Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10% increase from last year's gross receipts of P2,000,000. There is also an 8% increase in total cost and expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at 8% optional gross income tax (OGIT)? Justify your answer
Suppose that you are an individual taxpayer who is self-employed. For the year, you projected a 10%
increase from last year's gross receipts of P2,000,000. There is also an 8% increase in total cost and
expenses of P900,000. In the first quarter of the year, would you signify your intention to be taxed at
8% optional gross income tax (OGIT)? Justify your answer
2. Debbie Corporation (DC) is one of the leading domestic manufacturers in the country. For the year, it
has gross sales of P800,000,000, cost of sales of P160,000,000, and other expenses of P120,000,000.
It also earns P500,000 interest income from the bonds it holds in Myanmar. Suppose that you are the
Chief Financial Officer (CFO) of DC. Now, choose one (1) action you will take to manage the tax of DC
and discuss it
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