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Ms. Uy operates a restaurant and catering business. She reports gross sales of P1.6 million from her restaurant and P600,000 from catering in 2018. Her net taxable income after deductions is calculated to be P1.32 million. At the 8% optional tax rate, her total income tax due is P286,000. As an individual who opted for the 8% rate, she is not required to submit financial statements with her return and is not liable for business tax. [/SUMMARY]

Author

Juan Frivaldo

Language

EN