n year of the years Grace Company is a resident foreign corporation. Taxable year 2018 is...

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n year of the years Grace Company is a resident foreign corporation. Taxable year 2018 is its fourth year of operations. For the years 2018 and 2019, Grace's Philippine operations yield the following financial data: Business Expenses Minimum Corporate Income Tax 9. Normal tax taxable income for 2018: 10. Income tax due for 2018: 11. Normal tax taxable income for 2019: 12. Income tax due for 2019: 2018 P325,000 7,000 2019 P360,000 8,000 n year of the years Grace Company is a resident foreign corporation. Taxable year 2018 is its fourth year of operations. For the years 2018 and 2019, Grace's Philippine operations yield the following financial data: Business Expenses Minimum Corporate Income Tax 9. Normal tax taxable income for 2018: 10. Income tax due for 2018: 11. Normal tax taxable income for 2019: 12. Income tax due for 2019: 2018 P325,000 7,000 2019 P360,000 8,000

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To calculate the normal tax taxable income and income tax due for the given years we need to consider the applicable tax laws and rates in the Philipp... View the full answer