Answer the following:

TAX RATES ON BANKS AND QUASI-BANKS SOURCE OF INCOME OR RECEIPT PERCENTAGE TAX RATE 1. Interest income, commissions and discounts from lending activities and income from financial leasing, on the basis of remaining maturities of instruments from which the receipts were derived: A. Maturity period of five years or less 5% B. Maturity period of more than five years 1% 2. Dividend and equity shares in the net income of 0% subsidiaries 3. On royalties, rentals of property, real or personal, 7% profits from exchange and all other items treated as gross income under Section 32 of the National Internal Revenue Code 4. On net trading gains within the taxable year on foreign 7% currency, debt securities, derivatives and other similar financial instruments NOTE: 1. The percentage tax on banks, quasi-banks and other non-bank financial institutions is commonly known as the GROSS RECEIPT TAX. 2. The Bangko Sentral ng Pilipinas makes a periodic publication of the list of quasi-banks. Non-bank financial intermediaries not performing quasi-banking functions are subject to a separate set of gross receipt tax rates.ASSIGNMENT Solve the problem below. Show solution and submit in pdf format. Ballada Bank had the following incomeoss for the month of March : Interest income with maturity of 5 years P50,000 Rentals 50,000 Net trading loss [10,000] For the month of April, Ballada Bank had the following income: Interest income with maturity of 5 years P100,000 Rentals 50,000 Net trading loss 10,000 How much is the gross receipt tax [GRT}on March interest income? How much Is the GET on March rentals? How much Is the total GRT for the month of March? How much Is the gross receipt tax [GRT}on April interest income? How much Is the GET on Aprll rentals? How much Is the total GFtT for the month of April? F'E-"PE-HEUE"