Practice question
Under Section 34(L), what is the maximum OSD percentage for an eligible individual?
- Ten percent of taxable income
- Forty percent of gross sales or gross receipts, as applicable
- Forty percent of the income tax due
- One hundred percent of all receipts
- Twenty percent of net profit
Legal references
- NIRC Section34(L), as amended by RA10963: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/80559
- RA9504, Section3: https://lawphil.net/statutes/repacts/ra2008/ra_9504_2008.html
- RR16-2008, Sections3–4 (individual and corporate OSD bases): https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/10/43850
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