Corporate Taxation Under The National Internal Revenue Code Of The Philippines free essay sample

The corporate income tax rate both for domestic and resident foreign corporations is 30% based on net taxable income. Excluded from the income tax are dividends received from domestic corporations; interest on Philippine currency bank deposit and yield from trust funds. It is important to note that foreign corporations, whether resident or nonresident, is taxable only on income derived from sources within the Philippines.Withholding TaxTypes of taxable income Tax rate (For non-resident) Dividend 15%3 Interest 20% Royalty 30% Technical Fee 30%†¢ All other taxable income earned by domestic and resident foreign corporations is subject to a 20% final withholding tax. However, Regional operating headquarters are taxed at 10% on taxable income. Special economic zone enterprises duly registered with the Philippines Economic Zone Authority are taxed at the rate of 5% on gross income. †¢ The net capital gains from the sale of shares of stock of a domestic corporation are taxed on a per transaction basis at the rate of 5% on the first PHP 100,000 and 10% in excess of said amount. We will write a custom essay sample on Corporate Taxation Under The National Internal Revenue Code Of The Philippines or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On the other hand, the sale of shares of stock of a domestic corporation through the Philippine Stock Exchange or through the initial public offering is subject to a percentage tax on the transaction at the rate of 0.5% of the selling price. †¢ The sale of land, building and other real properties classified as a capital asset is subject to 6% final capital gains tax based on the gross selling price. †¢ Any branch profit to be remitted to the Head Office is additionally taxed at the rate of 15%.Value Added Tax/ Sales TaxA 12% value-added tax (VAT) of the gross selling price is imposed on all importation, sale, barter, exchange or lease of goods or properties and sale of services.The term Gross selling price means the total amount of money or its equivalent that the purchaser pays or is obligated to pay to the seller in consideration of the sale, barter or exchange of the goods or properties, excluding the value-added tax. 3 Dividends received by non-resident foreign corporations from domestic corporations are subject to a final tax of 30 %.Tax Incentives for SMEs1. Direct Tax Tax incentive for importers and exporters Tax credits are available for taxes and duties paid on purchases of raw materials of products for export, domestic capital equipment, domestic breeding stock and genetic materials. A tax credit of 25% of the duties paid on raw materials and capital equipment and/or spare parts.Tax incentives also available to enterprises registered with the Philippine Economic Zone Authority (PEZA). These incentives are shown below:- 4 to 8 years income tax holiday. A 5% tax on the modified gross income is imposed after the end of the income tax holiday. Tax and duty exemption on imported capital equipment and raw materials. National and local tax exemption. Tax rebate for the purchase of domestic capital good.2. Indirect Tax Under the Investment Priority Plan (IPP), SME owners shall be eligible for the following incentives.- An exemption from wharfage dues and export tax, duty import and fees. Additional deduction for labor expense (ADLE). Additional deduction for necessary and major infrastructure works.

Corporate Taxation Under The National Internal Revenue Code Of The Philippines free essay sample

