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What is the income tax due for Dark Desire Corporation if it is classified as a domestic corporation?
If Dark Desire Corporation is a resident foreign corporation, what is the income tax due?
What will be the tax liability if Dark Desire Corporation is classified as a non-resident foreign corporation?
What is the expected tax amount for a private proprietary educational institution or a non-profit hospital if most of its income is from related activities?
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What is the income tax due for Dark Desire Corporation if it is classified as a non-profit entity?
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If Dark Desire Corporation is a government-owned and controlled corporation, what tax amount is due?
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What would be the tax liability for Dark Desire Corporation if it were classified as an international carrier?
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What tax amount is due if Dark Desire Corporation is classified as a non-resident owner or lessor of aircraft?
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What is the total income tax for a private school according to the provided data?
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If a non-profit school uses all its income for educational purposes, what is the income tax due?
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What is the income tax computed for a private school with P5,000,000 gross income and P2,000,000 net income, where 60% of net income is non-academic?
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What is the tax due and payable for LingkodBayan Corporation in 2024 based on the data given?
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According to the information provided, what is the tax due and payable by LingkodBayan Corporation in 2026?
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What is the total net income from the regular banking unit (RBU) of the large domestic bank?
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How much income did the large non-profit, non-stock school generate from related activities?
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Calculate the total tax due for the domestic shipping carrier based on the provided gross receipts and deductions.
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What is the percentage of income derived from unrelated activities for the non-profit association?
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What is the total net income reported by the shipping company from incoming shipments?
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What is the total amount of expenses incurred in connection with non-related activities by the non-profit, non-stock school?
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Compute the total final tax based on the net income as given for the large domestic bank.
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What is the gross income from non-residents for the large domestic bank?
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What is the branch profit remittance tax for the resident foreign corporation branch?
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What is the income tax payable in the second quarter for Calatrava Corporation?
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Based on the information given, what is the approximate total income tax liability for the year 2026 for Calatrava Corporation?
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What is the income tax payable in the fourth quarter for Calatrava Corporation?
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What can be inferred about the excess MCITs for the years 2024 and 2025 for Calatrava Corporation?
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What is the Minimum Corporate Income Tax (MCIT) for the taxpayer?
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Assuming the taxpayer is a domestic corporation, what is the tax due?
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What tax amount is due if the corporation is a resident foreign corporation?
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What is the income tax due for the MSME corporation in 2027?
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What is the tax due for the MSME corporation in 2028?
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What is the total gross income for the corporate taxpayer from both the Philippines and abroad?
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What is the net income from operations for the corporate taxpayer?
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Which year did the MSME corporation first show a net income?
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Study Notes
Corporate Income Tax Due
- Domestic Corporation: The income tax due is 25% of the taxable income, which is P350,000. Therefore, the tax due is P87,500.
- Resident Foreign Corporation: The income tax due is 25% of the taxable income, which is P350,000. Therefore, the tax due is P87,500.
- Non-Resident Foreign Corporation: The income tax due is 25% of the taxable income earned in the Philippines, which is P200,000. Therefore, the tax due is P50,000.
- Private Proprietary Educational Institution or a Non-Profit Hospital Majority of its Income is from Related Activities: The income tax due is 10% of the taxable income, which is P350,000. Therefore, the tax due is P35,000.
- Non-Profit Entity: The income tax due is 10% of the taxable income, which is P350,000. Therefore, the tax due is P35,000.
- Government-Owned and Controlled Corporation: A government-owned and controlled corporation is exempt from income tax.
- International Carrier: The income tax due is 2.5% of the gross income derived from sources within the Philippines, which is P400,000. Therefore, the tax due is P10,000.
- Offshore Banking Unit: The income tax due is 10% of the taxable income, which is P350,000. Therefore, the tax due is P35,000.
- Non-Resident Cinematographic Film Owner, Distributor or Lessor: The income tax due is 25% of the gross income, which is P700,000. Therefore, the tax due is P175,000.
- Non-Resident Owner or Lessor of Vessels: The income tax due is 7.5% of the gross income, which is P5,000,000. Therefore, the tax due is P375,000.
