Interest income from foreign currency loans granted to residents other than offshore business units (OBUs) or other foreign currency deposit units (FCDUs) of depository banks Income of international carriers on their gross Philippine billings foreign corporations engaged in trade or business in the Philippines through a branch office) are taxed in the same manner as domestic corporations (except on capital gains on the sale of buildings not used in business, which are taxable as ordinary income), but only on Philippine-source income. The improperly accumulated earnings tax of 10% imposed on improperly accumulated income is repealed under the CREATE Law. Non-stock, non-profit educational institutions (all assets and revenues used actually, directly, and exclusively for educational purposes) and other non-profit organisations.Ĭertain passive income from domestic sources is subject to final tax rather than ordinary income tax ( see the Income determination section). Proprietary educational institutions and hospitals that are non-profit, on net income if gross income from unrelated trade, business, and other activities does not exceed 50% of the total gross income from all sources. MCIT is imposed where the CIT at 25% is less than 2% MCIT on gross income.
Minimum corporate income tax (MCIT) on gross income, beginning in the fourth taxable year following the year of commencement of business operations. On net income from all sources of domestic corporations with total assets not exceeding 100 million Philippine pesos (PHP) and total net taxable income not exceeding PHP 5 million. In general, on net income from all sources. The following corporate income tax (CIT) rates apply to domestic corporations: Income On the other hand, a foreign corporation is subject to tax only on income from Philippine sources. A domestic corporation is subject to tax on its worldwide income.
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