Practice question
Which corporate classification is generally taxable on income from sources both within and without the Philippines under Section 23?
- A foreign corporation merely licensed locally
- Every corporation with a Filipino shareholder
- Only a corporation receiving pesos
- A domestic corporation
- No corporation
Legal references
- NIRC Sections 4,22,23 and244: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/3896
- RA12066, CREATE MORE Act: https://lawphil.net/statutes/repacts/ra2024/ra_12066_2024.html
- RA12214, Capital Markets Efficiency Promotion Act: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
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