The corporate income tax rate both for domestic and resident foreign corporations is 30% based on net taxable income. Excluded from the income tax are dividends received from domestic corporations; interest on Philippine currency bank deposit and yield from trust funds. It is important to note that foreign corporations, whether resident or nonresident, is taxable only on income derived from sources within the Philippines.Withholding TaxTypes of taxable income Tax rate (For non-resident) Dividend 15%3 Interest 20% Royalty 30% Technical Fee 30%†¢ All other taxable income earned by domestic and resident foreign corporations is subject to a 20% final withholding tax. However, Regional operating headquarters are taxed at 10% on taxable income. Special economic zone enterprises duly registered with the Philippines Economic Zone Authority are taxed at the rate of 5% on gross income. †¢ The net capital gains from the sale of shares of stock of a domestic corporation are taxed on a per transaction basis at the rate of 5% on the first PHP 100,000 and 10% in excess of said amount. We will write a custom essay sample on Corporate Taxation Under The National Internal Revenue Code Of The Philippines or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On the other hand, the sale of shares of stock of a domestic corporation through the Philippine Stock Exchange or through the initial public offering is subject to a percentage tax on the transaction at the rate of 0.5% of the selling price. †¢ The sale of land, building and other real properties classified as a capital asset is subject to 6% final capital gains tax based on the gross selling price. †¢ Any branch profit to be remitted to the Head Office is additionally taxed at the rate of 15%.Value Added Tax/ Sales TaxA 12% value-added tax (VAT) of the gross selling price is imposed on all importation, sale, barter, exchange or lease of goods or properties and sale of services.The term Gross selling price means the total amount of money or its equivalent that the purchaser pays or is obligated to pay to the seller in consideration of the sale, barter or exchange of the goods or properties, excluding the value-added tax. 3 Dividends received by non-resident foreign corporations from domestic corporations are subject to a final tax of 30 %.Tax Incentives for SMEs1. Direct Tax Tax incentive for importers and exporters Tax credits are available for taxes and duties paid on purchases of raw materials of products for export, domestic capital equipment, domestic breeding stock and genetic materials. A tax credit of 25% of the duties paid on raw materials and capital equipment and/or spare parts.Tax incentives also available to enterprises registered with the Philippine Economic Zone Authority (PEZA). These incentives are shown below:- 4 to 8 years income tax holiday. A 5% tax on the modified gross income is imposed after the end of the income tax holiday. Tax and duty exemption on imported capital equipment and raw materials. National and local tax exemption. Tax rebate for the purchase of domestic capital good.2. Indirect Tax Under the Investment Priority Plan (IPP), SME owners shall be eligible for the following incentives.- An exemption from wharfage dues and export tax, duty import and fees. Additional deduction for labor expense (ADLE). Additional deduction for necessary and major infrastructure works.

Areican And French Revolution (Revised) Essays -

Areican And French Revolution (Revised) During the late 1700's, two great revolutions occurred, the American Revolution and the French Revolution. These two historical events happened at the same time, but had a great number of differences and very little similarity. When French Revolution occurred, it turned into a very violent and bloody event, while the American Revolution was almost nonviolent, aside from the war. In 1774, King Louis XVI made a decision that could have prevented the French Revolution by breathing new life into the French economy: he appointed Physiocrat Robert Turgot as Controller General of Finance. The Physiocrats were a small band of followers of the French physician Francois Quesnay, whose economic prescriptions included reduced taxes, less regulation, the elimination of government-granted monopolies and internal tolls and tariffs, ideas that found their rallying cry in the famous slogan, laissez-faire, laissez-passer. The Physiocrats exerted a profound influence on Adam Smith, who had spent time in France in the 1760s and whose classic The Wealth of Nations embodied the Physiocratic attack on mercantilism and argued that nations get rich by practicing free trade. Of Smith, Turgot, and the Physiocrats, the great French political leader and author Frederic Bastiat (1801-1850) wrote: The basis of their whole economic system may be truly said to lie in the principle of self-interest. . .. The only function of government according to this doctrine is to protect life, liberty, and property. Embracing the principle of free trade not just as a temporary expedient, but as a philosoph y, Turgot got the king to sign an edict in January 1776 that abolished the monopolies and special privileges of the guilds, corporations, and trading companies. He then dedicated himself to breaking down the internal tariffs within France. By limiting government expense, he was able to cut the budget by 60 million livres and reduce the interest on the national debt from 8.7 million livres to 3 million livres. Had Turgot been allowed to pursue his policies of free trade and less government intervention, France may very well have become Europe's first common market and avoided violent revolution. Unfortunately for France and the cause of freedom, resistance from the Court and special interests proved too powerful, and Turgot was removed from office in 1776. The dismissal of this great man, wrote Voltaire, crushes me. . . . Since that fatal day, I have not followed anything . . . and am waiting patiently for someone to cut our throats. Turgot's successors, following a mercantilist policy of government intervention, only made the French economy worse. In a desperate move to find money in the face of an uproar across the country and to re-establish harmony, Louis XVI agreed to convene the Estates-General for May 1789. Meanwhile, the king's new finance minister, Jacques Necker, a Swiss financial expert, delayed the effects of mercantilism by importing large amounts of grain. On May 5, the Estates-General convened at Versailles. By June 17, the Third Estate had proclaimed itself the National Assembly. Three days later, the delegates took the famous Tennis Court Oath, vowing not to disband until France had a new constitution. However, the real French Revolution began not at Versailles but on the streets of Paris. On July 14, a Parisian mob attacked the old fortress known as the Bastille, liberating, as one pundit put it, two fools, four forgers and a debaucher. The Bastille was no longer being used as a political prison, and Louis XVI had even made plans to destroy it. That made little difference to the mob, which were actually looking for weapons. Promising the guards safe-conduct if they would surrender, the leaders of the mob broke their word and hacked them to death. It would be the first of many broken promises. Soon the heads, torsos, and hands of the Bastille's former guardians were bobbing along the street on pikes. In all, as historian Otto Scott put it, a glorious victory of unarmed citizens over the forces of tyranny, or so the newspapers and history later said. The French Revolution had begun. Despite the bloodshed at the Bastille and the riots in Paris, there was some clear-headed thinking. Mirabeau wanted to keep the Crown but restrain it. We need a

