A depositary bank under foreign currency deposit system has the following income from foreign currency transactions (Exchange
Fantastic news! We've Found the answer you've been seeking!
Question:
- A depositary bank under foreign currency deposit system has the following income from foreign currency transactions (Exchange Rate $1 = P45):
From Nonresidents $5,000
From residents $3,000
From Philippine National Bank $2,000
How much is the final withholding tax applicable on the above income? Php 3,000 x 45 x 10% (residents only)
Use the following data for the five (5) next questions:
A domestic corporation has the following income and expenses for the year.
Phils | Abroad | |
Gross sales | 100,000.00 | 50,000,000.00 |
Cost of Sales | 40,000.00 | 20,000,000.00 |
Operating Expenses | 30,000.00 | 12,000,000.00 |
- How much is the income tax due assuming the taxable year was 2020?
- How much is the income tax due assuming the taxable year is 2021?
- How much is the income tax due assuming the taxable year is 2021 and the company's total assets amounted to Php 80M only?
- How much is the income tax due assuming: taxable year 2021;RFC?
- How much is the income tax due assuming: taxable year 2021;NRFC?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: