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Are Funds From Abroad Taxable?
What is the taxation on income derived from sources outside the Philippines?
There has be much debate of late about this subject. There have been several YouTube channels that have been on about how each other is wrong, in some cases waving pieces of paper about with something they have Googled. One particular channel has been saying, “Show me the facts” However refuses to see the facts when they are placed in front of them. But according to them, they don’t have to show the facts because “They Googled It”. (We all know that Google is fairly good, but there is no subsitute as getting it from the source)
Well, I have gone one better and gone straight to the BIR website and have found this determination and, unlike some YouTube Channels, I even can supply the link to it.
This is a cut and paste from the BIR Website.
“Resident citizens and domestic corporations are taxable on all income derived from worldwide sources and it is not unlikely that the income derived from sources outside the Philippines may be exposed to the risk of international juridical double taxation, i.e., the imposition of comparable taxes in two (or more) States on the same taxpayer in respect of the same subject matter and for identical periods”.
There is obviously much more on this on the BIR website, but that is the relevant determination.
How it is applied or affects the situation being discussed currently on these YouTube channels, I have no idea.
This can ONLY be determined by the BIR and not the keyboard lawyers that have absolutely no idea what they are talking about.
As mentioned before, there are those that refuse to see the Raw Facts even if they are placed in front of them with evidence such as this.
As the ExpatsForum guys say “YOU BE THE JUDGE”
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YOU BE THE JUDGE