Regional Headquarters are subject to 10% income tax on its net come derived from the Philippines.

TAXES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Regional Headquarters” are subject to 10% income tax on its net come derived from the Philippines.

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -A domestic corporation is subject to tax on its worldwide income. On the other hand, a foreign corporation is subject to tax only on income from Philippine sources.

Detailed explanation-2: -Resident citizens are taxed on all their net income derived from sources within and without the Philippines. For nonresident, whether an individual or not of the Philippines, is taxable only on income derived from sources within the Philippines.

Detailed explanation-3: -The Philippines taxes its resident citizens on their worldwide income. Non-resident citizens and aliens, whether or not resident in the Philippines, are taxed only on income from sources within the Philippines.

Detailed explanation-4: -Effective January 1, 2022, pursuant to the CREATE Law and Revenue Regulations No. 05-2021, ROHQs shall be subject to 25% RCIT.

There is 1 question to complete.

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TAXES