Pursuant to Revenue Regulation Memorandum Circular No. 69-2023, certain taxes, including percentage tax, will revert back to their original rates. Other affected taxes are the minimum corporate income tax , and the regular corporate income tax of proprietary educational institutions and nonprofit hospitals.law, these taxes had been lowered in order to help taxpayers recover from the economic hardships brought about by COVID-19.
The percentage tax is applicable to corporations, self-employed individuals, and professionals with gross sales or gross receipts below P3 million, excluding cooperatives and self-employed individuals who choose the 8% income tax rate.Starting from said date, the MCIT would revert back to its original 2% rate. Previously, the rate had been lowered to 1% pursuant to CREATE Law.
Given the changes in the rates, how would I compute the relevant taxes for the taxable year of 2023? Gross Income/ Taxable Income/Quarterly Sales or Receipts from January 1, 2023 to June 30, 2023 or X month to June 30, 2023 Gross Income/ Taxable Income/Quarterly Sales or Receipts from July 1, 2023, to December 31, 2023 or July 1, 2023, to X month Is there an easy guide to understanding the above computation? What if I am under a domestic corporation or non-profit corporation?A domestic...
A proprietary educational institution that has a taxable income of ₱40 million. Compute the income tax payable, both in the calendar and fiscal year.and use the unli-chat feature or book a consultation. –
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