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…
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…
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…
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…
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…
BIR Launches TRRA Portal for Convenient Taxpayer Registration
The Bureau of Internal Revenue (BIR) recently announced the launch of the Taxpayer Registration-Related Applications (TRRA) Portal. This new online system aims to simplify and expedite the process of submitting applications and registration requirements to the BIR. In the past, taxpayers had to visit…
New Policies and Guidelines on Late/ Out-of-District Filing of Tax Return (RR 6-2023)
The government is committed to tackling tax fraud, tax evasion, and other violations of the National Revenue Code (NIRC). New regulations have been enacted to support these objectives and assist the Bureau of Internal Revenue in enforcing the Act. Revenue Regulation (RR) 6-2023 is issued…
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…
BIR ePayment Facilities and 2023 Updated List of ePayment Channels
Tired of those long lines at the Revenue District Office or the Authorized Agent Banks (AABs), especially when you’d rather be doing more important things in the office? Well, you’re not alone. Fortunately, there’s a more convenient way to settle your taxes as we now…
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…
