REYNANCIA, MARIA BEATRICE N.

AUGUST 1, 2022
TAX 1 EXCERCISE

1. Domestic Corporation
Gross Income
Philippines P 30,000,000
USA 24,000,000
Taiwan 15,000,000
Total P 69,000,000
Less: Allowable Deductions
Philippines 18,000,000
USA 15,000,000
Taiwan 10,000,000 43,000,000
Taxable Net Income P 26,000,000
Tax Due and payable (26,000,000x 25%) P 6,500,000

2. Non-Resident Foreign Corporation

Tax Due and Payable Philippines (P30,000,000x 25%) P 7,500,000

3. Resident Foreign Corporation

Gross Income Philippines P 30,000,000
Allowable Deductions Philippines 18,000,000
Taxable Net Income P 12,000,000
Tax Due and Payable (12,000,000 x 25%) P 3,000,000

4. Gross Income P 4,800,000

Allowable Deductions 2,800,000
Taxable Net Income P 2,000,000
Tax Due and Payable (2,000,000 x 25%) P 500,000