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 Register Your Business with BIR Using the New Business Registration Portal
The Bureau of Internal Revenue (BIR) has made it convenient for new businesses or those who are already in business but are not yet registered with BIR to apply for business registration online. With the new system, taxpayers can avoid the long lines in the Revenue District Office (RDO) giving them a safer and more […]
Retention of Books of Accounts: Five Years or Ten Years?
Keeping the books of accounts (BOA) and other business documents is required for BIR tax audit purposes. Accountants and bookkeepers should ensure that all business transactions are recorded accurately in the books of accounts. Aside from the books of accounts, you also need to maintain a file of your duplicate copies of the issued […]
10 Tax Mapping Violations Business Owners Should Avoid
Whether you are a large corporation or Micro, Small, and Medium Enterprises (MSMEs), you have to go through the BIR’s Tax Compliance and Verification Drive or Tax Mapping, as it is popularly known to many. Tax mapping is a regular inspection of business establishments to determine their compliance with registration, bookkeeping, and invoicing regulations of the […]
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 […]
How will the CREATE Law affect Micro, Small and Medium Enterprises?
The RA No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was signed into law by President Rodrigo Duterte to cushion the economic impact of the pandemic to the business sector, primarily the micro, small and medium enterprises. The new bill is a welcome relief for small business owners and their […]
Basics of Tax Compliance for Freelancers and Online Sellers
The extended lockdown imposed in the Philippines has made “work-from-home” a household name. The ease and convenience of working from home without the daily commute and the flexibility to take care of one’s children while working are what lured most Filipinos to become digital workers. More people are also using the internet to do their […]
Graduated Income Tax Rate with Optional Standard Deduction (OSD) or 8% Income Tax Rate: Which one is Better for Small Business Owners
The Bureau of Internal Revenue (BIR) allows business owners and professionals to choose either the Graduated Tax Rates with OSD or the 8% Tax Rate in computing for their income tax. This simplified way of tax computation makes filing and paying taxes easy. Now, small business owners who may not be knowledgeable in our tax […]
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 […]
3 Major Tax Provisions of ‘Bayanihan 2’ That Every Business Owner Should Know
The rising cases of COVID 19 patients in the country call for more drastic measures. The outbreak created global chaos, which affected the health and economic sectors of the country. To mitigate the effects of COVID 19, the government passed into law, Republic Act (R.A.) 11494 or “The Bayanihan to Recover Act,” also known as […]
