Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?
Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?
Chapter25: Taxation Of International Transactions
Section: Chapter Questions
Problem 15CE
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Paper is a resident foreign corporation with branches nationwide, including the Philippines. Its Philippine branch had an income of P10,000,000 in 2020 and it earmarked P8,000,000 for remittance. It actually remitted P7,000,000. How much is the branch profit remittance tax due of the Philippine branch?
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