BIR FORM 1702 (ENCS) - PAGE 2

Section A Gross Income (Attach additional sheet, if necessary)

Schedule 1 Schedule of Sales/Revenues/Receipts/Fees
Special Rate Regular Rate
Creditable Tax Withheld Taxable Amount Creditable Tax Withheld Taxable Amount
36 Sale of Goods/Properties
37 Sale of Services
38 Lease of Properties
39 Total
40 Less: Sales Returns/Discounts
41 Net Sales/Revenues/Receipts/Fees (to Item 15)
Schedule 2 Schedule of Cost of Sales (Trading / Manufacturing)
Amount under Special Rate Amount under Regular Rate
42 Merchandise/Finished Goods Inventory, Beginning
43 Add: Purchases of Merchandise/Cost of Goods Manufactured
44 Total Goods Available for Sale
45 Less: Merchandise/Finished Goods Inventory, End
46 Cost of Sales (to Item 16)
Schedule 3 Schedule of Cost of Sales (Service)
Amount under Special Rate Amount under Regular Rate
47 Direct Charges - Salaries, Wages and Benefits
48 Direct Charges - Materials, Supplies, and Facilities
49 Direct Charges - Depreciation
50 Direct Charges - Rental
51 Direct Charges - Outside Services
52 Direct Charges - Others
53 Total Cost of Services (Sum of Items 47 to 52) (to Item 16)
Schedule 4 Schedule of Non-Operating and Taxable Other Income
Special Rate Regular Rate
Nature of Income Creditable Tax Withheld Taxable Amount Creditable Tax Withheld Taxable Amount
54
55
56
57
58
59
60 Total Non- Operating and Taxable
Other Income (to Item 18)
Schedule 5A Computation of Net Operating Loss Carry Over (NOLCO)
61 Gross Income
62 Less: Total Deductions exclusive of NOLCO & Deductions under Special Laws
63 Net Operating Loss Carry Over (to Schedule 5B)
Schedule 5B Computation of Available Net Operating Loss Carry Over (NOLCO) (Attach additional sheet, if necessary)
Net Operating Loss Net Operating Loss Carry Over Net Operating
Year Applied Applied Loss
Amount Expired
Incurred Previous Year Current Year (Unapplied)
64
65
66
67
68 Total (To Item 112)

Section B Computation of Minimum Corporate Income Tax (MCIT) of Current Year

69 Total Gross Income for MCIT purposes

70 Tax Rate 2%
71 Minimum Corporate Income Tax (to Item 25)
Section C Computation of Excess Minimum Corporate Income Tax (MCIT) of Previous Year
Normal Income Tax MCIT Excess of MCIT over Excess MCIT applied Balance MCIT Expired Portion
Year as adjusted Normal Income Tax this Year still allowable of Excess MCIT
as adjusted as Tax Credit
72
73
74
75
 BIR FORM 1702 (ENCS) - PAGE 3

Section D Deductions
EXEMPT TAXABLE
Nature of Expense / Deduction Special Rate Regular Rate
76 Salaries and Allowances
77 Fringe Benefits
78 Rental
79 Professional Fees
80 Director's Fees
81 Management and Consultancy Fee
82 Security Services
83 Janitorial and Messengerial Services
84 Tolling Fees
85 Other Outside Services
86 Advertising
87 Commissions
88 Repairs and Maintenance-Labor
89 Repairs and Maintenance-Materials/Supplies
90 Research and Development
91 Office Supplies
92 Royalties
93 Interest
94 SSS, GSIS, Philhealth, HDMF and Other Contributions
95 Insurance
96 Representation and Entertainment
97 Transportation and Travel
98 Fuel and Oil
99 Communication, Light and Water
100 Taxes and Licenses
101 Losses
102 Bad Debts
103 Depreciation
104 Amortization of Intangibles
105 Depletion
106 Charitable Contributions
107 Amortization of Pension Trust Contribution
108 Miscellaneous
109 Others :
110 (attached addit'l sheets, if
necessary)
111 Total Expenses (Sum of Items 76 to 110)
112 Allowance of NOLCO (From Schedule 5B)
113 Total (Sum of Items 111& 112)
(to Item 20A, B & C)
Section E Reconciliation of Net Income Per Books Against Taxable Income (Attach additional sheets if necessary)
Special Rate Regular Rate
114 Net Income/(Loss)per books………………………………………..
115 Add: Non-deductible Expenses/Taxable Other Income

