Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:                                Philippines          Abroad          Total Gross income     P400,000         P300,000      P700,000 Deductions            200,000           150,000         350,000 Taxable income  P200,000        P150,000     P350,000                    Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels   Qalvin Corporation, a MSME, reported the following in 2023: in 2022:                                    Philippines        Abroad           Total Gross income          P500,000         P200,000      P500,000 Direct Deductions     200,000            300,000        500,000 Common Expenses                                                   150,000 Compute the income tax due if Qalvin is a resident foreign corporation

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Chapter1: Financial Statements And Business Decisions
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Qalvin Corporation, a MSME, reported the following gross income and expenses

in 2022:

                               Philippines          Abroad          Total

Gross income     P400,000         P300,000      P700,000

Deductions            200,000           150,000         350,000

Taxable income  P200,000        P150,000     P350,000                   

Compute the income tax due if Qalvin is an non-resident owner or lessor of vessels

 

Qalvin Corporation, a MSME, reported the following in 2023:

in 2022:

                                   Philippines        Abroad           Total

Gross income          P500,000         P200,000      P500,000

Direct Deductions     200,000            300,000        500,000

Common Expenses                                                   150,000

Compute the income tax due if Qalvin is a resident foreign corporation

mora to ortion no Year 2023 Onwards xmbone
Taxable income
Tax due
P250,000 and below
Above P250,000 to P400,000
Above P400,000 to P800,000
Above P800,000 to P2,000,000
Above P2,000,000 to P8,000,000
Above P8,000,000
None (0%)
15% of excess above P250,000
P22,500+20% of excess over P400,000
P102,500+ 25% of excess over P800,000
P402,500+30% of excess over P2,000,000
P2,205,500+ 35% of excess over P8,000,000
Transcribed Image Text:mora to ortion no Year 2023 Onwards xmbone Taxable income Tax due P250,000 and below Above P250,000 to P400,000 Above P400,000 to P800,000 Above P800,000 to P2,000,000 Above P2,000,000 to P8,000,000 Above P8,000,000 None (0%) 15% of excess above P250,000 P22,500+20% of excess over P400,000 P102,500+ 25% of excess over P800,000 P402,500+30% of excess over P2,000,000 P2,205,500+ 35% of excess over P8,000,000
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