Assume that Mr. Romeo Vazquez, a resident citizen of the Philippines, derived income from sources...
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Accounting
Assume that Mr. Romeo Vazquez, a resident citizen of the Philippines, derived income from sources within and outside the Philippines. The information regrading his taxable income and income taxes paid for 2020 are as follows: INCOME TAX PAID Philippines P220,000 15,000 Japan 200,000 70,000 USA 500,000 175,000 HongKong (120,000) 0 The income tax paid in the Philippines is only a partial payment as reflected in the quarterly income tax. The taxpayer choose a tax credit for the income taxes paid to foreign countries.
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