At the end of 2012, its first year of operations, Glow Company prepared a reconciliation between accounting income and taxable income as reflected in the table below. The estimated litigation expense of P6,000,000 will be deductible in 2013 when it is expected to be actually paid. Use of the depreciable assets will result in taxable amounts of P3,000,000 in each of the next three years. The income tax rate is 30% for all years. Assuming no payment has been paid for income taxes, what is the income tax payable at the end of 2012?  a. P0

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.