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THENATIONAL INTERNAL REVENUE CODEOF THE PHILIPPINES[Tax Reform Act of 1997]Republic Act No. 8424AN ACT
AMENDING
THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR
OTHER
PURPOSES
TITLE IITAX ON
INCOMECHAPTER IIGENERAL
PRINCIPLES
SEC.
23. General Principles of Income Taxation in the Philippines.- Except when otherwise provided in this Code:
(A) A citizen of the
Philippines residing therein is taxable on all income derived from
sources
within and without the Philippines;
(B) A nonresident
citizen
is taxable only on income derived from sources within the Philippines;
(C) An individual
citizen
of the Philippines who is working and deriving income from abroad as an
overseas contract worker is taxable only on income derived from sources
within the Philippines: Provided, That a seaman who is a
citizen
of the Philippines and who receives compensation for services rendered
abroad as a member of the complement of a vessel engaged exclusively in
international trade shall be treated as an overseas contract worker;
(D) An alien
individual,
whether a resident or not of the Philippines, is taxable only on income
derived from sources within the Philippines;
(E) A domestic
corporation
is taxable on all income derived from sources within and without the
Philippines;
and
(F) A foreign
corporation,
whether engaged or not in trade or business in the Philippines, is
taxable
only on income derived from sources within the Philippines. |
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