A non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000 Interest income on his bank deposit under the EFCDS ($1 = P50), $500 How much is the income tax due?

A non-resident alien not engaged in trade or business derived the following income from the Philippines: Interest income on his long-term bank deposit here in the Philippines, P50,000 Interest income on his bank deposit under the EFCDS ($1 = P50), $500 How much is the income tax due?

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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Question

A non-resident alien not engaged in trade or business derived the following income from the Philippines:

Interest income on his long-term bank deposit here in the Philippines, P50,000
Interest income on his bank deposit under the EFCDS ($1 = P50), $500

How much is the income tax due?

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