RCIT vs MCIT | Regular Corporate Income Tax vs Minimum Corporate Income Tax

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done watching sir thank you- James Villarubia BSBA MGT 201M

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Done watching sir, thank you for giving comprehensive illustrations of RCIT and MCIT :)

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Thank you for this video lecture about RCIT and MCIT, Sir A! Done watching po.

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Sir, I think that the video is extremely cool. After watching this video lecture, I have a better understanding of the regular corporate income tax (RCIT) and the minimal corporate income tax (MCIT). Both of these taxes are mentioned in this video lecture (MCIT). In light of the new law, it explained how to compute RCIT. Within RCIT, there are ways to figure out the taxable income of domestic corporations, resident foreign corporations, and non-resident foreign corporations. In addition, it talked about how to figure out RCIT. Because the second one is a nonresident foreign corporation that doesn't do business in the Philippines, it has similarities and differences with domestic corporations' taxable sources both inside and outside the Philippines, resident foreign corporations' taxable sources only inside the Philippines, and nonresident foreign corporations' interest in bank deposits. These similarities and differences are because the second company is a nonresident foreign corporation that does not do business in the Philippines.

Thank you for this video lecture sir, I now know that there are two separate taxes that firms could be required to pay, the Regular Corporate Income Tax and the Minimum Corporate Income Tax. The Minimum Corporate Income Tax is a tax on a corporation's gross revenues, as opposed to the Regular Corporate Income Tax, which is a tax on the profits made by a corporation. The Minimum Corporate Income Tax is computed using the corporation's gross receipts, whereas the Regular Corporate Income Tax is computed using the corporation's net income. According to the corporation's income, the regular corporate income tax rate fluctuates, with higher-earning firms paying a higher tax rate. Regardless of the corporation's income, the minimum corporate income tax rate is a set proportion of its gross receipts.

Sir, I have finished viewing your lecture and would like to thank you for it. I may rewatch it if I forget something.

Done watching sir, under RCIT in computing for domestic corporation, interest on bank deposit is not included in the computation, if the corporation is resident foreign corporation, we just need to deduct the expenses here in PH to the gross income within PH then multiply to 25% which is the tax rate. Also MCIT can only be impose if the corporation has zero taxable income, has negative income. Thank you sir.

After watching this lesson, I learned how to compute the taxes that should be paid by corporations to track how much they pay to the government. I can now distinguish between RCIT (regulate corporate income tax) and MCIT (minimum corporate income tax). You can use RCIT to know your income tax due in DC, NFC, and NRFC; however, in MCIT, the NRFC is not applicable.

Done watching sir! I have learned things this lesson. Regular corporate income tax (RCIT) is a levy that is imposed on the net profits of corporations, computed as the excess of receipts over allowable costs. RCIT of 25% under the create law. A minimum corporate income tax (MCIT) of 2% is imposed on the gross income of both domestic and resident foreign corporations, on an annual basis. Thank you sir.

Hello Sir, Thank you for this video lecture.
Regular Corporate Income Tax discuss the comparison of train law and create law and they are different tax rate. The effectivity of the RCIT rates under the create law they are not the same time. For DC and RFC is early of 2020 and for NRFC is early 2021 they are 6 months apart but the same time DC and RFC with MSMEs. I learn also how to compute a problem in different computation about Domestic Corporation, Residents Foreign Corporation and Non Residents Corporation. In Minimum Corporate Income Tax is applicable only for the 4the year of operation. MCIT also computed and compare when we are computing quarterly income tax. In MCIT we still have to compute the RCIT. In Non Residents Foreign Corporation is not applicable to MCIT.

Thank you, Sir A. The MCIT is a projection of the income tax owed by a company. It is equivalent to two percent (2%) of a corporation's annual gross income. A corporation must pay the MCIT since it is a minimum income tax whenever its regular (normal) income tax is lower than the MCIT or when the company declares a net loss on its tax return. In contrast, when it exceeds the MCIT, standard income tax is charged.

Done watching Sir. After watching this video I have learned that under RCIT, interest on bank deposits is not included in the calculation for domestic corporations. If the corporation is a resident foreign corporation, we simply need to subtract the costs incurred in the Philippines from the gross income generated in the Philippines and multiply the result by 25%, which represents the tax rate. Moreover, MCIT cannot be imposed if the corporation has either no taxable income or a loss. Also, we can use RCIT to know your income tax due in DC, NFC, and NRFC; however, in MCIT, the NRFC is not applicable. Thank you for this video lecture Sir A!

Done watching, sir A. The RCIT and MCIT. This video discusses both taxes (MCIT). . RCIT calculates taxable income for domestic, resident foreign, and non-resident foreign corporations. It also explained RCIT. The corporation can carry over the MCIT over RCIT for three years until it becomes liable for the 30% RCIT. Check the annual ITR and AFS for MCIT throughout the year of payment. Beginning in the fourth taxable year after commercial operations, minimum corporate income tax (MCIT) on gross income. CIT at 25% is less than 2% MCIT on gross income. thankyou sir A.❤

This lecture helps me understand that interest on bank deposits is not taken into account when calculating domestic firms' tax obligations under the RCIT after seeing this video. When determining the tax rate for a corporation that is a resident of another country, we need only deduct the expenses incurred there from the gross income earned there. Then, we multiply the result by 25%. In addition, the corporation cannot be subject to MCIT if it has a loss or neither taxable income nor any. The NRFC is not applicable in MCIT, but we can use RCIT to determine your income tax owed in DC, NFC, and NRFC. Thank you, sir A!

Done watching this topic, sir. I learned a lot.