Taxation, 2019 Bar — Question B.15

QUESTION

Mr. C is employed as a Chief Executive Officer of MNO Company, receiving an annual compensation of P10,000,000.00, while Mr. S is a security guard in the same company earning an annual compensation of P200,000.00. Both of them source their income only from their employment with MNO Company. (a) At the end of the year, is Mr. C personally required to file an annual income tax return? Explain. (2.5%) (b) How about Mr. S? Is he personally required to file an annual income tax return? Explain. (2.5%)

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