African International Carrier reported the following gross receipts from tickets sold: Outside for trip-Manila to USA P1,000,000; Outside for trip-USA to Manila 1,200,000; In the Philippines for trip - USA to Manila 1,500,000; In the Philippines for trip - Manila to USA 1,100,000. The Philippine business tax to be paid is

African International Carrier reported the following gross receipts from tickets sold: Outside for trip-Manila to USA P1,000,000; Outside for trip-USA to Manila 1,200,000; In the Philippines for trip - USA to Manila 1,500,000; In the Philippines for trip - Manila to USA 1,100,000. The Philippine business tax to be paid is

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter9: Taxation Of International Transactions

Section: Chapter Questions

Problem 27P

See similar textbooks

Similar questions

ABC Corporation, an international organization made the following calls: Calls from Manila to Cagayan de Oro P 112,000 Calls from Hongkong to Manila P 50,000 Calls from Manila to Singapore P 132,000 Text messages from Manila to US P 22,000 Text messages from Manila to Pasay P11,200 How much is the communication tax? Nil P 15,000 P 12,000 P 14,000
Taxpayer is a VAT registered with the following data for August 1, 2021 vat not included: Sales, exports.... Sales, Philippines.. Sales, to the Government of the Philippines. Purchases from VAT suppliers: Of goods exported... Of goods sold in the Philippines. Of goods sold to the Government of the Philippines. How much is the VAT payable to the BIR? P 1,000,000 1,500,000 500,000 400,000 600,000 200,000
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?
ENKANTADYA Corporation furnished you its financial data for 2018 as follows: Gross income, Philippines - P 800,500Expenses, Philippines - 450,000Gross income Singapore - 700,000Expenses, Singapore - 400,000Personal expenses - 150,000Interest from time deposits, BPI, Philippines - 20,000 Interest on money market placement, net of tax - 22,000What is the amount of income tax due and payable assuming the company is a domestic corporation (DC) ?
"Easy lang ito" Corporation provided the following data for the calendar year ending December 31, 2012. ($1=P50) (See image) If it is a resident foreign corporation, its income tax is * Philippines P4,000,000 P2,500,000 Abroad $40,000 $15,000 $3,000 Gross Income Deductions Income tax paid a. P730,000 b. P450,000 c. P480,000 d. P525,000
The Tax Code provides that an international carrier doing business in the Philippines shall pay a tax of two and 1⁄2 percent on its Gross Philippine Billings. What is meant by Gross Philippine Billings?
Japan Air Lines (a resident international carrier) has the following data for the current year: . Gross receipts – Philippines P10,000,000Gross receipts – Japan 15,000,000Expenses – Philippines 4,000,000Expenses – Japan 8,000,000 Additional information: • 60% of its gross receipts from Philippine sources were derived from transport of passengers while 50% of its gross receipts from Japan were derived from its cargo operations.• 50% of it~ expenses (Philippines and Japan) are related to passenger operations. What is the applicable business tax of Japan Air Lines Group of answer choices 12% value added tax 3% percentage tax on gross receipts derived from sources within the Philippines. All of the above 3% common carrier's tax on gross receipts derived from the transport of cargo from Philippines to another country.
service, to its head office in Paris, France. has used communication 2. Agence facilities to send its news During the current month, it paid a total of P500,000 for its overseas communications originating from the Philippines. How much is communication/percentage tax due? France Press, a news а. Рб0,000 b. P50,000 c. P20,000 d. None
China Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines P 1,800,000 Passengers airfare from the Philippines to China 1,500,000 Airfare for cargoes from China to the Philippines 700,000 Airfare for cargoes from the Philippines to China 1,300,000 Compute the income tax payable.
20. A taxpayer is employed by a shipping company touching Philippine and foreign ports. In 2018, he received a gross payment for his services rendered of P3,000,000. In that year, the vessels on board of which he rendered services had a total stay in Philippine ports of four months. His gross income from the Philippines was P1,000,000 P1,500,000 P0 P3,000,000
How much is the income from sources within?Gross Income from the practice of profession as CPA in the Philippines, P220,000;Rent on a building located in Makati, net of 5% withholding tax, P95,000;Rent on a commercial building located in USA, P70,000;Interest income, debtor resides in Hongkong, P10,000;Dividends from Ford Motors, a foreign company, declared in 2020 (its total worldwide income for three years is P2,000,000; income within, P1,200,000), P50,000;Royalties received from Ford Motors for use of patents in the USA, P30,000;Dividend from Walmart Corp., USA, declared in 2020 (its total worldwide income for three years is P1,800,000; its income from the Philippines is P800,000), P80,000;Gain on sale of land. The contract of sale was entered in the Philippines. The land was located in Japan, P300,000;Gain on sale of car in the Philippines. The taxpayer purchased the car directly from Toyota, which manufactured the car in Japan, P50,000;
Mr. Pineda imported goods from the USA as follows: Invoice cost of the importation ($1 = P51).. Freight.. Insurance. Wharfage . Brokerage fee to Customs Broker.. Trucking expense from the Bureau of Customs to the warehouse of importer (The carrier is a vat-registered entity).. The imported article was imposed P50,000 customs duty and P35,000 excise tax. (a) How much is the VAT on importation? $ 5,000 P 10,000 37,500 1,800 2,250 7,500 (b) Assuming that the imported article was sold for P728,000 vat-inclusive, the VAT payable is