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Compute the gross receipts tax for march

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Reference no: EM132800754

Question - Prosperous Bank has the following data for the 1st half 2018: Interest and commission income from lending activities with maturity of 3 years

1st Quarter 4,000,000

2nd Quarter 2,800,000

Interest and commission income from lending activities with maturity of 5 years

1st Quarter 3,500,000

2nd Quarter 3,300,000

Interest and commission income from lending activities with maturity of 7 years

1st Quarter 6,000,000

2nd Quarter 7,200,00

Other income from rentals of facilities and other assets

1st Quarter 775,000

2nd Quarter 825,000

Income from financial leasing (remaining maturity is more than 5 years)

1st Quarter 1,200,000

2nd Quarter 950,000

Dividends and equity shares in net income of subsidiaries

1st Quarter 500,000

2nd Quarter 400,000

Net trading gain (loss)

1st Quarter (150,000)

2nd Quarter 325,000

Required -

1. Compute the Gross Receipts Tax for March 31, 2018?

2. Compute the Gross Receipts Tax for June 30, 2018?

Reference no: EM132800754

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