A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.e A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%.
A mixed income earner may choose to be taxed at 8% on both their employment income and income from business and/or practice of profession. The option to be taxed at 8% is irrevocable for the entire taxable year except when the taxpayer has exceeded the VAT threshold of P3,000,000 during the taxable year.e A VAT self-employed taxpayer whose sales did not exceed P3 million is required to compute his/her income tax using graduated rates of 0% to 35%.
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 5DQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT