Practice question
A purely self-employed professional validly elects the 8% option, meets all eligibility requirements and has P1,000,000 of qualifying gross professional receipts and no other income. What is the income tax under that option?
- P60,000
- P80,000
- P150,000
- P0
- P250,000
Legal references
- NIRC Section 24(A), as amended by RA 10963, Section 5: https://lawphil.net/statutes/repacts/ra2017/ra_10963_2017.html
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