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  • 3.1 Exercise - Non Individual FWT

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    Giselle Martinez
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    Latrice Royale had P3,000,000 in their bank account earning 3% interest per year. The interest earned was P90,000. The bank withheld 20% final tax of P18,000 from the interest. So the net passive income Latrice will receive is P72,000.

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    Latrice Royale had P3,000,000 in their bank account earning 3% interest per year. The interest earned was P90,000. The bank withheld 20% final tax of P18,000 from the interest. So the net passive income Latrice will receive is P72,000.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    537 views2 pages

    3.1 Exercise - Non Individual FWT

    Uploaded by

    Giselle Martinez
    Latrice Royale had P3,000,000 in their bank account earning 3% interest per year. The interest earned was P90,000. The bank withheld 20% final tax of P18,000 from the interest. So the net passive income Latrice will receive is P72,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Latrice Royale, Inc., a domestic corporation, has P3,000,000 in their current account at BPI at year-end of 2020.

    BPI provides for 3% interest per annum for depositors. For Latrice’s case, passive income earned at BPI is
    P90,000. How much are the final tax withheld by BPI and the net passive income that Latrice will receive?

    How much are the final tax withheld by BPI?

    Balance in account 3,000,000.00


    Interest Rate 3%
    Interest income 90,000.00
    FWT Rate 20%
    FWT 18,000.00

    How much is the net passive income that Latrice will receive?

    Balance in account 3,000,000.00


    Interest Rate 3%
    Interest income 90,000.00
    FWT 18,000.00
    Net Passive Income 72,000.00
    nt at BPI at year-end of 2020.
    ve income earned at BPI is
    e that Latrice will receive?

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