22. A domestic corporationhas a net income ofP1,200,000 in the Philippinesand P800,000 from abroad. 23. Assuming the corporationin question number 22 isforeign corporation. What willbe the income tax due *О а. Р600,000ОБ.Р650,000О с. Рз60,000O d. P300,000

The Philippines corporate income tax (CIT) rate: Effective from 1 July 2020, the corporate income…

Answered: 22. A domestic corporation has a net…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000
22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due
PHILIPPINES -
How much is the minimum revenue that a single external customer must contribute for it to be considered as a major customer under IFRS 8?
ABC is in its third year of operations. He had the following data for the current year: a. P 1, 000, 000 b. P 500, 000 c. P 1, 500, 000 d. 0 e. Answer not given
13. A U.S. corporation established a 100% owned business in Germany. The U.S. corporation has U.S. source income in the current year of $300,000. The German business reports the following information for the current year: German-source net income 200,000 German income tax 80,000 Net income after taxes 120,000 Cash remitted to U.S. owner 30,000 German withholding tax 3,000 Cash received by U.S. owner 27,000 Assume the business is a foreign branch and that the income is subpart F income. What is the U.S. corporation’s taxable income? a. $300,000 b. $330,000 c. $350,000 d. $500,000
22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000
Question 5) Canada, US, and China. Taxable income Net Canadian active business income manages by Canadian citizens who are in Ontario. They have activities in Net taxable capital gain royalty income interest expense Foreign Dividend salary expense Foreign tax paid for business Foreign tax paid for None business 250,000 $ 50,000 $ 15,000 $ 5,000 $ 2,000 $ 5,000 $ 75,000 $ 8,000 $ 12,000 $ How much they have to pay for Federal tax? Canada salary 45,000 $ China 5,000 $ US 25,000 $ revenue 150,000 $ 40,000 $ 60,000 $
Rich Future Fund Sdn Bhd Income/(Loss):Dividend income – Malaysia 4,454,000Dividend income – overseas 650,000Interest income from deposits with licensed financial institutions 129,700Rental from business outlet in Penang 120,000Realised loss from foreign exchange (68,400) Common expenses:Trustee’s fee 250,000Manager’s remuneration 1,450,000 Audit fee 15,000Tax agent fees 6,000Share registration expenses (transaction cost) 398,000Management fee in respect of outlet in Penang 32,000Telephone,printing and stationeries 20,000 Required:Compute the chargeable income for Rich Future Fund Sdn Bhd
Mars Corporation has Revenues of $50 million, Tax Expense of $5 million, total Other Expenses of $15 million, and Net Income of $30 million. What is Mars Corporation's income tax RATE? 25.0% 10.0% 14.3% 16.7%

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22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad.