Starting a new business is a big undertaking, and it’s important to ensure that you have all your ducks in a row when it comes to tax compliance. Failing to properly handle your taxes can lead to significant fines and penalties, and it can even…
‘De minimis benefits’ is a term every employee would love to hear from their employer. If you are an employee receiving supplemental compensation, you must be very happy because that is tax-free. Meanwhile, employers can consider this as part of the company’s salaries and wages,…
Business owners must follow the different labor laws implemented in our country. The Department of Labor and Employment (DOLE) implements laws promoting employees’ welfare. At the same time, the Bureau of Internal Revenue (BIR) enforces our tax laws on compensation income. It is essential to…
Do you know that you only issue or ask for a BIR-registered receipt or sales invoice for transactions involving P100.00 or more? Thus, for your next sales transaction, ensure that you give or get the receipt or invoice accordingly. As a registered taxpayer, you must…
Many Filipinos believe foreigners cannot own properties or establish a business unless married to a Filipino citizen. In reality, however, foreigners are permitted by law to buy properties or manage a business in the Philippines. Unlike Filipino business owners, foreigners have more documents to process…
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…
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,…
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…
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…
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…
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%…
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…
