Reference no: EM132946883
Questions -
Q1) Ms. Joe was a Bolivian, yet she resides in Peru. In 2020, she was employed as a manager by an offshore banking unit located in the Philippines for three months. She earned the following income during her stay in the Philippines.
Salary received from offshore banking unit, P10,000,000
Fringe Benefits received from offshore banking unit, P3,250,000
Interest income from BPI on his peso deposit, P500,000
Capital gains from the sale of unlisted shares in a domestic corporation, P1,000,000
How much is the total income tax (basic income tax, gross income tax, final tax, capital gains tax, if applicable) arising from the above earnings?
Q2) A non-resident citizen arrives in the Philippines on July 31, 2020 to reside here permanently after many years of living abroad. He had the following data in 2020:
Gross income, foreign sources, January 1 to July 31, P400,000
Gross income, Philippine sources, August 1 to December 31, P500,000
Gross income, foreign sources, August 1 to December 31, P300,000
How much of his gross income is subject to Philippine Income Tax?
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