Understanding Tax Compliance for e-Marketplace Businesses
Online sellers can no longer avoid taxation. The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 8-2024, which outlines the implementation schedule and procedures for Revenue Regulation (RR) No. 16-2024. RR 16-2024 mandates online sellers and merchants to pay a 1% withholding tax on their income from online sales. This new tax […]
Understanding the Philippine Tax Landscape for Foreign Entrepreneurs
The Philippines offers an attractive environment for foreign entrepreneurs who want to set up businesses or invest in the country. With its growing economy, young population, and business-friendly policies, the Philippines provides tremendous opportunities across sectors. However, navigating the country’s complex tax regime can be daunting for newcomers. Let us discuss an overview of the […]
How to Determine Whether Your Business Needs an Accountant or an Auditor
Finance plays an important role in the business world. Whether you run a small café or a large company, managing your finances is the key to success. But when it comes to professional help, should you hire an accountant or an auditor? Understanding the basics: Accountant vs. Auditor Before diving into the decision-making process, […]
How to Find Your Reliable Accounting Firm and Get the Services You Need
In today’s complex business world, accounting plays a crucial role in the success of any organization. Whether you are a small business owner or a corporate executive, having a reliable accounting firm by your side is essential. However, approaching an accounting firm and effectively communicating your needs can be a daunting task. We will discuss […]
Six Things that You Should Know about Foreign Investment in the Philippines
The Philippines, with its strategic location and a population fluent in English, has become an attractive investment destination for foreign entrepreneurs. Whether you’re considering setting up a corporation, partnership, branch office, or representative office, it’s crucial to understand the key facts and requirements for doing business in this vibrant Southeast Asian nation. In this article, […]
Guidelines on the Registration of a One-Person Corporation
“Should I register as a Sole Proprietor or as a Corporation?” – This is one of the most common questions that we get from new business owners and entrepreneurs. Both options have their own advantages and disadvantages. A single proprietorship is simple, while a corporation is a bit more complicated and has more reportorial requirements. […]
BIR Creates Special Task Force to Track Down Tax Compliance of Taxpayers Engage in Online Business, Including Social Media Influencers
If you are doing business in the Philippines, you are expected to pay your taxes. It is your duty to register your business, file and pay your taxes according to your business type. Even if you are not earning, have negative revenue and there are no tax dues for the year, you still need to […]
Ordinary Stock Corporation VS. One Person Corporation: Which is Better?
More Filipinos are venturing into entrepreneurship. At the time of crisis, our creativity and ingenuity have been unleashed allowing us to provide products and services that can help address the gap and the call of times. Operating our business within the bounds of the law will prevent us from unnecessary headaches in the future thus, […]
5 Reasons Why Should You Register as a “One-Person Corporation (OPC)”
The Revised Corporation Code (RCC) presented the One-Person Corporation concept to answer business owners’ needs and make doing business in the country easy. The OPC is an organization with a single shareholder. It allows business owners to register a corporation without looking for five incorporators required under the old corporation code. What are the benefits […]
What You Need to Know About SEC Memorandum Circular (MC) 28 Series of 2020
You probably heard that the Securities and Exchange Commission (SEC) has released its memorandum about the mandatory submission of Email Addresses and Cellphone Numbers for SEC Transactions (Memorandum Circular 28 Series of 2020). The said circular mandates every company (corporation, partnership, association, and individual) under the jurisdiction of the Commission to submit a valid official […]
