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%…
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…
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. …
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…
Who are Required to Use eBIR Form in Tax Return Filing
Tax preparation is a daunting task for someone who is not an accountant or unfamiliar with Philippine taxation. For many years, taxpayers have been used to using the BIR Forms, which are downloadable on the BIR website for tax filing. The forms are in…
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…
Guidelines on the Use of Electronic Audited Financial Statement (eAFS) System
Did you know that you can already submit the attachments to your BIR Forms online instead of going to the BIR office? Today, submission through BIR’s Electronic Audited Financial Statement (eAFS) System is the safest and the most convenient way of sending your documents to…
Who are Required to Withhold Taxes? (RMC 27-2022)
Are you one of the top withholding tax agents? Are you obliged to withhold taxes every time you make a payment? Is the tax for your purchases withheld using the correct tax rate? We understand you may have some questions or concerns about withholding taxes….
Taxation of Social Media Influencers and the Tax Treaty Benefits
The extended lockdown brought about by the health crisis has made many Filipinos glued to their mobile phones and stay online to connect with their family and friends anywhere around the world. This gave a massive rise to the popularity of the use of social…
VAT or Non-VAT: What Should I Choose for my Business?
One of the important decisions you must make when you register your business with BIR is choosing the tax type that you want to be classified under. One of which is choosing whether you’ll register as a Value-Added Tax (VAT) or a Non-VAT entity. As…
