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Tax on Philippine Stock Market Shares Sold
« on: October 11, 2012, 07:42:57 PM »
Keyrand, Inc., a Philippine corporation, sold through the local stock exchange
10,000 PLDT shares that it  bought 2 years ago.  Keyrand  sold the shares for P2
million and realized a net gain of P200,000.00.  How shall it pay tax on the
transaction?

A. It shall declare a P2 million gross income in its income tax  return, deducting its
cost of acquisition as an expense.
B. It shall report the P200,000.00 in its corpor ate income tax re turn adjusted by the holding period.
C. It shall pay 5% tax on  the first P100,000.00 of  the P200,000.00 and 10% tax on the remaining P100,000.00.
D. It shall pay a tax of one-half of 1% of the P2 million gross sales.

answer is letter D

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