Example: An individual taxpayer provided the

following information for 2020:

Gross Business Income, Philippines P 5,000,000

Gross Business Income, Canada 2,000,000

Gross Business Income, Singapore 1,000,000

Business Expenses, Philippines 3,000,000

Business Expenses, Canada 1,000,000

Business Expenses, Singapore 500,000

Question 1: How Much is the taxable income and the amount of
income tax due if the taxpayer is a resident citizen?
Question 1: How Much is the taxable income and the amount of
income tax due if the taxpayer is a resident citizen?

Gross Business Income, Philippines P 5,000,000

Gross Business Income, Canada 2,000,000

Gross Business Income, Singapore 1,000,000

Business Expenses, Philippines (3,000,000)

Business Expenses, Canada (1,000,000)

Business Expenses, Singapore (500,000)

Taxable Income P 3,500,000

Income Tax Due [490,000 + excess of P 970,000

P2M (P1.5M x 32%) ]