SUMMARY OF TAXING INCOME FOR PARTNERSHIPS (PH) AND PARTNERS

Taxable PH Tax exempt PH
    GPPH/JV or Consortium for CP/EO
All other PH  
    Extension of the partners
Corporation  
Calendar/Fiscal accounting period Calendar accounting period only for GPPH
QF/P – within 60 days ff. close of 1,2 & 3 quarters AIIR – on or before the 15th day of the 4th
    month ff.
AF/AITR – on or before the 15th day of the 4th month ff. the close of C/F AP
the close of C/F AP NI (NL) computed in the same manner as a
    corporation
Partners   Partners
  Income constructively received in cash  
  Irrespective of AM used, share in NI taxable to the  partners, distributed or not
  Share in NL is deductible in tax exempt PH only, but not in taxable PH
Final tax rate: Annual ITR
1998 – 6% Compartment: Pr for GPPH (treated as GI)
1999 – 8% Deductions: Itemized/40% OSD based on GS or
    GR
2000 – 10% Progressive rates
  Compensation paid to partners  
Compensation: Additional professional income for GPPH:
AITR – Co AITR – Pr
Progressive rates Progressive rates

 

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CPA Mentor,

JONATHAN RUIZ CPA, MIB

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About Jonathan Ruiz CPA

Newbie Mentor and one of the influential author in the Philippines setting. His also the founder of PAM Academy and Developer of PAM PSE TRACKER application.
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