Taxation of Online Services Pushed to Increase Tax Collection
After digital content creators and influencers, BIR is now looking at the possibility of taxing online services such as streaming platforms like Netflix, or Spotify to collect more revenues for the government. The House of Representatives authorized House Bill 7425 seeking to expand the 12% VAT to the online sale of goods and services such […]
Electronic Filing and Submission Tool (eFAST) and the Submission of Corporate Reports
When it comes to digitalization, the Securities and Exchange Commission (SEC) is one of those government agencies that we can rely on as it continues to automate its public transactions fully. This initiative is in line with the Republic Act (R.A.)11232 or the Revised Corporation Code of the Philippines. The SEC’s Electronic Filing and […]
Financial Products and Services Consumer Protection Act (FCPA) / R.A. 11765 Strengthens Consumers’ Protection
Online scams and financial fraud are not new to us anymore. We have heard many times the stories of ordinary Filipinos losing their hard-earned money due to these schemes. Thus, the Financial Products and Services Consumer Protection Act is just timely and relevant. Under Republic Act (R.A.) 11765 or the Financial Products and […]
Guidelines and Procedures on How to Avail the 8% Income Tax Rate
Still can’t decide which is the most cost-effective tax rate? Don’t worry as we are going to discuss if the 8% income tax rate is the best option for you. As a registered taxpayer, you must file your Percentage Tax (BIR Form 2551) or Quarterly Income Tax return (BIR Form 1701Q). Filing these returns will […]
2022 Schedule of Filing of Annual FS and GIS
The Securities and Exchange Commission (SEC) has released the new guidelines in filing the 2021 Financial Statements and General Information Sheet of corporations. The commission issued SEC Memorandum Order No. 02, series of 2022, which set the new schedule for submitting the required year-end reports through e-FAST, the SEC’s online submission facility. Audited Financial Statements […]
Newly-Registered Businesses and the Use of the New BIR Printed Receipt or Invoice (BPR/BPI)
Are you a newly BIR-registered business that’s excited to make your first sale but you can’t close it yet because your official receipts are not yet done printing or haven’t been delivered? No need to worry anymore. Under RMC 28-2019, new businesses can immediately start their operations after registering with BIR while waiting for their […]
2021 Year-end BIR Tax Compliance Reminders for Business
December is considered to be the wonderful time of the year. It’s the time when we decorate our houses with mistletoe, hang some Christmas lights, and set up our Christmas tree. We get to celebrate and have Christmas parties with our friends and co-workers. The atmosphere is festive. Not to mention we also receive our […]
BIR Listens: You have a Voice Through the Enhanced eComplaint System
Do you have issues or concerns with your BIR transactions? Do you want to complain against BIR officials or employees but are afraid they might take this feedback against you? In today’s business environment, companies must listen to their customers. After all, they are the lifeblood of the business. Customers will not buy our […]
Avoid Fixers and Under-the-Table Transactions: Know Your Rights Under the Ease of Doing Business Act (RA 11032)
Did you experience applying for a business permit that took longer to finish? Or were you asked to submit some unnecessary documents? With the Republic Act (R.A.) 11032, it is easier for businesses to get the necessary licenses and permits to start operating in the country. R.A. 11032 aims to improve efficiency in government service, […]
Refund, Tax Credit Certificate, or Carry Over: The Best Option with Tax Over Payment
Is having a tax overpayment a good thing or is it something that you should be worried about? This article will discuss the basic concepts of tax overpayment and the legal basis to claim a refund or tax credit. We will also explore the options available for taxpayers to recover the excess tax paid. […]
