What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
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ENKANTADYA Corporation furnished you its financial data for 2018 as follows:
Gross income, Philippines - P 800,500
Expenses, Philippines - 450,000
Gross income Singapore - 700,000
Expenses, Singapore - 400,000
Personal expenses - 150,000
Interest from time deposits, BPI, Philippines - 20,000
Interest on
What is the amount of income tax due and payable assuming the company is a Non-Resident Foreign Corporation (NRFC)?
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- Compensation income, Philippines 200,000.00 Rental income, Philippines 100,000.00 Net sales, Philippines 1,000,000.00 Cost of goods sold, Philippines 300,000.00 Interest from bank deposits, Philippines 200,000.00 Interest from bank deposits, Abroad 100,000.00 How much is the taxable net income using itemized deduction? O 1,300,000.00 1,000,000.00 800,000.00 O 1,100,000.001. Tsukuba Company, a VAT-registered business, had the following data during the quarter: Zero-rated export sales Domestic sales (tax included) P 1,815,000 1,232,000 Purchases of goods for export, gross of tax Purchases of goods for domestic sales, tax inclusive Purchases of supplies on domestic sales, net of tax 672,000 323,120 124,850 Assuming that the input taxes paid on purchases of goods for export are claimed as tax credit, the VAT payable by Tsukuba Company is __. A. 10,398 B. 12,895 C. 84,895 D. 177,895ZAX, resident foreign corporation, reports the following: Philippines P15,000,000 P25,000,000 1,500,000 Abroad Gross income from business Dividends from ABC domestic corporation Dividends form DEF foreign corporation Interest on long-term deposits Rentals on properties Total 3.000,000 25,000 2,000,000 | P17,450,000| P30.025.000 | 50,000 900,000 Compute the gross income of ZAX subject to regular income tax in the Philippines. a. P15,000,000 b. P15,900,000 c. P17,450,000 d. P47,475,000
- Voltac Corporation (a U.S.-based company) has the following import/export transactions denominated in Mexican pesos in 2020: Bought inventory costing 116,000 pesos on credit. March 1 May 1 August 1 September 1 Sold 60 percent of the inventory for 96,000 pesos on credit. Collected 78,000 pesos from customers. Paid 68,000 pesos to suppliers. Currency exchange rates for 1 peso for 2020 are as follows: Date March 1 May 1 August 1 September 1 December 31 Assume that all receipts were converted into dollars as soon as they were received. For each of the following accounts, what amount will Voltac report on its 2020 financial statements? a b C d Inventory Cost of goods sold Sales Accounts receivable U.S. Dollar per Peso $ 0.25 0.26 0.27 0.28 0.29 e Accounts payable f CashTax Dilemma (MALAYSIA) The income of any person, including a company, accruing in or derived from Malaysia or received in Malaysia from outside Malaysia is subject to income tax or in other words all individuals are liable to tax on income accrued in, derived from or remitted to Malaysia. April 30th is the deadline for the submission of income tax returns for the individual taxpayer without a business income in Malaysia, while June 30th is for those with business income in Malaysia. While reading the newspaper on tax issue reminded Lokman Hakim that he has not filled in his income tax form as yet. Tax computation has been a burden on Lokman’s shoulder and Siti Sarah has been talking and reminding Lokman to fill in his BE form before the deadline expires at the end of April. Lokman Hakim, age 32 years is currently working as a government officer in Sabah and brings home an income of RM4500 monthly. He is married to Siti Sarah, age 28 years, who is currently working as a lecturer in one…10. ABC Company is an operator of service equipments for overseas communications / calls. During the 3rd quarter of the year 2018, SAN JOSE, an international news services agency, made calls originating from Philippines to CANADA and paid to ABC the total gross payment for sale of services amounting to P 110,000, inclusive of all charges and taxes, if any. How much will be paid by ABC as percentage tax due for the 3rd quarter?
- F5 Corporation, a domestic corporation had the following data during the calendar year 2020 Gross Income, Philippines P10,000,000 4,000,000 Allowable itemized deductions/expenses Dividend income FROM: a) Domestic corporation 1,000,000 b) Foreign corporation, 80% of its gross income were derived from the Philippines 1,000,000 c) Foreign corporation, 60% of its gross income were derived from the Philippines 800,000 d) Foreign corporation, 25% of its gross income were derived from the Philippines 400,000 49. The taxable income is a. P9,200,000 c. P8,200,000 b. P7,500,000 d. P7,430,000Oracle Corp, a U.S. corporation, earns $25 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does Oracle report on its U.S. tax return? a. $25 million. b. $35 million. c. $25 million less any tax paid on the foreign income. d. $35 million less any tax paid on U.S. income.22. A domestic corporation has a net income of P1,200,000 in the Philippines and P800,000 from abroad. Compute the income tax due a. P 650,000 О Б.Р 500,000 O c. P 550,000 O d. P 600,000 23. Assuming the corporation in question number 22 is foreign corporation. What will be the income tax due * a. P 600,000 О Б. Р650,000 с. Р360,000 O d. P300,000
- Royal Company (a U.S. based company) has foreign branch in Great Britain. The foreign branch generates £5,000,000 pretax income. October 15, branch sends £1,000,000 to Royal. Income tax rate in Great Britain is 15%. Taxes are paid to Great Britain’s government on December 31. Assume a tax rate of 21% in the U.S. Here are relevant exchange rates: US$ to £ 1/1 $1.2 10/15 $1.3 12/31 $1.4 Average $1.35 Determine the amount (in U.S. dollars) of U.S. taxable income, U.S. foreign tax credit, and U.S. tax liability related to the foreign branch.The government of Lesotho charges 10% on income up to M75 000 plus 16% any amount over M70 000 up M300 000 and 26% of any amount over M300 000. Express the above as a tax function. Find the income tax for an income of M125 000. Compute the income tax of an income of M350 000.On April 1, 2020, Shannon Company, a U.S. company, borrowed 100,000 euros from a foreign bank by signing an interest-bearing note due April 1, 2021. The dollar value of the loan was as follows: Date April 1, 2020 December 31, Amount $ 97,000 103,000 105,000 How much foreign exchange gain or loss should be included in Shannon's 2021 income statement? 2020 April 1, 2021 How much foreign exchange gain or loss should be included in Shannon's 2021 income statement? Multiple Choice $2,000 loss. $1,000 loss. O $1,000 gain, $8.000 loss. $2,000 gain.