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,…
More Filipinos are venturing into entrepreneurship. At the time of crisis, our creativity and ingenuity have been unleashed allowing us to provide products and services that can help address the gap and the call of times. Operating our business within the bounds of the law…
It is challenging for a cash-strapped business enterprise to survive in this hostile business climate. Many companies resorted to workforce reduction or shortened operations to keep them afloat. Others had to close its door entirely to save the company’s remaining assets. Without the infusion of…
We have observed the significant transformation of the Bureau of Internal Revenue’s (BIR) tax filing and payment system to address the unexpected changes brought about by the COVID – 19 pandemic. The bureau has practically made all tax transactions done electronically, including the use of…
The extended lockdown has severely affected our economy. We are forced to stay at home, and businesses are struggling to keep their operations going. This crisis has taught us and made us realize how every peso counts. Business owners welcome with much relief the issuance…
The Revised Corporation Code (RCC) presented the One-Person Corporation concept to answer business owners’ needs and make doing business in the country easy. The OPC is an organization with a single shareholder. It allows business owners to register a corporation without looking for five incorporators…
The RA No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act was signed into law by President Rodrigo Duterte to cushion the economic impact of the pandemic to the business sector, primarily the micro, small and medium enterprises. The new bill…
The extended lockdown imposed in the Philippines has made “work-from-home” a household name. The ease and convenience of working from home without the daily commute and the flexibility to take care of one’s children while working are what lured most Filipinos to become digital workers….
The Bureau of Internal Revenue (BIR) allows business owners and professionals to choose either the Graduated Tax Rates with OSD or the 8% Tax Rate in computing for their income tax. This simplified way of tax computation makes filing and paying taxes easy. Now, small…
The government’s fight to eradicate the COVID-19 virus continues despite the dwindling public funds. Thus, the Bureau of Internal Revenue (BIR) issued Revenue Regulation 21-2020 (RR 21-2020) or the Voluntary Assessment and Payment Program (VAPP) as a way of collecting additional funds needed during these…
The rising cases of COVID 19 patients in the country call for more drastic measures. The outbreak created global chaos, which affected the health and economic sectors of the country. To mitigate the effects of COVID 19, the government passed into law, Republic Act (R.A.)…
You probably heard that the Securities and Exchange Commission (SEC) has released its memorandum about the mandatory submission of Email Addresses and Cellphone Numbers for SEC Transactions (Memorandum Circular 28 Series of 2020). The said circular mandates every company (corporation, partnership, association, and individual) under…
