A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is 2M; Gross sales in USA is 7M; cost of sales USA is 2M; Business expenses in Phil is 2M; business expenses in USA is 1M; Royalties on Phil copyrights is 500K; interest income from bank deposits in Phil is 100K; Remittances of profit during the year-net amounting to P 170K and payment for the first three quarters to BIR of P 100K. What is the Phil income tax due and payable using OSD? What is the tax on branch profit remittances?
A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is 2M; Gross sales in USA is 7M; cost of sales USA is 2M; Business expenses in Phil is 2M; business expenses in USA is 1M; Royalties on Phil copyrights is 500K; interest income from bank deposits in Phil is 100K; Remittances of profit during the year-net amounting to P 170K and payment for the first three quarters to BIR of P 100K. What is the Phil income tax due and payable using OSD? What is the tax on branch profit remittances?
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 29P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you