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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Suppose a parent company wishes to determine the expected after-tax dollar cost of Rs.600 million local debt (at 16 per cent) raised by its subsidiary company S. Assuming a tax rate of 40 per cent, anticipated average annual devaluation of 3 per cent of the Indian rupee in relation to the US dollar and tax deduction of foreign, exchange losses, compute the cost of the debt.
F3
Dividends received from a domestic corporation 50,000 Dividends received from a resident foreign corporation 40,000 Dividends received from a non-resident foreign corp 30,000 • The domestic corporation is doing 40% of its business outside the Philippines. • The resident foreign corporation has been doing 60% of its business in the Philippines. • The taxpayer is a resident citizen How much dividend income is taxable? . How much is the final tax on his dividend income? Assuming taxpayer is domestic corporation, how much dividend income is taxable?
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
BOM21 B BACD002 BOM1 10:30AM 12:00NN TUESDAY & FRIDAY EA#9 Tax on Corporation: Problem Solving FnB Question 24 of 43 Fill in the blanks The books of a corporation show the following for the taxable year 2019 Gross income Deductions Philippines P400,000 P200,000 United States of America 300,000 100,000 Singapore 200,000 150,000 Malaysia 100,000 50,000 The corporation paid tax on net income of P70,000 in the US, P19,000 in Singapore and P15,000 in Malaysia The tax still due assuming that the corporation is Domestic Corporation is NOTE: Answers are in numerical form COMMA, PESO SIGN, and other characters are NOT REQUIRED < Previous 4 Shot on OnePlus Powered by Triple Camera O (foreign income taxes are claimed as tax credit) W 1741 327c
Translate the financial statements of Veronica Company into Philippine pesos.
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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
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22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad.