To recall, the implementation of the provisions of the CREATE on the taxability of proprietary educational institutions and hospitals created confusion particularly for those in the education sector. Know more:
This law amended Section 27 of the Tax Code, which provides special tax treatment of hospitals that are nonprofit and proprietary educational institutions.
However, the regular corporate income tax rate of 25 percent shall be imposed on the entire taxable income of the covered institutions if their gross income from unrelated trade, business, or other activity exceeds 50 percent of the total gross income they derive from all sources.
In another development, towards the middle part of the year, RR 6-2022 was issued, removing the five-year validity period of receipts and invoices.
In RR 13-2022, the Department of Finance prescribed the guidelines, procedures and requirements for the proper Income Tax treatment of equity-based compensation of any kind.
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