Rodrigo, a non-resident citizen, deposited his $2,000,000 savings in a 2-year time deposit in Blue Bank, a depositary bank under the expanded foreign currency deposit system. The deposit pays 8% annual interest. Compute the final tax to be withheld in dollars in the first year ?

 

 

A concerned citizen furnished the BIR a statement detailing the improper tax practices of a corporate taxpayer. The information was instrumental to the collection of P200,000 tax. How much is the final tax ?