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….
Taxation of Social Media Influencers and the Tax Treaty Benefits
The extended lockdown brought about by the health crisis has made many Filipinos glued to their mobile phones and stay online to connect with their family and friends anywhere around the world. This gave a massive rise to the popularity of the use of social…
VAT or Non-VAT: What Should I Choose for my Business?
One of the important decisions you must make when you register your business with BIR is choosing the tax type that you want to be classified under. One of which is choosing whether you’ll register as a Value-Added Tax (VAT) or a Non-VAT entity. As…
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…
Revised Guidelines in the Filing of Certificate of Compensation Payment/Tax Withheld for Compensation Payment With or Without Tax Withheld (BIR Form 2316)
Corporations and other businesses that adopt the calendar year accounting period are expected to be busy with year-end statutory obligations. One of which is the filing of BIR Form 2316 to the Bureau of Internal Revenue (BIR) and the issuance of the duplicate copy to…