116 Total (Sum of Items 114 & 115)……………………………………

117 Less: Non-taxable Income and Income subjected to Final Tax

118 Special Deductions:

119 Total (Sum of Items 117 & 118)……………………………

120 Net Taxable Income/(Net Loss) (Item 116 less Item 119)
We declare, under the penalties of perjury, that this return has been made in good faith, verified by us, and to the best of our knowledge and belief,
is true and correct, pursuant to the provisions of the National Internal Revenue Code, as amended, and the regulations issued under authority
thereof.
121 122
President/Vice President/Principal Officer/Accredited Tax Agent/ Treasurer/Asst. Treasurer
(Signature Over Printed Name) (Signature over Printed Name)

Title/Position of Signatory TIN of Signatory Title/Position of Signatory

Tax Agent Acc. No./Atty's Roll No. (if applicable) Date of Issuance Date of Expiry TIN of Signatory
Date Issued
Community Tax Certificate Number Place of Issue MM DD YYYY Amount

123 124 125 126

 BIR FORM 1702 (ENCS) - PAGE 4
ATC Description Tax Rate Tax Base ATC Description Tax Rate Tax Base
DOMESTIC
CORPORATION
IC 010 1. In General IC 020 6. Taxable Partnership
a. January 1- October 31, 2005 32% a. January 1 - October 31, 2005 32% On Taxable
November 1, 2005 - December 31, 2008
35% Taxable Income November 1, 2005 - December 31, 200835% Income from
January 1, 2009 30% from All sources January 1, 2009 30% All Sources
IC 055 b. Minimum Corporate Income Tax 2% Gross Income IC 055 b. Minimum Corporate Income Tax 2% On Gross Income
IC 030 2. Proprietary Educational On Taxable Income from All 7. Exempt Corporation
10%
Institutions IC 011 a. On Exempt Activities 0%
a. Proprietary Educational Institution whose sources IC 010 b. On Taxable Activities *same rate On Taxable Income from all sources
gross income from unrelated trade,business as in 1a
or other activity exceeds fifty percent (50%) of IC 021 8. General Professional Partnership exempt
the total gross income from all sources. 9. Corporation covered by Special Law*
January 1- October 31, 2005 32% RESIDENT FOREIGN
November 1, 2005 - December 31, 2008 35% Taxable Income CORPORATION
January 1, 2009 30% from All sources IC 070 1. In General
a. January 1 - October 31, 2005 32% On Taxable
IC 055 b. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 200835% Income from within the Philippines
IC 031 January 1, 2009 30%
3. Non Stock-Non Profit Hospitals 10% On Taxable Income from All
IC 055 b. Minimum Corporate Income Tax 2% On Gross Income
sources
a. Non Stock-Non Profit Hospitals whose IC 080 2. International Carriers 2.5% Gross Philippine Billing
gross income from unrelated trade,business IC 101 3. Regional Operating Headquarters* 10% On taxable Income
or other activity exceeds fifty percent (50%) of 4. Corporation covered by Special Law*
the total gross income from all sources. IC 190 5. Offshore Banking 10% On Gross Taxable Income on
January 1- October 31, 2005 32% Units (OBU's) Foreign Currency Transaction
November 1, 2005 - December 31, 2008 35% Taxable Income not subjected to Final Tax
January 1, 2009 30% from All sources
a. January 1 - October 31, 2005 32% On Taxable Income
IC 055 b. Minimum Corporate Income Tax 2% Gross Income November 1, 2005 - December 31, 200835% Other Than Foreign
IC 040 4. GOCC, Agencies & Instrumentalities On Taxable January 1, 2009 30% Currency Transaction
a. January 1 - October 31, 2005 32% Income from
November 1, 2005 - December 31, 2008 35% All sources
January 1, 2009 30% 6. Foreign Currency 10% On Gross Taxable Income on
Deposit Units (FCDU's) Foreign Currency Transaction
IC 055 b. Minimum Corporate Income Tax 2% On Gross Income IC 191 not subjected to Final Tax
IC 041 5. National Gov't & LGU's
a. January 1 - October 31, 2005 32% On Taxable a. January 1 - October 31, 2005 32% On Taxable Income
November 1, 2005 - December 31, 2008 35% Income from November 1, 2005 - December 31, 200835% Other Than Foreign
January 1, 2009 30% Proprietary activities January 1, 2009 30% Currency Transaction

IC 055 b. Minimum Corporate Income Tax 2% On Gross Income

* PLEASE REFER TO REVENUE DISTRICT OFFICES

BIR Form No. 1702 - Annual Income Tax Return (For Corporations and Partnerships)
GUIDELINES AND INSTRUCTIONS
.
ources

lippines
(To be filled up by the BIR)
DLN: BCS No. PSIC:

Republika ng Pilipinas Annual Income BIR Form No.

Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
For Corporations, Partnerships and other Non-Individual Taxpayers
Tax Return 1702
September 2005 (ENCS)
Fill in all applicable spaces. Mark all appropriate boxes with an “X”.
1 For the Calendar Fiscal 3 Amended 4 Short 5 No. of 6 ATC
2 Year Ended Return? Yes Period Yes sheets
( MM / YYYY )
1 2 2 0 0 7 No No attached
Return?
Part I Background Information
7 TIN 8 RDO Code 9 Line of Business/
0 0 6 3 0 4 6 4 5 0 5 0 Occupation
9241 - Sporting Activities
10 Taxpayer's Name
ASIAN GOLF ACADEMY, INC.
11 Registered Address 12 Zip Code
Unit 2107 Tower 2, Cityland 10, Dela Costa St., Salcedo Vill., Makati City
13 Are you availing of tax relief under Special Law/ 13B
International Tax Treaty? 13A Yes No If yes, specify
14 Date of Incorporation/Creation14A Date of Registration with BIR 14B
(MM/DD/YYYY) (MM/DD/YYYY)
Part II Computation of Tax
EXEMPT TAXABLE
Special Rate Regular Rate
15 15 15
15 Sales/Revenues/Receipts/Fees (Sch.1) A B C
16 16 16
16 Less: Cost of Sales/Services (Sch.2/3) A B C
17 17 17
17 Gross Income from Operation A B C
18 18
18 Add: Non-Operating & Taxable Other Income(Schedule 4) A B
19 19 19
19 Total Gross Income A B C
20 20 20
20 Less: Deductions (Section D) A B C
21 21
21 Taxable Income……………………………………………………………………………A B
22A 22B
22 Tax Rate (except MCIT Rate)…………………………………………………………………………………..
23A 23
23 Income Tax ……………………….. ……. ……………………………………………….. B
24A
24 Less: Share of Other Agencies (RA 7916/8748, etc)……………………

25 Minimum Corporate Income Tax (MCIT)(Section B)…………………………………………………………………… 25

26 Tax Due
26A Tax on transactions under Regular Rate (Normal Income Tax or Minimum Corporate Income Tax whichever is higher)………..
26A

26B Less: Unexpired Excess of Prior Year's MCIT over Normal Income Tax Rate 26B
(deductible only if the current year's tax due is the normal rate)(Section C)………………………………………………..
26C
26C Balance (Item 26A less Item 26B)………………………………………………………………………………………………..
26D
26D Add: Tax Due to the BIR on transactions under Special Rate (23A less 24A)………………….
27
27 Aggregate Income Tax Due (Sum of Items 26C and 26D)………………………………………………….
28 Less: Tax Credits/Payments 28A
28A Prior Year's Excess Credits other than MCIT ....................................................................…
28B
28B Tax Payments for the First Three Quarters……………………………………………………..
28C
28C Creditable Tax Withheld for the First Three Quarters …………………………………………..
28D
28D Creditable Tax Withheld Per BIR Form No. 2307 for the Fourth Quarter …. …………………
28E
28E Foreign Tax Credits, if applicable...............................................………………………….
28F
28F Tax Paid in Return Previously Filed, if this is an Amended Return............………………………….
28G
28G Total Tax Credits/Payments (Sum of Items 28A to 28F)……………………………………………………
29
29 Tax Payable/(Overpayment)(Item 27 less Item 28G)......................................……………………………

30 Add: Penalties
Surcharge Interest Compromise
30A 30B 30C 30D

31 Total Amount Payable/(Overpayment) (Sum of Items 29 & 30D)........................................…………… 31

If overpayment, mark one box only: (once the choice is made, the same is irrevocable)
To be refunded To be issued a Tax Credit Certificate To be carried over as tax credit next year/quarter
Part III D e t a i l s of P a y m e n t
Drawee Bank/ Date
Particulars Agency Number MM DD YYYY Amount
32 Cash/Bank 32A 32B 32C 32D Stamp of Receiving
Debit Memo……………………………………………………………………………. Office/AAB and
33 Check 33A 33B 33C 33D Date of Receipt
34 Tax Debit 34A 34B 34C (RO's Signature/
Memo…………………………… Bank Teller's Initial)
35 Others 35A 35B 35C 35D

Machine Validation/Revenue Official Receipt Details (If not filed with the bank)