RCIT definition
Examples of RCIT in a sentence
Income taxes include the regular corporate income tax (RCIT) of 30%, and final tax paid at the rate of 20%, which represents the final withholding tax on gross interest income from government securities and other deposit substitutes.
The breakdown of the Group’s excess MCIT over RCIT with the corresponding validity periods follows: Inception Year Amount Utilized Expired Balance Expiry Year 2017 P 56 P - P - P 56 2020 2016 194 190 - 4 2019 2014 122 120 2 - P 418 P 356 P 2 P 60 The P356 available MCIT applied by the Group in 2017 solely pertains to the MCIT of the Parent Company as it has generated net taxable income and is liable for RCIT for the year ended December 31, 2017.
Minimum corporate income tax (MCIT) of 2% on modified gross income is computed and compared with the RCIT.
Any excess of the MCIT over the RCIT is deferred and can be used as a tax credit against regular income tax liability in the next three consecutive years.