How to Find Your Reliable Accounting Firm and Get the Services You Need
In today’s complex business world, accounting plays a crucial role in the success of any organization. Whether you are a small business owner or a corporate executive, having a reliable accounting firm by your side is essential. However, approaching an accounting firm and effectively communicating…
Five Financial Ratios That Every Business Owner Must Know
Financial ratios are powerful tools that can provide valuable insights into a company’s financial health and performance. By analyzing these ratios, business owners can make informed decisions and take proactive steps to improve their financial position. We will discuss the five essential financial ratios that…
Closing the Chapter: Essential Tips for a Smooth Business Closure in BIR
The past three years have been challenging for businesses in the Philippines due to the COVID-19 pandemic. Many companies have faced significant losses, leading to closures. Whether closing down completely or transitioning to new ventures, it is crucial for business owners to follow official protocols…
“Ask for Receipt” Notice is valid until June 30, 2023
If you’ve ever noticed the vibrant orange “Ask for Receipt” signage displayed in establishments all over the country, you’ll be surprised to learn that it will soon undergo a transformation. The “Ask for Receipt” campaign was launched by the BIR to encourage consumers to actively…
Six Things that You Should Know about Foreign Investment in the Philippines
The Philippines, with its strategic location and a population fluent in English, has become an attractive investment destination for foreign entrepreneurs. Whether you’re considering setting up a corporation, partnership, branch office, or representative office, it’s crucial to understand the key facts and requirements for doing…
Filing Taxes at Your Fingertips: A Comprehensive Tutorial for Submitting Your Tax Return Online
Filing your taxes online may be intimidating at first. But with organization and preparation, you can tackle this task efficiently and accurately. The key to a successful online tax filing experience lies in taking the time to gather and organize all the necessary documents and…
Is Your Business Ready for E-Invoicing?
As a business owner in the Philippines, keeping up with the ever-changing landscape of tax compliance can be challenging. However, the Bureau of Internal Revenue (BIR) has found a way to streamline your invoicing process, optimize your cash flow, and improve your business operations thru…
6 Signs that You Should Outsource Your Accounting
As a business owner, managing your finances and keeping your books in order is crucial for the success of your enterprise. However, with the myriad of responsibilities that come with running a business, it’s easy for financial records to become disorganized or neglected. This can…
New Percentage Tax Rate Starting July 2023
In view of Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, the 3% Percentage Tax was lowered to 1% beginning on 1 July 2020 until 30 June 2023. Thus, taxpayers must pay the original tax rate of 3%…
Online Registration of Books of Accounts
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) Number 03-2023, prescribing the guidelines on the online registration of books of accounts. This initiative is in line with the bureau’s goal to make tax compliance easier and more efficient for taxpayers….
