%ofTAXDUE
(0.5%)
10%inEXCESSof *TaxDue(Output
100,000 Input)

2. Section109shouldbereadinrelationtoSection116
Transactionsexempt(Sec109)fromVATbutissubjecttothe3%OPT(Sec
116)
SaleofTaxablegoods,propertiesorservicesareexemptunderSec109
NOTVATregistered
GrossRECEIPTSorSALESdoNOTexceedP1,919,500
o EXCEPTION:cooperativesarenotsubjectforthe3%OPT
3. Defineandexplaingrossincometaxation
GrossIncomeTaxationisthetaxonallincomederivedfromthoseenumeratedin
Sec32includingallincomederivedfromwhateversource.Itallowsno
deductionsandgrantsnoexemptions.Itisonlyreducedbyexclusionsasmaybe
providedbylaw.
4. Advantagesofgrossincometaxation
Simplifiestheincometaxsystem
Substantialreductionincorruptionandtaxevasionastheexerciseofdiscretion,
toallowordisallowdeductions,isdispensedwith
Moreadministrativelyfeasible
Doesawaywithwastageofmanpowerandsupplies
5. Section25(A)(1)
NRAETB(NonResidentAlienEngagedinTradeofBusiness)
SubjecttotaxonsourcesWITHINthePH
NOTaresidentofthePH
NOTacitizenofthePH
NOTengagedinbusinessinthePH
o Engagedinbusiness
ComeandstayinthePHforMORETHAN180days
duringanycalendaryear
INLCUDESPerformanceofthefunctionsofapublicoffice

EXCLUDESPerformanceofservicesbyataxpayerasan

employee
6. DeductionsavailabletoRFC
Itemizeddeductions
Trade,BusinessorProfessionalexpenses
Interest
Taxes
Losses
Baddebts
Depreciation
Depletionofoilgaswellsandmines
CharitableandOtherContributors
ResearchandDevelopment
PensionTrusts
OptionalStandardDeduction(OSD)

7. Definitionfoundinjurisprudenceof'engagedindoingbusiness'asregardsRFC(note
thatthedefnfoundinSection22(H)isdefective)

8. Schedularvsglobal
GlobalThetaxsystemviewsindifferentlythetaxbaseandgenerallytreatsin
commonallcategoriesoftaxableincomeoftheindividual.Ittaxesallcategories
ofincomeexceptcertainpassiveincomesandcapitalgains
SchedularSystememployedwheretheincometaxtreatmentvariesandismade
todependonthekindorcategoryoftaxableincomeofthetaxpayer.Ititemizes
thedifferentincomesandprovidesforvariedpercentagesoftaxes,tobeapplied
thereto.

9. Section26(FaveBarQ)Section26oftheNIRCTaxLiabilityofMembersof
GeneralProfessionalPartnerships
Ageneralprofessionalpartnershipassuchshallnotbesubjecttotheincometax
imposed unde this Chaper. Persons engaging in business as partners in a general
professional partnership shall be liable for income tax only in their separate and
individualcapacities.
Forpurposesofcomputingthedistributiveshareofthepartners,thenetincomeof
thepartnershipshallbecomputedinthesamemannerasacorporation.
Each partner shall report as gross income his distributive share, actually or
constructivelyrelieved,inthenetincomeofthepartnership.

10. Section32(A)propertyincome
GeneralDefinition.ExceptwhenotherwiseprovidedinthisTitle,grossincomemeans
allincomederivedfromwhateversource,including(butnotlimitedto)thefollowing
items:
(1)Compensationforservicesinwhateverformpaid,including,butnotlimitedto
fees,salaries,wages,commissions,andsimilaritems;
(2)Grossincomederivedfromtheconductoftradeorbusinessortheexerciseofa
profession;
(3)Gainsderivedfromdealingsinproperty;
(4)Interests;
(5)Rents;
(6)Royalties;
(7)Dividends;
(8)Annuities;
(9)Prizesandwinnings;
(10)Pensions;and
(11)Partner'sdistributivesharefromthenetincomeofthegeneralprofessional
partnership.

11. Section33(B)(10)
FringeBenefitDefined.ForpurposesofthisSection,theterm'fringebenefit'
meansanygood,serviceorotherbenefitfurnishedorgrantedincashorinkind
byanemployertoanindividualemployee(exceptrankandfileemployeesas
definedherein)suchas,butnotlimitedto,thefollowing:
Lifeorhealthinsuranceandothernonlifeinsurancepremiumsor
similaramountsinexcessofwhatthelawallows.
o EXCLUDED:
ContributionsofERforbenefitofEEundertheSSSor
GSISorsimilarcontributions
CostofpremiumsbornebytheERforthegroupinsurance
ofhisEEs
12. Section33(A)(1)vs33(A)
13. Section33(B)(1)FBTspecificallyadjacenthousesprovidedtoeebyer
FringeBenefitDefined.ForpurposesofthisSection,theterm'fringebenefit'
meansanygood,serviceorotherbenefitfurnishedorgrantedincashorinkind
byanemployertoanindividualemployee(exceptrankandfileemployeesas
definedherein)
HOUSING
o ERleasestheresidentialpropertyforUSEofEE
50%oftheRENTpaidbytheERstatedinthelease
contract
o ERownstheresidentialpropertyandASSIGNEDtoEEforuse
50%ofthe5%valueofLANDandIMPROVEMENT,
whicheverisHIGHERbetweenthe:
i. MV(marketvalue)ofintheRealPropertyTax
DeclarationformOR
ii. ZonalvalueasdeterminedbytheCommissioner
o ERpurchasesresidentialpropertyonINSTALLMENTforUSEof
EE
50%ofthe5%acquisitioncostEXCLUSIVEofinterest
o ERpurchasesresidentialpropertyandTRANSFERSownershipto
EE
100%ofthevaluebetween,whicheverisHIGHER
i. Acquisitioncost
ii. Zonalvalue
o ERpurchasesresidentialpropertyandTRANSFERSresidential
propertytoEEatpriceLESSthantheERsACQUISITONCOST
100%ofthevaluebetween,whicheverisHIGHER
i. FairValue
ii. ZonalValue
14. Section39(A)(1)
NetCapitalLossCarryover.Ifanytaxpayer,otherthanacorporation,sustains
inanytaxableyearanetcapitalloss,suchloss(inanamountnotinexcessofthe
netincomeforsuchyear)shallbetreatedinthesucceedingtaxableyearasaloss
fromthesaleorexchangeofacapitalassetheldfornotmorethantwelve(12)
months.
15. Section34(D)(3)vs39(D)

