edro executed on January 1, 2016, a long-term loan from PRTC Bank in the amount of P6,000,000 payable within 10 years, with an annual interest of 2%. However, on January 31, 2020, the loan was pre-terminated. Assuming PRTC Bank declared correctly the interest from 2016 to 2019 and the applicable gross receipts taxes were paid, how much gross receipts tax should be paid for the year 2020? 

Answer rating: 100% (QA)

The Gross Receipts Tax GRT for the year 2020 would be calculated based on the interes... View the full answer