- Non-Resident Owner or Lessor of Aircraft, Machineries, and Other Equipment: The income tax due is 25% of the gross income from sources within the Philippines, which is P2,000,000. Therefore, the tax due is P500,000.
- Non-Profit Association, 60% of its Income Was Derived from Unrelated Activities: The income tax due is 25% of the taxable income from unrelated activities, which is 60% of P350,000 or P210,000. Therefore, the tax due is P52,500.
Large Domestic Bank
- Total Final Tax: The total final tax is 25% of the net income from the FCDU, which is P2,800,000. Therefore, the total final tax is P700,000.
- Regular Income Tax: The regular income tax is computed as 25% of the net income from the RBU, which is P1,200,000. Therefore, the regular income tax is P300,000.
Large Shipping Company
- Domestic Shipping Carrier: The income tax due is 1% of the gross receipts, which is P5,000,000. Therefore, the tax due is P50,000.
- Resident International Shipping Carrier: The income tax due is 1% of the gross receipts, which is P5,000,000. Therefore, the tax due is P50,000.
Large Non-Profit, Non-Stock School
- Income Tax Due if Income from Non-Related Activities is Not Used Exclusively for Educational Purposes: The income tax due is 25% of the taxable income from non-related activities, which is 60% of the gross income (P4,000,000) or P2,400,000. Therefore, the tax due is P600,000.
- Income Tax Due if the Taxpayer is a Private School: The income tax due is 10% of the net income, which is P1,000,000. Therefore, the tax due is P100,000.
- Income Tax Due if All Income of the Non-Profit School is Used for Educational Purposes: Since all income is used for educational purposes, the school is exempt from income tax.
- Total Income Tax due for Private School with P80 Million Assets. The income tax due is 10% of the net income from sources not related to academic instruction, which is 60% of P2,000,000 or P1,200,000. Therefore, the tax due is P120,000.
LingkodBayan Corporation
- Tax Due and Payable in 2024 and 2025: The tax due and payable is the higher of MCIT and RCIT. Therefore, the tax due and payable in 2024 is P120,000 and in 2025 is P220,000.
- Tax Due and Payable in 2026 and 2027: The tax due and payable is the higher of MCIT and RCIT. Therefore, the tax due and payable in 2026 is P190,000 and in 2027 is P180,000.
Large Corporate Taxpayer
- MCIT: The MCIT is computed as 2% of the gross income, which is P5,000,000. Therefore, the MCIT is P100,000.
- Tax Due if the Taxpayer is a Domestic Corporation: The tax due is the higher of MCIT and RCIT. In this case, RCIT is P22,500 (25% of net income). Therefore, the tax due is P100,000.
- Tax Due if the Corporation is a Resident Foreign Corporation: The tax due is the higher of the MCIT and RCIT. In this case, RCIT is P37,500 (25% of Philippines net income). Therefore, the tax due is P37,500.
### MSME Corporation
- Income Tax Due in 2027: Since the net income in 2027 is negative, there is no income tax due.
- Income Tax Due in 2028: The income tax due is 25% of the net income, which is P600,000. Therefore, the tax due is P150,000.
Resident Foreign Corporation Branch
- Branch Profit Remittance Tax: The branch profit remittance tax is 15% of the net income. Therefore, the branch profit remittance tax is P22,500.
Calatrava Corporation
- Income Tax Payable in the Second Quarter: The income tax payable in the second quarter is the higher of MCIT and RCIT, plus the CWTs. Therefore, the income tax payable is P490,000 (RCIT) + P120,000 (CWTs) = P610,000.
- Income Tax Payable in the Fourth Quarter: The income tax payable in the fourth quarter is the higher of MCIT and RCIT, plus the CWTs. Therefore, the income tax payable is P700,000 (MCIT) + P160,000 (CWTs) = P860,000.
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Description
Test your knowledge on corporate income tax due for different types of corporations. This quiz covers scenarios for domestic, resident foreign, non-resident foreign corporations, and non-profit entities. Understand the tax rates and calculations involved for each case.
