Why Businesses Should Outsource their Accounting and Tax
Many small businesses and start-ups struggle when it comes to managing the financial aspect of their business. Most of them end up with inaccurate financial reports, erroneous budget projections, and tax compliance penalties. While managers concentrate more on growing their business, they shouldn’t neglect this…
Tips on How to Grow your Business in the New Normal
Small and Medium Enterprises (SMEs) are among the most vulnerable sectors greatly impacted by the COVID-19 pandemic. Like any other business, many SMEs were forced to reduce business operations due to the limited movement of people because of the lockdowns. In a positive light,…
The Comprehensive Tax Reform Program (CTRP) and its Effects on Small and Medium Enterprises (SMEs)
If you have been paying taxes regularly, you may be familiar with the TRAIN law or the Tax Reform for Acceleration and Inclusion Act and a couple of tax amnesty programs, which the Bureau of Internal Revenue (BIR) has implemented since 2018. Speaking of this…
Payroll and Compliance with Labor Laws
It’s a given fact – payroll processing is a complex task! To start, you must compute the employee’s total earnings, including overtime and deduction for tardiness. Moreover, you also have to deduct the estimated withholding taxes as well as the mandatory government contributions. Then, there…
RR 6-2022 Removes the 5-Year Validity Period of Sales Receipts/Invoices
Do you have unused Official Receipts or Sales Invoices? Do you wish to utilize them even after their 5-year validity period? If you answered yes, here’s some good news for you. According to BIR Revenue Regulation (RR) No. 6-2022, the five (5) – year validity…
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…
