discounts & allowances ( – ) Cost of Goods sold If taxpayer is engaged in sale of service: Gross Income = Gross Receipts QuickTime™ and a TIFF (Uncompressed) decompressor are needed to see this picture. Taxation Law Summer Reviewer ATENEO CENTRAL BAR OPERATIONS 2007 branches of foreign banks that may be authorized by the BSP to transact business with offshore banking units. Regional/Area Headquarters Regional Operating Headquarters of Multinational companies Exempt 10% On taxable income o Off line carriers: those without landing rights but may nevertheless be selling tickets in the Phil subject to tax treatment of ordinary resident foreign corporation What’s controlling is the amount stated in the ticket and not the actual purchase value. • Air Canada vs. CIR. CTA Case No. 6572

discounts & allowances ( – ) Cost of Goods sold If taxpayer is engaged in sale of service: Gross Income = Gross Receipts QuickTime™ and a TIFF (Uncompressed) decompressor are needed to see this picture. Taxation Law Summer Reviewer ATENEO CENTRAL BAR OPERATIONS 2007 branches of foreign banks that may be authorized by the BSP to transact business with offshore banking units. Regional/Area Headquarters Regional Operating Headquarters of Multinational companies Exempt 10% On taxable income o Off line carriers: those without landing rights but may nevertheless be selling tickets in the Phil subject to tax treatment of ordinary resident foreign corporation What’s controlling is the amount stated in the ticket and not the actual purchase value. • Air Canada vs. CIR