compute for the tax due and payable for Kathlyn Co.

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 20P
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compute for the tax due and payable for Kathlyn Co.
Kathlyn Co., a branch of a foreign corporation doing business in the Philippines, presented the following data in 2019:
In PHP
Gross Income-Philippines
25,000,000.00
Operating Exp-Philippines
12,000,000.00
Income Tax
3,900,000.00
Dividends received from a domestic corp
3,000,000.00
Interest income, net of final tax
400,000.00
In the following year, the company earmarked for remittance to the head office the following:
In PHP
Net income after tax of previous year
7,000,000.00
Dividends from a domestic corp
3,000,000.00
Interest income
400,000.00
What is the tax rate to be used to compute for the tax due?
Transcribed Image Text:Kathlyn Co., a branch of a foreign corporation doing business in the Philippines, presented the following data in 2019: In PHP Gross Income-Philippines 25,000,000.00 Operating Exp-Philippines 12,000,000.00 Income Tax 3,900,000.00 Dividends received from a domestic corp 3,000,000.00 Interest income, net of final tax 400,000.00 In the following year, the company earmarked for remittance to the head office the following: In PHP Net income after tax of previous year 7,000,000.00 Dividends from a domestic corp 3,000,000.00 Interest income 400,000.00 What is the tax rate to be used to compute for the tax due?
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