Worldwide income

Worldwide income — the principle that a Philippine resident citizen is taxed on income from everywhere, not just PH sources: US dividends, foreign interest, crypto gains — technically declarable on the 1701 at graduated rates, with a foreign tax credit for what was withheld abroad. The course position is declare it: enforcement visibility into small foreign accounts is thin, but information-sharing tightens yearly, undeclared foreign assets freeze estates at settlement, and declared investment income is provable income — the raw material of Level 3 bankability. Accumulating UCITS funds distribute nothing, so no dividend event arises to declare — one more argument for the 1.6 architecture.

First used in: 2.7 · The tax layer