Philippine Laws -Simplified | Free Legal Advice

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Taxes on Other Royalties and Prizes

Tuesday, November 13, 2012

After reading the article on creditable and final withholding taxes, we now come to a set of incomes that are treated differently.

1.) Royalties of resident citizens from sources outside the Philippines:

Form part of the gross income and subject to the regular income tax rate

2.) Prizes won by resident citizens from sources outside the Philippines:

Also part of the regular income tax

3.) Prizes won by resident citizens and foreigners:

Resident citizens: regular income tax rate
Foreigners: 30% final withholding tax

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