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…
2022 Schedule of Filing of Annual FS and GIS
The Securities and Exchange Commission (SEC) has released the new guidelines in filing the 2021 Financial Statements and General Information Sheet of corporations. The commission issued SEC Memorandum Order No. 02, series of 2022, which set the new schedule for submitting the required year-end reports…
Newly-Registered Businesses and the Use of the New BIR Printed Receipt or Invoice (BPR/BPI)
Are you a newly BIR-registered business that’s excited to make your first sale but you can’t close it yet because your official receipts are not yet done printing or haven’t been delivered? No need to worry anymore. Under RMC 28-2019, new businesses can immediately start…
2021 Year-end BIR Tax Compliance Reminders for Business
December is considered to be the wonderful time of the year. It’s the time when we decorate our houses with mistletoe, hang some Christmas lights, and set up our Christmas tree. We get to celebrate and have Christmas parties with our friends and co-workers. The…
BIR Listens: You have a Voice Through the Enhanced eComplaint System
Do you have issues or concerns with your BIR transactions? Do you want to complain against BIR officials or employees but are afraid they might take this feedback against you? In today’s business environment, companies must listen to their customers. After all, they are…
Avoid Fixers and Under-the-Table Transactions: Know Your Rights Under the Ease of Doing Business Act (RA 11032)
Did you experience applying for a business permit that took longer to finish? Or were you asked to submit some unnecessary documents? With the Republic Act (R.A.) 11032, it is easier for businesses to get the necessary licenses and permits to start operating in the…
Refund, Tax Credit Certificate, or Carry Over: The Best Option with Tax Over Payment
Is having a tax overpayment a good thing or is it something that you should be worried about? This article will discuss the basic concepts of tax overpayment and the legal basis to claim a refund or tax credit. We will also explore the options…
How to Prepare and Survive BIR Tax Audit
Most taxpayers react with apprehension when receiving a BIR Assessment Letter or specifically a Letter of Authority (LOA) as this signals the start of a BIR audit. In most cases, this also means that the taxpayer may need to dispute the audit findings or pay…
Is Income from Cryptocurrency Taxable?
Cryptocurrency in the Philippines is a fast-growing industry. Initially, only IT experts were familiar with the technology when it was first introduced in 2018. Today, it has gained traction and popularity even with “ordinary” citizens with its anticipated advantages and income opportunities. With the increasing interest…