Navigating BIR Tax Compliance: A Guide for Small Business Owners
As a small business owner, you may have a lot on your plate. From managing employees to keeping up with customer demands, there are a lot of things that need your attention. But one of the most important things that you need to keep in…
What are the De Minimis Benefits Allowed Under the TRAIN Law?
‘De minimis benefits’ is a term every employee would love to hear from their employer. If you are an employee receiving supplemental compensation, you must be very happy because that is tax-free. Meanwhile, employers can consider this as part of the company’s salaries and wages,…
Tips on How to Manage Company’s Payroll in Compliance to Government Regulations
Business owners must follow the different labor laws implemented in our country. The Department of Labor and Employment (DOLE) implements laws promoting employees’ welfare. At the same time, the Bureau of Internal Revenue (BIR) enforces our tax laws on compensation income. It is essential to…
Who are required to issue Electronic Receipts or Commercial Invoices?
Do you know that you only issue or ask for a BIR-registered receipt or sales invoice for transactions involving P100.00 or more? Thus, for your next sales transaction, ensure that you give or get the receipt or invoice accordingly. As a registered taxpayer, you must…
Payroll and Compliance with Labor Laws
It’s a given fact – payroll processing is a complex task! To start, you must compute the employee’s total earnings, including overtime and deduction for tardiness. Moreover, you also have to deduct the estimated withholding taxes as well as the mandatory government contributions. Then, there…
RR 6-2022 Removes the 5-Year Validity Period of Sales Receipts/Invoices
Do you have unused Official Receipts or Sales Invoices? Do you wish to utilize them even after their 5-year validity period? If you answered yes, here’s some good news for you. According to BIR Revenue Regulation (RR) No. 6-2022, the five (5) – year validity…
Taxation of Online Services Pushed to Increase Tax Collection
After digital content creators and influencers, BIR is now looking at the possibility of taxing online services such as streaming platforms like Netflix, or Spotify to collect more revenues for the government. The House of Representatives authorized House Bill 7425 seeking to expand the 12%…
Electronic Filing and Submission Tool (eFAST) and the Submission of Corporate Reports
When it comes to digitalization, the Securities and Exchange Commission (SEC) is one of those government agencies that we can rely on as it continues to automate its public transactions fully. This initiative is in line with the Republic Act (R.A.)11232 or the Revised…
Financial Products and Services Consumer Protection Act (FCPA) / R.A. 11765 Strengthens Consumers’ Protection
Online scams and financial fraud are not new to us anymore. We have heard many times the stories of ordinary Filipinos losing their hard-earned money due to these schemes. Thus, the Financial Products and Services Consumer Protection Act is just timely and relevant. …
Guidelines and Procedures on How to Avail the 8% Income Tax Rate
Still can’t decide which is the most cost-effective tax rate? Don’t worry as we are going to discuss if the 8% income tax rate is the best option for you. As a registered taxpayer, you must file your Percentage Tax (BIR Form 2551) or Quarterly…
