Sole prop or OPC/corporation?

3 quick questions. Pick an answer to see why.

1. Carla's OPC made ₱400,000 of net taxable income. What's its income tax rate?

0% on the first ₱250,000, then graduated 20% 8% of sales

Companies pay 20% (25% if larger) of net taxable income. The tax-free ₱250,000 and the 8% option are for individuals only.

2. Which yearly income tax return does an OPC file?

1701 1701-MS 1702-RT

An OPC is a corporation for tax: 1702Q three times a year and the 1702-RT once a year.

3. Which one files financial statements with the SEC every year?

A sole proprietor with a DTI name An OPC Neither

SEC-registered companies, OPCs included, file yearly financial statements. Sole proprietors only renew their DTI name.