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7/28/2019 part 10.pptx
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MARY JOY P. JUNIO, CPANotre Dame of Midsayap College
Midsayap, Cotabato
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Income Tax
System•
Global income tax
system• Gross income taxsystem•
Schedular tax system
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This income tax systemis a combination of gross compensation
income and/or netincome from business,trade or profession to
arrive at the total(global) income subjectto tabular tax rates
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• Compensationincome•
Net income frombusiness, trade orprofession•
Passive income• Capital gains
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The taxpayer’s income tax is
fixed or computed based onthe gross income. Theusual allowable deductions
are completely disregardedin computing this incometax.
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Examples:• Fringe
benefit tax• Passive income subject
to final tax• Capital gains tax on
real property •
Minimum CorporateIncome Tax
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Since income taxes areeither computed basedon global tax system or
gross income taxsystem, their filing andpayment should beaccompanied withseparate BIR form asrequired per category of income.