4/7/2021
E-Library - Information At Your Fingertips: Printer Friendly
Peralta, C.J., (Chairperson), Caguioa, J. Reyes, Jr., and Lopez, JJ., concur.
[1] AN ACT AMENDING SECTIONS 27, 28, 34, 106, 107, 108, 109, 110, 111, 112, 113,
114, 116, 117, 119, 121, 148, 151, 236, 237 AND 288 OF THE NATIONAL INTERNAL
REVENUE CODE OF 1997, AS AMENDED, AND FOR OTHER PURPOSES.
[2] Clarification of Issues Concerning Common Carriers by Sea and their Agents Relative
to the Transport of Passengers, Goods or Cargoes.
[3] Is a non-stock, non-profit corporation duly organized and existing under the laws of
the Republic of the Philippines, whose members are international shipping carriers
and/or their agents operating in the Philippines.
[4] Is an AISL member-firm engaged in international shipping business. It is a
corporation duly organized and existing under the laws of Singapore and licensed to do
business in the Philippines.
[5] Rollo, p. 102.
[6] Id.
[7] Id. at 102-115.
[8] SEC. 28. Rates of Income Tax on Foreign Corporations. -
(A) Tax on Resident Foreign Corporations. (1) In General. - Except as otherwise provided in this Code, a corporation
organized, authorized, or existing under the laws of any foreign country,
engaged in trade or business within the Philippines, shall be subject to an
income tax equivalent to thirty-five percent (35%) of the taxable income
derived in the preceding taxable year from all sources within the Philippines:
Provided, That effective January 1, 2009, the rate of income tax shall be
thirty percent (30%).
In the case of corporations adopting the fiscal-year accounting period, the
taxable income shall be computed without regard to the specific date when
sales, purchases and other transactions occur. Their income and expenses
for the fiscal year shall be deemed to have been earned and spent equally
for each month of the period.
The corporate income tax rate shall be applied on the amount computed by
multiplying the number of months covered by the new rate within the fiscal
year by the taxable income of the corporation for the period, divided by
twelve.
Provided, however, That a resident foreign corporation shall be granted the
option to be taxed at fifteen percent (15%) on gross income under the same
conditions, as provided in Section 27(A).
xxx
(3) International Carrier. -An international carrier doing business in the
Philippines shall pay a tax of two and one-half percent (2 1/2%) on its
https://elibrary.judiciary.gov.ph/thebookshelf/showdocsfriendly/1/65912
21/25
Select target paragraph3
Connect to a paragraph
Connect to an entity
Disable highlights
Add to table of contents