SECTION34 SECTION39
Taxable corporation,enterprise, anytaxpayerotherthana
Entity business corporation
Carryover forthenextthree(3) succeedingtaxableyear
Period consecutivetaxableyears
immediatelyfollowingthe
yearofsuchloss
Whereto deductionfromgross asalossfromthesaleor
deduct income exchangeofacapitalasset
heldfornotmorethantwelve
(12)months

16. Section24(D)vs27(D)(5)
17. Section25(C)(D)(E)
Sec25(C)AlienIndividualEmployedbyRegionalorAreaHeadquartersand
RegionalOperatingHeadquartersofMultinationalCompaniesThereshallbe
levied,collected,andpaidforeachtaxableyearuponthegrossincomereceived
byeveryalienindividualemployedbyregionalorareaheadquartersandregional
operatingheadquartersestablishedinthePhilippinesbymultinationalcompanies
assalaries,wages,annuities,compensation,renumeration,andotheremoluments,
suchashonorariaandallowances,fromsuchregionalorareaheadquartersand
regionaloperatingheadquarters,ataxequalto15%ofsuchgrossincome.
Provided,however,ThatthesametaxtreatmentshallapplytoFilipinosemployed
bythesemultinationalcompanies.ForpurposesofthisChapter,theterm
multinationalcompanymeansforeignfirmorentityengagedintheinterational
tradewithaffiliatesorsubsidiariesorbranchofficesintheAsiaPacificRegion
andotherforeignmartkets.

Sec25(D)AlienIndividualEmployedbyOffshoreBankingUnitsThereshall
belevied,collectedandpaidforeachtaxableyearuponthegrossincomereceived
byeveryalienindividualemployedbyoffshorebankingunitsestablishedinthe
Philippinesassalaries,wages,annuities,compensation,remuneration,andother
emoluments,suchashonorariaandallowances,fromsuchoffshorebankingunits,
ataxequalto15%ofsuchgrossincome.Provided,however,thatthesametax
treatmentshallapplytoFilipinosemployedandoccupyingthesamepositionas
thoseofaliensemployedbytheseoffshorebankingunits.

Sec25(E)AlienIndividualEmployedbyPetroleumServiceContractorand
SubcontractorAnAlienindividualwhoisapermanentresidentofaforeign
countrybutwhoisemployedandassigninthePhilippinesbyaforeignservice
contractororbyaforeignservicesubcontractorengagedinpetroleumoperations
inthePhilippinesshallbeliabletoataxof15%ofthesalaries,wages,annuities,
compensations,remuneration,andotheremoluments,suchashonorariaand
allowances,receivedfromsuchcontractororsubcontractor.Provided,however,
thatthesametaxtreatmentshallapplytoFilipinoemployedandoccupyingthe
samepositionasanalienemployedbypetroleumservicecontractoror
subcontractor.

18. Offlineinternationalairlines
19. Remedies:Allbutfocuson
CIRvAichi
RPTremedy&paymentunderprotest
20. Section187oftheLGC
SEC.187.ProcedureforApprovalandEffectivityofTaxordinancesandRevenue
Measures;MandatoryPublicHearings.Theprocedureforapprovaloflocaltax
ordinancesandrevenuemeasuresshallbeinaccordancewiththeprovisionsofthisCode:
Provided,Thatpublichearingsshallbeconductedforthepurposepriortotheenactment
thereof:Provided,further,Thatanyquestionontheconstitutionalityorlegalityoftax
ordinancesorrevenuemeasuresmayberaisedonappealwithinthirty(30)daysfromthe
effectivitythereoftotheSecretaryofJusticewhoshallrenderadecisionwithinsixty(60)
daysfromthedateofreceiptoftheappeal:Provided,however,Thatsuchappealshallnot
havetheeffectofsuspendingtheeffectivityoftheordinanceandtheaccrualandpayment
ofthetax,fee,orchargeleviedtherein:Provided,finally,Thatwithinthirty(30)days
afterreceiptofthedecisionorthelapseofthesixtydayperiodwithouttheSecretaryof
Justiceactingupontheappeal,theaggrievedpartymayfileappropriateproceedingswith
acourtofcompetentjurisdiction.