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2015 Tax Calculation for Malaysian Manager

A Malaysian bank manager in the Philippines had various sources of income in 2015, including salaries, bonuses, interest income, dividends, and capital gains. His total income tax expense was 83,000 pesos. As a special Filipino employee, his tax expense would be 57,000 pesos. Beginning in 2018, interest income from bank deposits and yield from deposit substitutes will be subject to a 20% final tax, while small prizes of 10,000 pesos or less will be subject to basic tax.

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Katrina Dela Cruz
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101 views1 page

2015 Tax Calculation for Malaysian Manager

A Malaysian bank manager in the Philippines had various sources of income in 2015, including salaries, bonuses, interest income, dividends, and capital gains. His total income tax expense was 83,000 pesos. As a special Filipino employee, his tax expense would be 57,000 pesos. Beginning in 2018, interest income from bank deposits and yield from deposit substitutes will be subject to a 20% final tax, while small prizes of 10,000 pesos or less will be subject to basic tax.

Uploaded by

Katrina Dela Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

A Malaysian occupying a managerial position in an Offshore Banking Unit located in Taguig had the

following data for taxable year 2015.

Salaries received P120,000


Other emoluments 50,000
De minimis benefits 5,000
Interest income from deposit substitutes 20,000
Interest income from long-term Philippine Bank Deposit 10,000
Dividend income from a domestic corporation 150,000
Gain from sale of shares of stock of a domestic corporation
held as investment sold outside of the local stock exchange 175,000
The total income tax expense of the taxpayer is:

a. P73,000 c. P63,000

b. P70,500 d. P83,000

• Answer: D

. Assuming the taxpayer is a Special Filipino employee, his total income tax expense is:

a. P56,500 c. P57,000

b. P58,500 d. P83,000

• Answer: C

Which of the following shall not be subject to the 20% final tax beginning January 1, 2018?

a. Amount of interest from any currency bank deposit and yield or any other monetary benefit from
deposit substitutes and from trust funds and similar arrangements

b. Winnings other than Philippine Charity Sweepstakes and Lotto winnings, regardless of amount

c. Philippine Charity Sweepstakes and Lotto winnings exceeding P10,000

d. Prizes amounting to ten thousand pesos (P10,000) or less

• Answer: D

• “D” is subject to basic tax

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