>>>>Philippine Income Tax [Clothbound]

Philippine Income Tax [Clothbound]


New product

Taxation is truly dynamic, particularly in the fi eld of Income Taxation! The recent enactment by Congress of new tax laws in 2007-2009, the promulgation by tax authorities of the implementing regulations of these new tax laws as well as the issuance of amendatory regulations and other administrative issuances for existing laws in order to plug loopholes in these laws and to make tax administration more effi cient, and the promulgation by the judiciary of leading decisions on tax matters since the fi rst edition of this book came out in 2004, made the updating of this book extremely necessary.

This updated book is intended as a textbook for students of law and as a useful guide and reference material for tax practitioners and the taxpaying public, in general. Toward this end and to better understand the different principles presented in various sections of the income tax law, the discussions of the topics generally follow the formula for computing income tax. Thus, after introducing the general principles, gross income and exclusions are fi rst explained, and these are immediately followed by discussions on deductions and personal exemptions. Upon determination of the tax base, the appropriate tax rate on each type of income is expounded. Taxation of capital assets and passive investment incomes has also been given due importance in the light of the semi-global tax system adopted by the Philippines. Noting that withholding tax is almost always included in the deficiency tax assessment of revenue offi cers, and to make the book more useful for businessmen and professionals alike, the discussions on withholding taxes have been expanded, and a separate Chapter on special types of income taxes, like the minimum corporate income tax, fringe benefi ts tax, tax on improperly accumulated earnings, and on special laws granting income tax holidays and preferential tax rates to certain locators and investors, has been added.

To supplement readings on fundamental principles on income taxation or for advance studies on income tax, involving the application of principles found in the various tax treaties concluded by the Philippines with other countries, my book on “Philippine Tax Treaties,” which will be off the press in the early part of 2010, is highly recommended. The many favorable and constructive comments the author
received from professors and students of law, the tax practitioners, and tax offi cials who use the book inspired me to undertake this humble work of updating the book. And for their valuable comments and observations, the author wishes to thank his friends in the Tax Management Association of the Philippines, Integrated Bar of the Philippines, Philippine Institute of Certifi ed Public Accountants,University of the Philippines College of Law, Bureau of Internal Revenue, and partners in the law fi rm, V.C. Mamalateo & Associates..



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