New Percentage Tax Rate Starting July 2023
In view of Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law, the 3% Percentage Tax was lowered to 1% beginning on 1 July 2020 until 30 June 2023. Thus, taxpayers must pay the original tax rate of 3%…
Online Registration of Books of Accounts
The Bureau of Internal Revenue (BIR) has recently issued Revenue Memorandum Circular (RMC) Number 03-2023, prescribing the guidelines on the online registration of books of accounts. This initiative is in line with the bureau’s goal to make tax compliance easier and more efficient for taxpayers….
Three (3) Online Services You Can Do Using BIR ORUS
In today’s digital era, various government agencies in the Philippines are embracing the power of technology to provide better services to citizens. The Bureau of Internal Revenue (BIR) is no exception, as it continues to push its digitalization roadmap with the release of more updates…
Expert Tips for Staying Up-to-Date with BIR Tax Laws and Compliance
Staying up-to-date with the latest Bureau of Internal Revenue (BIR) tax laws and compliance requirements can be a daunting task for any business owner or professional. However, with a little bit of knowledge and effort, you can easily navigate the complex world of BIR regulations…
Five (5) Tax Compliance Hacks for Start-ups After Business Registration
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…
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…
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…
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…
Guidelines on the Use of Electronic Audited Financial Statement (eAFS) System
Did you know that you can already submit the attachments to your BIR Forms online instead of going to the BIR office? Today, submission through BIR’s Electronic Audited Financial Statement (eAFS) System is the safest and the most convenient way of sending your documents to…
Who are Required to Withhold Taxes? (RMC 27-2022)
Are you one of the top withholding tax agents? Are you obliged to withhold taxes every time you make a payment? Is the tax for your purchases withheld using the correct tax rate? We understand you may have some questions or concerns about withholding taxes….
