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…
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…
How to Prepare and Survive BIR Tax Audit
Most taxpayers react with apprehension when receiving a BIR Assessment Letter or specifically a Letter of Authority (LOA) as this signals the start of a BIR audit. In most cases, this also means that the taxpayer may need to dispute the audit findings or pay…
Is Income from Cryptocurrency Taxable?
Cryptocurrency in the Philippines is a fast-growing industry. Initially, only IT experts were familiar with the technology when it was first introduced in 2018. Today, it has gained traction and popularity even with “ordinary” citizens with its anticipated advantages and income opportunities. With the increasing interest…
How to Settle the Bureau of Internal Revenue (BIR) Open Case Successfully
If you are in business for 2-3 years, most probably, you may have received a BIR letter informing you of your failure to file the BIR tax returns required for your type of business. That BIR letter is often referred to as Open Cases. Open…
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…
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…
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…
Why You Should Set-up an Accounting System for your Business
Let’s accept it. Many entrepreneurs hate numbers. Often, they create business because they are passionate about their business ideas. Others see areas where innovation is needed and grab the opportunity to fill up the void. However, having a novel idea or a specialized skill is…
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,…
