The business is not vat-registered. Determine the income tax due assuming Kagura opted to be taxed using 8% preferential income tax.
The business is not vat-registered. Determine the income tax due assuming Kagura opted to be taxed using 8% preferential income tax.
Chapter25: Taxation Of International Transact Ions
Section: Chapter Questions
Problem 29P
Related questions
Question
100%
Please Solve In 20mins
Transcribed Image Text:show solution thank you asap
Kagura is a resident citizen, earning purely business income for the taxable year:
Gross sales
P2,800,000
Cost of sales
1,200,000
Operating expenses 650,000
The business is not vat-registered.
Determine the income tax due assuming Kagura opted to be taxed using 8% preferential income tax.
Determine the business tax due under Section 116 (Train law-3% percentage tax; 12% VAT)?
Determine the income tax due.
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 2 steps
Recommended textbooks for you
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning