Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. registered under the executive's name despite the agreemnt that it should be used partly for the com benefit. How much is the fringe benefits tax?

Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. registered under the executive's name despite the agreemnt that it should be used partly for the com benefit. How much is the fringe benefits tax?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 16DQ

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3. Omega Corporation purchased a motor vehicle worth P1,400,000 for the use of its executive. It was
registered under the executive's name despite the agreemnt that it should be used partly for the company's
benefit. How much is the fringe benefits tax?

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