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How much gross receipts tax should be paid

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Question - Mr. D executed on January 1, 2019 a long term loan from Bank C in the amount of P6,000,000 payable within 10 years, with an annual interest of 2%. However, on December 31, 2022, the loan was preterminated. Assuming Bank C declared correctly the interest from 2019 to 3rd quarter of 2022 and the applicable gross receipts taxes were paid, how much gross receipts tax should be paid for the 4th quarter of 2022?

A. P19,200

B. P24,500

C. P19,700

D. P19,500

Reference no: EM132920347

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