Reference no: EM133125782
Question - A resident citizen provided the following information for 2018:
Compensation income P1,000,000
Gross business income, Philippines P2,000,000
Gross business income, Singapore P3,000,000
Business expenses, Philippines P1,400,000
Business expenses, Singapore P2,050,000
Income tax withheld by employer on compensation income P150,000
Income tax withheld by customers on business income in the Philippines P100,000
Income tax paid to the BIR for the first 3 quarter of the year P125,000
Required - Determine the income tax payable of the taxpayer.