What is Final Income Tax?
Final Income Tax
– is derived by multiplying thetax rate on the particular income subject to a finalincome tax. Thus, the income subject to finalincome tax is no longer subject to the net incometax; otherwise, there would be a violation of prohibited double taxation. Applicable to passiveincome and from sources derived from within thePhilippines as determined under Sec. 42 of the CTRP . Deductions and/or personal and additionalexemptions are not allowed.