6. China Airlines Inc., a resident foreign corporation, has the following data for the taxable year 2x18: Passengers airfare from China to the Philippines Passengers airfare from the Philippines to China Airfare for cargoes from China to the Philippines Airfare for cargoes from the Philippines to China P 1,800,000 1,500,000 700,000 1,300,000 Compute the income tax payable. 6
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- Source of income Taxable income before any foreign income foreign tax credit tax paidPhilippine 480,000 -Hongkong 192,000 45,000China 96,000 30,000total 768,000 75,000How much is the income tax payable of ABC assuming that foreign income taxes are claimed as tax credit?21. A resident alien has a net business net income of P2,200,000 i n the Philippines and P1,250,000 from abroad. Compute the income tax due* a. P 654,000 b. P 454,000 c. P 554,000 O d. P 754,0007. An offshore banking unit had the following offshore banking transactions within the Philippines during the taxable quarter ending Sep. 30, 2021: Income With local commercial banks With domestic corporations With other offshore banking units With nonresidents 1,950,000 If the offshore banking unit can claim allowable deduction of P 2,830,000, how much is the offshore banking unit's income tax due? 2,280,000 912,000 1,200,000 3,400,000 4,700,000 O2,736,000 2,650,000
- Dynasty Corp, just completed its third year of operations. It has the following financial information: Ws Philippines China Gross Income P1,250,000 P800,000 Deductions 950,000 500,000 a. Assuming that the taxpayer is a domestic corporation, what is the taxable income for the taxable year 2021? b. Using the data on (a), what is the tax due? C. Assuming that the taxpayer is a resident foreign corporation, what is the taxable income for the taxable year 2013? d. Using the data on (c), what is the tax due? e. Assuming that the taxpayer is a non-resident foreign corporation, what is the taxable income for the taxable year 2021? Using the data on (e), what is the tax due? f.ABC corporation provided the following data for calendar year ending December 31, 2021 ($1 = P50). Use new tax rate under CREATE Law (RA 11534) Philippines: Gross Income - P4,000,000 Deductions - P2,500,000 Abroad: Gross income - $40,000 Deductions - $15,000 Income tax paid - $3,000 g. If it is a resident international carrier, compute for its income tax. h. If it is a non-resident cinematographic film owner/lessor, compute for its income tax. i. if it is a non- resident lessor of vessels, compute for its income tax.A resident foreign corporation has the following income and expenses for the year: Philippines Abroad Gross sales P100,000,000 P40,000,000 Cost of sales 40,000,000 20,000,000 Operating expenses 30,000,000 12,000,000 1. How much is the income tax due assuming the taxable year is 2021?2. Assuming the corporation is a nonresident foreign corporation and the taxable year is 2021, how much is the income tax due?
- Source of income Taxable income before any foreign income foreign tax credit tax paidPhilippine 480,000 -Hongkong 192,000 45,000China 96,000 30,000total 768,000 75,000Compute for the income tax due if ABC opted to claim the foreign tax credit as a deduction.Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines Abroad Total Gross income P400,000 P300,000 P700,000 Deductions 200,000 150,000 350,000 Taxable income P200,000 P150,000 P350,000 Compute the income tax due if Qalvin is an International Carrier.Here Please note that VAT Percentage in Philippines was 12% in this regard in the calculation of the VAT Payable in this regard as well. Expenses which are related to VAT registration is eligible for the deduction in the total VAT Payable calculation as well. In a taxable period, Mr. C had gross sales, VAT-exclusive, of P425,000. Sales returns and allowances for the same period, and sales discounts availed of by customers amounted to P20,000 and P5,000, respectively. How much is the gross selling price?
- Compute the income tax due for 2021 if Phils is a resident foreign corporation: * Phils. Corporation reported the following gross income and expenses Philippines Overseas Gross income 38,000,000 14,000,000 52,000,000 deductions 15,000,000 3,000,000 18,000,000 taxable income 23,000,000 11,000,000 34,000,000 P5,750,000 P2,750,000 P8,500,000 P6,800,000D. Tax credit for income tax paid or incurred to a foreign country 1. Assume that a resident citizen has the following taxable income from sources in the Philippines and in Dallas, Texas, USA, for year 2022: Taxable income, Philippines Taxable income, Dallas, Texas, USA Income tax paid in Dallas, Texas, USA P 5,495,000 2,355,000 824,250 Required: Compute income tax still due or payable after tax credit.2. Individual earning income purely from business/profession Assume that for year 2023, a resident citizen has the following income from sources in the Philippines and abroad: In the Philippines - Sales Less: Cost of sales Gross income Less: Operating expenses Net income from operation Add: Other non-operating income Taxable income - Philippines Abroad - country X Taxable income Income tax paid P21,000,000.00 12,600,000.00 8,400,000.00 5,250,000.00 3,150,000.00 1,050,000.00 4,200,000.00 2,688,000.00 940,800.00 Required: Compute income tax still due or payable after tax credit for year 2023.