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
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Transcribed Image Text: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?
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