Practice question
A person conducts two Section 143 businesses subject to different rates. What does Section 146(c) require for computation?
- Use only the lower rate for everything
- Report no receipts from either business
- Merge them and choose any rate
- Tax only whichever produces less revenue
- Separately report each business’s gross sales or receipts
Legal references
- RA7160, Sections132,143,146 and150: https://lawphil.net/statutes/repacts/ra1991/ra_7160_1991.html
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