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How much is the gross receipts tax due

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Question - On January 1, 2015, Landbank loaned P10,000,000.00 to a client payable within 10 years. The loan pays 8% interest payable every December 31 with the first interest payment due December 31, 2015.

On June 30, 2021, the client pre-terminated the loan by repaying the principal in full. How much is the gross receipts tax due in 2021?

Reference no: EM133132300

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