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: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.
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: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 20P
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Question
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:
Gross Income - P4,000,000
Deductions - P2,500,000
Abroad:
Gross income - $40,000
Deductions - $15,000
Income tax paid - $3,000
g. If it is a resident international carrier, compute for its income tax.
h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax.
i. if it is a non- resident lessor of vessels, compute for its income tax.
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