Assume Banahaw Transport, not VAT-registered, has the following gross receipts for the month of February 2021 (Assume annual gross receipts in the preceding 12 months did not exceed P3,000,000): Gross Receipts from transport of passengers by land P1,000,000 Gross Receipts from transport of cargoes by land 500,000 How much is the business tax due? Assuming that Banahaw Transport is a sole proprietorship, and that the taxpayer wants to avail 8% preferential income tax, how much is the business tax due?

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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4. Common Carrier’s Tax
Assume Banahaw Transport, not VAT-registered, has the following gross receipts for the month of February 2021 (Assume annual gross receipts in the preceding 12 months did not exceed P3,000,000):
Gross Receipts from transport of passengers by land P1,000,000
Gross Receipts from transport of cargoes by land 500,000
How much is the business tax due?


Assuming that Banahaw Transport is a sole proprietorship, and that the taxpayer wants to avail 8% preferential income tax, how much is the business tax due?

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