How to Avoid Common Tax Mistakes in 2024
Tax compliance can be a tricky maze to navigate, especially with changing regulations and deadlines. Many Filipinos, whether individual taxpayers or businesses, fall into the trap of making mistakes that can lead to penalties or legal trouble. In 2024, the Bureau of Internal Revenue (BIR) continues its crackdown on non-compliant taxpayers, making it even more […]
Tax Deductions and Benefits Often Overlooked by Filipino Taxpayers
With ever-changing tax laws and requirements, not many Filipino taxpayers are able to handle their tax compliance effectively. Most are aware of their basic tax obligations but many miss out on various deductions and benefits that could significantly reduce their tax liability. Understanding and taking advantage of these overlooked tax breaks can lead to substantial […]
What is the Difference between National and Local Taxes in the Philippines?
Navigating and understanding taxes in the Philippines can be a bit of a maze. With the ever-changing tax laws and the different government entities imposing them, we can’t help but get confused sometimes. Today, we’re going to discuss the main difference between national and local taxes in the Philippines. National and local taxes operate like […]
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 […]
Who Needs to Submit GIS to the SEC?
As a corporation in the Philippines, it is crucial to understand and comply with the regulatory requirements of the Securities and Exchange Commission (SEC). One of the basic obligations of a corporation is the filing of a General Information Sheet (GIS) as set forth in Section 177 of Republic Act No. 11232, otherwise known as […]
Understanding these Financial Ratios for Business Decision-Making Purposes
As a business owner or manager, having a good understanding of key financial indicators should be an integral part of your skill set. Financial indicators derived from your company accounts and reports can provide invaluable insights into performance and operations. Mastering the most useful ratios will improve your analytical skills and enable smarter decision making. […]
What you Should Know about the Ease of Paying Taxes Act
Tax compliance can be quite a challenge for both individuals and businesses. The process is often difficult due to complex forms, long queues at RDOs and confusing regulations. Gladly, Republic Act No. (RA) 11976 or the Ease of Paying Taxes Act (EOPT) signed by President last January 5 and was effective last January 22. The […]
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, […]
Understanding the Latest e-Invoicing System Accreditation Procedures
In the fast-changing world of business and technology, staying compliant with tax regulations is important. Recently, the Bureau of Internal Revenue (BIR) in the Philippines issued Memorandum Order (RMO) No. 24-2023, a game-changer in the accreditation process for sales machines and software used to generate invoices and receipts. This innovation, known as the Enhanced Electronic […]
