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Overview Tax

This document outlines the general principles of income taxation in the Philippines. It states that: - Citizens residing in the Philippines are taxed on income from both domestic and foreign sources. Nonresident citizens are only taxed on domestic income. Overseas contract workers and seamen working abroad are only taxed on domestic income. - Alien individuals, whether residents or not, are only taxed on domestic income. - Domestic corporations are taxed on both domestic and foreign income, while foreign corporations are only taxed on domestic income.

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Sherry Mae Malabago
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51 views1 page

Overview Tax

This document outlines the general principles of income taxation in the Philippines. It states that: - Citizens residing in the Philippines are taxed on income from both domestic and foreign sources. Nonresident citizens are only taxed on domestic income. Overseas contract workers and seamen working abroad are only taxed on domestic income. - Alien individuals, whether residents or not, are only taxed on domestic income. - Domestic corporations are taxed on both domestic and foreign income, while foreign corporations are only taxed on domestic income.

Uploaded by

Sherry Mae Malabago
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Sherry Mae L. Malabago BSMA-3 Tax 1 7:00-8:30 P.M.

CHAPTER II - GENERAL PRINCIPLES



SEC. 23. General Principles of Income Taxation in the Philippines. - Except when
otherwise provided in this Code:

(A) A citizen of the Philippines residing therein is taxable on all income derived from
sources within and without the Philippines;

(B) A nonresident citizen is taxable only on income derived from sources within the
Philippines;

(C) An individual citizen of the Philippines who is working and deriving income from
abroad as an overseas contract worker is taxable only on income derived from sources
within the Philippines: Provided, That a seaman who is a citizen of the Philippines and
who receives compensation for services rendered abroad as a member of the
complement of a vessel engaged exclusively in international trade shall be treated as
an overseas contract worker;

(D) An alien individual, whether a resident or not of the Philippines, is taxable only on
income derived from sources within the Philippines;

(E) A domestic corporation is taxable on all income derived from sources within and
without the Philippines; and

(F) A foreign corporation, whether engaged or not in trade or business in the Philippines,
is taxable only on income derived from sources within the Philippines.

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