The Comprehensive Tax Reform Program (CTRP) and its Effects on Small and Medium Enterprises (SMEs)
If you have been paying taxes regularly, you may be familiar with the TRAIN law or the Tax Reform for Acceleration and Inclusion Act and a couple of tax amnesty programs, which the Bureau of Internal Revenue (BIR) has implemented since 2018. Speaking of this new tax scheme, did you know that the TRAIN law […]
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 […]
How to Handle BIR Tax Audit
The country’s tax system works on the principle of voluntary compliance, wherein the taxpayer is responsible for determining which taxes to be paid, when to pay them, and how to comply with the reportorial requirements. The government, for its part, adapts a check-and-balance system, in which the BIR has the right to examine the […]
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 […]
How will the Voluntary Assessment and Payment Program (VAPP) Benefit Businesses
The government’s fight to eradicate the COVID-19 virus continues despite the dwindling public funds. Thus, the Bureau of Internal Revenue (BIR) issued Revenue Regulation 21-2020 (RR 21-2020) or the Voluntary Assessment and Payment Program (VAPP) as a way of collecting additional funds needed during these trying times. Essentially, the VAPP encouraged taxpayers to enjoy certain […]
How to Check If Your Business Name is Still Available
Selecting your business or brand name should be given utmost importance when starting a business. After all, it’s going to be your identity that will reflect your promise and brand values. Just like what other entrepreneurs say, a business always starts with a name. But, how can you make sure that your business name idea […]
3 Leading Lucrative Small Business Ideas in the Philippines
Do you intend to start a small business in the Philippines, but don’t know where to start? This article is going to be really useful for you if you are looking for profitable small business ideas you can start in the Philippines. Today is an Ideal Time to Invest Your Money on a Business There […]
Why Use Quickbooks for Small Business
QuickBooks is a small business accounting software program businesses use to manage income and expenses and keep track of the financial health of their business. The product line of these offers several solutions that are great for anyone, from individual entrepreneurs to mid-sized business. Uses of quickbooks: Create customer invoice Pay bills Report generation Tax […]
The Benefits of Using Cloud for Your Small Business
The internet is the cloud. Things that can be accessed remotely over the internet are all then referred to as the cloud. Instead of storing the data on your computer’s hard drive, these are stored on Internet servers. Since the storage is not with you, it is then referred to as “up there in the […]
