December is considered to be the wonderful time of the year. It’s the time when we decorate our houses with mistletoe, hang some Christmas lights, and set up our Christmas tree. We get to celebrate and have Christmas parties with our friends and co-workers. The…
Do you have issues or concerns with your BIR transactions? Do you want to complain against BIR officials or employees but are afraid they might take this feedback against you? In today’s business environment, companies must listen to their customers. After all, they are…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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,…