John Bergers way of seeing essays

John Berger's way of seeing essays The ways the image and texts are interpreted are based on interpreters perception, belief, past history and interpretation of events. In John Bergers book, Ways of Seeing, the writer explores the way we view and interpret the art. The message provided by the writer relates to interpretation of the message. In the book (both in text and image) there is a message about the relationship of men and women and presence of their power and position. Berger starts his essay with: "It is seeing which establishes our place in the surrounding world; we explain that world with words, but words can never undo the fact that we are surrounded by it" (Berger, 7). In the very beginning of his essay, Berger implies to his readers that it is actually seeing which develops our thoughts and meanings. Using these thoughts and meanings, we interpret our surrounding with words. This very clearly underlines that we describe what we see and what we make of what we see. John Berger's central insight - that "the way we see things is structured by what we know or what we believe" is an insight into how Berger views and acknowledges the fact that what we interpret an image, text or an event according to our knowledge and believe. Yet the clearest indication of Bergers statement that what we view is based on our perception, is in the first chapter itself where he mentions, "Yet, although every image embodies a way of seeing, our perception or appreciation of an image depends also upon our own way of seeing. (11). One of the most interesting aspects of this work of Berger is the manner in which he underlines the relationship between the men and women. It is worthwhile to discuss the observations and find out what they mean. Chapter 2 and 3 of the book are devoted to the images women and how the presence of Man differs from the women. Men dream of women. Women dream of themselves being dreamt of. ...

Comparitive political systems questions on the government and Essay

Comparitive political systems questions on the government and constitutions of chile - Essay Example tries and four cabinet level agencies that serve exclusively at the presidents discretion.1,2 The president is responsible for maintaining public order, assuring external national security, and serving as commander in chief of the armed forces.3 In addition, the president has the sole authority to appoint Supreme Court judges, Army commanders, and diplomats without the confirmation of the legislature.4 Many of these broad presidential powers were granted by the constitution adopted in 1980.5 The Chilean legislature is a bicameral structure known collectively as the National Congress. It is composed of the Chamber of Deputies and the Senate, which co-legislate and share oversight responsibilities.6 These branches are noted as the lower and upper house. The Chilean legislature has a committee system that writes legislation and approves bills for voting. In addition, there is an amendment process that allows legislators and sometimes the presidential branch to offer amendments to bills before coming to a vote.7 The National Congress is presided over by the President of the Senate who is elected by the body of senators. In addition to the senators elected by public vote, groups such as former ministers of the Supreme Court, former Comptroller General, former Commanders in Chief of the Army, Navy and Air Force, and former Presidents of the Republic are also represented in the Senate.8 The executive branch may at times act as a legislature with the power to introduce bills, m ake amendments, and submit constitutional amendments.9 Chiles constitution, adopted in 1980, discusses at length the electoral system for the President as well as the National Congress. In addition, it determines the requirements of age and citizenship required to run for office. The Presidency requires that the candidate get an absolute majority of the popular vote, which may require a runoff election if there are more than two candidates.10 The legislature is also elected by direct ballot from

