ABC Company paid for the following during the year Mayors Permit Real Property Tax Value Added Tax Documentary Stamp tax Donor's tax Fringe Benefit Tax Motor Vehicle registration tax Estimated quarterly income tax Surcharge on real property tax Interest penalty on real property tax Income taxes paid in Hongkong claimed as deduction P 120,000 20,000 200,000 34,000 200,000 80,000 8,000 400,000 5,000 2,000 200,000 Compute for the total deductions for taxes and licenses. P