Practice question
A resident citizen receives a covered Philippine-source ordinary prize of P12,000 in 2026. No special exemption applies. What final tax follows Section 24(B)(1)?
- P120
- Zero for all prizes
- P1,200
- P12,000
- P2,400
Legal references
- RA 12214 (CMEPA), Sections 3-4, 8 and 28, amended NIRC Sections 22, 24 and 32 and transition: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
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