Separate entity taxation is a form of schedular
taxation because it generally taxes a taxpayer's income from a business entity differently from other income.
It can be argued, however, that the contemporary trend is to emphasize the schedular
nature of income and, in particular, to tax income from capital more lightly than labor income because of its higher mobility and elasticity (responsiveness to taxation).
We question, however, whether disclosure in schedular
format of a tax contingency or valuation reserve for each material item or issue comprising the financial statement issuer's tax reserve would improve the reader's understanding of the issuer's financial statements -- whether for the specific tax contingency accruals or for the financial statements taken as a whole.
The vital aspect of the new basis of taxation introduced in the wake of significant level of administrative inefficiency is that it is both presumptive and schedular
in nature, particularly where the taxpayer's income source is limited to the above-stated economic activities.
There was a conscious departure from the age old net-basis of income taxation and its substitution by presumptive, schedular
and fixed bases.
As for the second, all countries of the world but two, the United States and the Philippines, have favored the schedular
or residential principle of income taxation.
The salient changes in the provisions on Donor's Tax are as follows: (1) the concept of 'stranger' was removed; (2) the schedular
rates were replaced by a uniform rate of six percent; (3) the inclusion of an annual exemption worth P250,000; (4) the addition of a presumption with regard to sale, exchange or other transfer of property made in the ordinary course of business; and (5) the removal of 'dowries or gifts made on account of marriage' as part of those exempt gifts.
is termed a "schedular
" system, under which income is
Reflecting these origins, bilateral double taxation treaties have adopted a schedular
approach with different rules for different types of income.
For a more general approach called the "schedular
system," see Robert H.
The first denial said, "Even though he meets the minimum schedular
requirement, this request is denied." When I went to school, either you met the requirement or you did not.