AN ACT AMENDING
THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED,
AND FOR OTHER
PURPOSES
TITLE II
TAX ON INCOME
CHAPTER II
GENERAL 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.
Harvard
Computer Systems, Inc.