Income Tax Concepts

Front

Gross sales less sales returns, discounts and allowances and cost of goods sold.

Back

What does 'gross income' mean for corporate income tax purposes?

Front

Invoice cost of the goods sold, plus import duties, freight in transporting the goods, and insurance while the goods are in transit.

Back

What is included in 'cost of goods sold' for a trading or merchandising concern?

Front

All costs of production of finished goods, such as raw materials used, direct labor, manufacturing overhead, freight cost, insurance premiums, and other costs incurred to bring raw materials to the factory or warehouse.

Back

What does 'cost of goods manufactured and sold' include for a manufacturing concern?

Front

Gross receipts less sales returns, allowances, discounts, and cost of services.

Back

How is 'gross income' defined for taxpayers engaged in the sale of services?

Front

The amount of gross revenue derived from carriage of persons, excess baggage, cargo, and mail originating from the Philippines.

Back

What does 'Gross Philippine Billings' refer to in International Air Carrier?

Front

Gross revenue whether for passenger, cargo, or mail originating from the Philippines up to final destination.

Back

What does 'Gross Philippine Billings' mean in International Shipping?

Front

The pertinent items of gross income specified in this Code, less the deductions authorized for such types of income.

Back

What is the definition of 'taxable income'?

Front

The excess of allowable deduction over gross income of the business in a taxable year.

Back

What does 'net operating loss' mean?

Front

Costs incurred in petroleum operations which have no salvage value and are necessary for drilling and preparation of wells for production.

Back

What are 'intangible costs in petroleum operations'?

Front

Gross income from operations less allowable deductions necessary or related to mining operations.

Back

What does 'net income from mining operations' mean?