A. Identify whether the following are subject to final tax or not.

Taxpayer is Domestic Corporation unless

otherwise stated.
FT Rate Note:

Interest from peso bank deposit, Equitable- PCIB

Interest from Japanese yen bank deposit, Sumitomo Bank, Japan

Interest from USA dollar bank deposit, 1st USA Bank, New York

Interest income from debt instrument not within the coverage of a

deposit substitute, Philippines

Interest income from debt instrument within the coverage of a

deposit substitute, Philippines

Interest on government debt instrument and securities (regardless of

number of lenders at the time of the origination)

Interest from overdue accounts receivable, Philippines

Royalties, in general, Manila

Prize amounting to P30,000, Philippines

Prize, amounting to P10,000, Philippines

Prize, amounting to P40,000, USA

Winnings amounting to P30,000, Philippines

Winnings amounting to P10,000, Philippines

Interest received from depositary bank under expanded foreign

currency deposit system

Interest income from long-term deposit or investment evidenced by

certificates issued by BSP

Interest income from long-term deposit or investment evidenced by

certificates issued by BSP received by NRFC

Gain from sale of shares of stocks not through the stock exchange

Gain from sale of real property classified as capital asset

Gain from sale of real property classified as ordinary asset

Income derived by a depository bank from EFCDS, OBUs in the

Phil, local commercial bank including branches of foreign banks

Interest income from foreign currency loan granted by depository

banks under EFCDS to residents other than OBUs in the Phil and
other depository banks

Income of NRFC from transactions with depository banks under

expanded system

Dividend from Domestic Corporation

Dividend from Foreign Corporation

Dividend received from domestic corporation by a NRFC no
sparing tax credit

Dividend received from domestic corporation by a NRFC with

sparing tax credit

B. A domestic corporation has the following data for the fiscal year starting June 1, 2008 and ending May 31,
2009:
Gross Income, Philippines P5,000,000
Gross Income, USA 10,000,000
Deductions, Philippines 2,000,000
Deductions, USA 4,000,000
Payments, first 3 quarters 1,000,000

How much is the tax payable for the fiscal year ending May 31, 2009?

C. YAMERO Corporation was created in accordance with Philippine laws. During the calendar year 2016, it
has the following data on income and expenses:
Gross Income, Phil (Gross sales P15,000,000) P10,000,000
Business Expenses, Phil 2,000,000
Gross Income, USA (Gross sales P8,000,000) 5,000,000
Business Expenses, USA 1,500,000
Interest Income, BDO-Manila, Phil 300,000
Interest Income from long term deposit, Phil 80,000
Dividend from domestic corporation 150,000
Interest Income from depository bank under EFCDS 120,000
Interest Income, JP Morgan-Chase bank, USA 100,000
Prizes, Manila 200,000
Interest Income from loans, Phil 300,000
Rent Income from equipment, Phil, gross applicable withholding tax 1,000,000
Payments, first three quarters 500,000
Compute:
A. How much is the Philippine Income tax payable?
B. How much is the total final withholding tax?

C. How much is the Philippine income tax payable using OSD?

D. Assuming the above corporation is a foreign corporation engaged in trade or business in the Philippines, how
much is the Philippine income tax payable?