Compute the taxable net income

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Reference no: EM132783233

A domestic corporation disclosed to us the following data for the year 2019:

Business Income in Philippines P860,000

Business Income Abroad 610,000

Business Expenses in Philippines 590,750

Business Expenses in Abroad 425,000

Additional Data:

a. 15% of the above Business Income from Philippines represents exempted income

b. 8% of the above Business Income from Philippines represents income subject to final tax

c. 12 % of the above business expenses abroad and in the Philippines are non-deductible items.

Problem 1: Compute the Taxable Net Income & Income Tax Due.

Reference no: EM132783233

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