The Department of Defense Better Buying Power Essay

The Department of Defense Better Buying Power - Essay Example d goods, which was aimed at gaining extra value for the American taxpayer by increasing productivity and efficiency in defense spending (Parrish, 2012). The first phase of the BBP planned to cut spending by $487 billion for the entire DOD in ten years, and the lessons learnt since its implementation have been incorporated into creating BBP 2.0, which was initiated in 2013. Since the implementation of the first phase in 2010 and the second in 2013, there are numerous examples of acquisition executives adhering to the BBP initiative. According to Kendall (2014), the initiative has been a qualified success with evidence suggesting that the practices and policies of BBP have taken hold and opportunity for improvement still abounds. BBP refers to DODs plan to use best practices in strengthening its buying power, improving the productivity and efficiency of the department, and to give the war-fighter value-added and affordable military capability. The initiative consists of essential principles of military acquisitions that seek to attain improved efficiency by promoting competition, doing away with bureaucratic and unproductive acquisition processes, and controlling costs. As a result, the DOD expects that the overall outcome of the initiative will be the improvement of tradecraft in service acquisition. While it should also, provide incentives to improve government and military industry innovation and productivity. BBP 2.0 was a further initiative created to improve on BBP 1.0, seeking to build on the DODs commitment towards continually improving their acquisition practices. Some of the plans put into place that show the initiative’s progress include the Defense Acquisition Board’s affordability analysis, which seeks to facilitate decision making on defense investments. For instance, opportunities for smaller entrepreneurs have been given additional focus and attention, while military services are now using cost-estimates as standard practice. Majority of

Satellite Office Team Essay Example | Topics and Well Written Essays - 2000 words

Satellite Office Team - Essay Example On a different perspective, a team is collection of people having a common goal (Salaman, 2000; p. 99). From this perspective, it therefore follows that in teams individuals recognize that in order to attain personal success there is need for collaborative success. In teams, individuals are interdependent and significantly contribute their individual skills that culminate into end success celebrated as a team’s victory and not individual’s victory. The following is a report showing how as the manger of a Satellite Office Team will both organize and lead the staff. Satellite Office Team is a group of individuals, comprising of newly employed persons charged with responsibility of providing cost-control services to a client for a construction project (Mullins & Christy, 2010; p. 209). This Satellite Office Team comprises of eight full-time members, one being the manager, others are Quantity Surveyors, secretariats, and administrative supports. One striking feature with th is new team is that all staff except the manager are new appointments meaning that they have either never worked together as a team or have no idea of what it means to working as a team (Rollinson, 2004; p. 99). This report therefore is a proposal on various steps, directions, and activities applicable in order to enhance team performance. Organising and Leading the Satellite Office Team Notably, the Satellite Office Team requires a vibrant and cohesive manager with capabilities of enhancing team’s cohesiveness and performance. In order to achieve this, such a manager should embark on two major aspects of enhancing team cohesiveness and performance; working environment, and organisational. Leading and organising Satellite Office Team will require effective leadership and management and HR policies and procedures on the side of organisational and nature of tasks, physical setting, and communications on the other side of working environment amongst others (Capon, 2003). The fol lowing discussion describes how each of the aspects of organising and leading a team is applicable by the manager. Leadership and Management Mullins and Christy (2010; p. 373) define leadership as a mutual relationship that exist between a group of persons where one person influences the behaviour, actions, and performance of the other members of a group. In this case, the first concept that the manager should look into in a bid to promoting the actions of the Satellite Office Team is providing leadership (Mullins, 2006). It is true that within contemporary environment the nature of work is changing from the classical emphasis on enhancing performance through close control to a newer environment that looks at accomplishment of tasks through coaching, supporting, and empowering workers (Mullins & Christy, 2010; p. 373). Consequently, leadership role is changing concerning leading and organizing different teams in order to accomplish responsibilities bestowed against such a team. Atta ining set objectives and aims within a team is very essential not only to the team members but also to the leader. There is no doubt that a team is a mirror image of a leader upon which he or she will use to assess his or her capabilities regarding giving effective direction. In any case, group successes and failures are attributable to qualities and