Income Taxation
Income Taxation
Taxpayers and the Tax Base
For income tax purposes, taxpayers are classified generally as Individuals , Corporations , Estates and Trusts , Other entities. The classificatio…
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Income Taxation
Gross Income
Income means all wealth that flows to the taxpayer other than a mere return of capital. Income is gain derived from labor or capital, or both labor a…
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Income Taxation
Deductions from Gross Income
In general, deductions or allowable deductions are business expenses and losses incurred which are allowed by law to be deducted from the gross busin…
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Income Taxation
Individual Income Taxation
Income Tax is defined as a tax on all yearly profits arising from property, professions, trades, or offices, or as a tax on the person’s income, emol…
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Income Taxation
Corporate Income Taxation
The term corporation includes One Person Corporations Partnerships (except GPP) Joint-stock companies Joint accounts (en cuentas participation) Ass…
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Income Taxation
Filing of Income Tax Returns and Payment
Who are Required to File Individual Taxpayers The following are required to file an income tax return: Resident citizen Non-resident citizen, on in…
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