>>>>>Fundamentals of Philippine Income Taxation

Fundamentals of Philippine Income Taxation

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by Indalicio P. Conti

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Fundamentals of Philippine Income Taxation

Fundamentals of Philippine Income Taxation

by Indalicio P. Conti

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As a professor of Taxation since June 13, 1978, the author had encountered several problems involving the treatment of income and its taxable base or valuation, deductions and its limitations, confl icting tax provisions and revenue regulations normally encountered by the students and taxpayers, which can be simplifi ed and settled. The said facts encouraged the author to publish a textbook for the common use and benefi ts of college students, CPA and Bar candidates, tax offi cials, tax practitioners and all interested taxpayers by presenting the income taxation laws and its accounting in the most simplifi ed manner. This book will try to address the enlarged outputs of income tax and its practical application.

Each chapter presents an exhaustive discussion on the principles, important and relevant provisions of the tax code under RA 8424 as amended by RA 9504 exempting the minimum wage earners from withholding and income tax and increasing the Optional Standard Deduction for individuals engaged in trade or business and practice of profession from 10% to 40% of the gross income and also increasing the Personal exemption of individual taxpayers to 550,000 regardless of status as to single, head of family, or married and increasing the additional exemption for every qualifi ed dependent child to 525,000 per child not to exceed four, effective August 1, 2008.

RA 8424 was previously amended by RA 9337 which includes tax relief provisions whereby all employees can claim as deductions from their compensation income the SSS/GSIS Contribution, Pag-ibig and PhilHealth Contribution including unions dues, and the new taxable base of 2% MCIT or Minimum Corporate Income Tax, additional deduction from gross income provided by the following Revenue Regulations: RR 8-93 pursuant to RA 7277 known as Magna Carta for Disabled Persons, RR-4-06 pursuant to RA 9257, known as Expanded Senior Citizens Act of 2003, and RR – 10-03 pursuant to RA 8525 known as Tax Incentives for Adopting Private Entities, illustrations, tax computations, annotations with reference to several applicable Revenue Circulars, Memorandum and Regulations, BIR decisions, SC Doctrinal Decisions and latest rulings of the Supreme Court on taxable income, tax exemptions allowable deductions and its limitations, and tax credits. Some of the illustrations and discussions of the topics in the chapters were taken from the actual CPA and Bar exam questions and actual tax controversies involving income taxation resolved by the Supreme Court.

The author has an exhaustive discussion on a net worth method of taxation and allocated one chapter for it; also discussed was the tax base of the computation of delinquency interest, deficiency interest and plain and simple interest of the delinquent, defi cient and outstanding tax liabilities of a taxpayer. Net worth method in computing income tax was not given any importance or priority by the BIR and by our lawmakers. The author opines that it is an available option in collecting income tax from the tax evaders or from people who never bother to file any ITR and has set the basic structure or foundation of net worth system in collecting income tax.

This humble work is intended primarily as a textbook for college students, reference materials for CPA and Bar candidates and may also serve as a valuable aid or reference to taxpayers, tax offi cials, practitioners and businessmen in the solution of their accounting and legal problems on income taxation. This book is the product of hard work of more than three years of research by the author. The author tried to simplify the various relevant provisions of NIRC and its implementing regulations assisted by its jurisprudence and administrative

This book, as a product of the author’s sole efforts, has drawn upon his notes and the inputs gained over his 30 years of experience as a Taxation and Accounting Professor and as a practicing CPA. The author earnestly hopes that this humble work may effectively serve its purpose, that is, to be a great assistant to college and law students, CPA and Bar candidates, professors of taxation in their search for excellence, tax practitioners, tax offi cials and taxpayers in general.

Author(s)I. Conti
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