What Are the Implications of an Unregistered Receipt or Invoice
The provision of Section 237 of the Philippine Tax Code is obvious. Taxpayers are required to issue duly registered receipts or sales or commercial invoices for each sale or transfer of goods or services in the amount of one hundred pesos (P100.00) or more. The…
BIR Creates Special Task Force to Track Down Tax Compliance of Taxpayers Engage in Online Business, Including Social Media Influencers
If you are doing business in the Philippines, you are expected to pay your taxes. It is your duty to register your business, file and pay your taxes according to your business type. Even if you are not earning, have negative revenue and there are…
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…
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…
Ordinary Stock Corporation VS. One Person Corporation: Which is Better?
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…
5 Reasons Why Should You Register as a “One-Person Corporation (OPC)”
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…
Basics of Tax Compliance for Freelancers and Online Sellers
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….
What You Need to Know About SEC Memorandum Circular (MC) 28 Series of 2020
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…
How to Check If Your Business Name is Still Available
Selecting your business or brand name should be given utmost importance when starting a business. After all, it’s going to be your identity that will reflect your promise and brand values. Just like what other entrepreneurs say, a business always starts with a name. But,…
BIR Registration: 3 Simple Steps for Freelancers
Taxes can sometimes give freelancers and self-employed professionals an uncomfortable feeling. It’s something that most freelancers want to avoid and don’t want to wrap their heads around. It’s a tedious process they will have to do the filing work themselves. But, whether you like it…