Corporations: the 1702Q

3 quick questions. Pick an answer to see why.

1. Kuting Kitchen's Q3 taxable income is ₱162,000 at 20%, and the marketplaces' 2307s for the quarter total ₱6,000. What does this quarter add to the tax?

₱32,400 ₱26,400 ₱38,400

₱162,000 × 20% = ₱32,400, less the ₱6,000 already withheld = ₱26,400. The cumulative form reaches the same figure.

2. On the Q3 1702Q, what goes in item 9, total taxable income to date?

Only July to September January to September The whole calendar year

The 1702Q is cumulative: item 8 adds the earlier quarters to this quarter's taxable income, and the payments already made come off in Schedule 4.

3. When is the 1702Q for October to December due?

60 days after December, like the others There isn't one: the annual return covers it 25 January

The 1702Q is filed for the first three quarters only. The fourth quarter is settled on the annual return, due 15 April.

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