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A Domestic company has the following income and expense during the year: Philippines Gross Income P1,500,000 Expenses P900,000 Income tax paid Canada P40,000 Compute tax

A Domestic company has the following income and expense during the year: Philippines Gross Income P1,500,000 Expenses P900,000 Income tax paid Canada P40,000 Compute tax due claiming foreign income tax as deduction. Canada P500,000 P400,000

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