TRUE or FALSE: If the statement is FALSE, EXPLAIN why it is so.

Chapter Exercises - Corporations ducational corporations are subject to income tax based on income from sources within the Philippines at the tax rate of 17. Private education the net income fr 10%. 18. Regional Head income derived from the P Headquarters are subject to 10% income tax on its net rived from the Philippines. ional air carrier may be exempt from income tax. of nonresident individuals and nonresident corporations from ns with OBUs are tax exempt. 19. International air ca 20. Incomes of nonres transactions with OBUs are