Piggy Bank has the following data for the month of January 2018:
Piggy Bank has the following data for the month of January 2018:
Interest income, the remaining maturity of the instrument
is 5 years (net of 20% final withholding tax) 80,000
Rental (gross of 5% expanded withholding tax) 50,000
Net trading gain 10,000
1. How much is the gross receipts tax on the collections of Piggy for January 2018?
2. Assuming that on December 2017, Piggy Bank sustained a net trading loss of P20,000,
compute for the gross receipts tax of Piggy for January 2018.
3. Assuming that Piggy is a finance company rather than a bank, compute for its gross
receipts tax.
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