If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax. B. If it is private educational institution, Compute for its income tax due after tax credit. C. If it is a non-profit hospital, Compute for its income tax credit.
- ABC corporation provided the following data for calendar year ending December 31,
2021 ($ 1= P50). Use new tax rate under CREATE Law (RA 11534)
Philippines Abroad
Gross income P4, 000, 000 $ 40, 000
Deductions 2, 500, 000 $ 15, 000
Income Tax Paid $ 3, 000
REQUIRED: Compute for the below:
A. If it opts to claim the tax paid abroad as deduction from gross income, Compute for its income tax.
B. If it is private educational institution, Compute for its income tax due after tax credit.
C. If it is a non-profit hospital, Compute for its income tax credit.
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