A foreign corporation engaged in trade or business within the Philippines.

What is a 'resident foreign corporation'?

A foreign corporation not engaged in trade or business within the Philippines.

What is a 'nonresident foreign corporation'?

Shares of stock of a corporation, warrants, options to purchase shares, and units of participation in partnerships, joint stock companies, and mutual fund certificates.

What does 'shares of stock' include?

Holders of shares of stock, warrants, options to purchase shares, and holders of units of participation in partnerships and joint stock companies.

What does 'shareholder' include?

They shall not be deemed to exclude other things otherwise within the meaning of the term defined.

What do the terms 'including' and 'includes' imply in definitions?

They shall be construed according to the method of accounting upon which net income is computed.

What do 'paid or incurred' and 'paid or accrued' mean?

The performance of the functions of a public office.

What does 'trade or business' include?

A merchant of stocks or securities regularly engaged in the purchase and resale of securities.

What is a 'dealer in securities'?

A financial intermediary authorized by the Bangko Sentral ng Pilipinas to perform quasi-banking activities.

What is a 'non-bank financial intermediary'?

Borrowing funds from twenty or more lenders at any one time through the issuance of debt instruments.

What are 'quasi-banking activities'?

An alternative form of obtaining funds from the public other than deposits.

What are 'deposit substitutes'?

Any gain from the sale or exchange of property which is not a capital asset.

What does 'ordinary income' include?

All employees holding neither managerial nor supervisory positions.

What does 'rank and file employees' mean?

An open-end and close-end investment company as defined under the Investment Company Act.

What is a 'mutual fund company'?

Performance of services by the taxpayer as an employee.

What does 'trade, business or profession' exclude?

A branch established in the Philippines by multinational companies that do not earn income from the Philippines.

What is a 'regional or area headquarters'?

It shall mean a branch established in the Philippines by multinational companies which are engaged in any of the following services: general administration and planning; business planning and coordination; sourcing and procurement of raw materials and components; corporate finance advisory services; marketing control and sales promotion; training and personnel management; logistic services; research and development services and product development; technical support and maintenance; data processing and communications; and business development

regional operating headquarters

It shall refer to certificate of time deposit or investment in the form of savings, common or individual trust funds, deposit substitutes, investment management accounts and other investments with a maturity period of not less than five (5) years, the form of which shall be prescribed by the Bangko Sentral ng Pilipinas (BSP) and issued by banks only (not by non-bank financial intermediaries and finance companies) to individuals in denominations of Ten thousand pesos (P10,000) and other denominations as may be prescribed by the BSP.

long-term deposit or investment certificate

It shall refer to the representative in the Philippines of an offshore-based operator who shall act as a resident agent for the mere purpose of receiving summons, notices and other legal processes for the offshore gaming licensee and to comply with disclosure requirements of the Securities and Exchange Commission

offshore gaming licensee-gaming agent

An alien individual employed by regional or area headquarters and regional operating headquarters established in the Philippines by multinational companies as salaries, wages, annuities, compensation, remuneration and other emoluments, such as honoraria and allowances, from such regional or area headquarters and regional operating headquarters.

Alien Individual Employed by Regional or Area Headquarters and Regional Operating Headquarters of Multinational Companies

An Alien individual who is a permanent resident of a foreign country but who is employed and assigned in the Philippines by a foreign service contractor or by a foreign service subcontractor engaged in petroleum operations in the Philippines

Alien Individual Employed by Petroleum Service Contractor and Subcontractor

Alien individuals regardless of residency and who are employed and assigned in the Philippines, regardless of the term and class of working or employment permit or visa, by ban offshore gaming licensee or its service provider as defined in Section 22(II) and Section 27(G)

Alien Individuals Employed by an Offshore Gaming Licensee and Service Providers

TAXATION DEFINITION Flashcards

Student preview

41 questions

Show all answers

1.

FLASHCARD QUESTION

Front

An individual, a trust, estate, or corporation.

Back

person

2.

FLASHCARD QUESTION

Front

One person corporations, partnerships, joint-stock companies, joint accounts, associations, or insurance companies, excluding general professional partnerships and joint ventures for construction or energy operations.

Back

What is included in the term 'corporation'?

3.

FLASHCARD QUESTION

Front

Created or organized in the Philippines or under its laws.

Back

What does 'domestic' mean when applied to a corporation?

4.

FLASHCARD QUESTION

Front

A corporation which is not domestic.

Back

What does 'foreign' mean when applied to a corporation?

5.

FLASHCARD QUESTION

Front

A citizen of the Philippines who is physically present abroad with the intention to reside there, or who leaves the Philippines to reside abroad, or who works abroad and is physically present there most of the time.

Back

What is a 'nonresident citizen'?

6.

FLASHCARD QUESTION

Front

An individual whose residence is within the Philippines and who is not a citizen thereof.

Back

What is a 'resident alien'?

7.

FLASHCARD QUESTION

Front

An individual whose residence is not within the Philippines and who is not a citizen thereof.

Back

What is a 'nonresident alien'?

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