Picture this: you’re a hardworking employee, putting in your blood, sweat, and tears to make ends meet. Fortunately, there are benefits waiting for you beyond just your regular salary. Those fringe benefits are tantalizing non-monetary rewards bestowed upon you by your generous employer. From bonuses to housing allowances, meal perks to extravagant vacations, these… Continue reading Unlocking the Secrets of Fringe Benefits Tax
Are you a business owner or a skilled professional practicing your craft? If so, it’s essential to understand and fulfill your tax obligations. One of these obligations involves paying taxes in the form of either a percentage tax or a value-added tax (VAT). Whether you fall under the category of a Non-VAT or VAT-registered taxpayer,… Continue reading Unlock How to Compute VAT Payable in the Philippines
Taxes can be a daunting topic for many individuals, especially when it comes to understanding the different rates and options available. However, there’s good news on the horizon for self-employed individuals and small business owners in the Philippines. The introduction of the 8% income tax rate option brings a fresh breeze to the tax landscape. … Continue reading Get Ready to Save: The 8% Income Tax Rate Option
Running a business, no matter how small, means dancing with taxes. As the famous adage goes: No one can escape from death and taxes. This is an obligation of every Filipino who earns income, including business owners. Even if you’re a small one-person show, like a sole proprietorship, you can’t escape the taxman’s grasp. Your… Continue reading Taxes: The Unavoidable Dance of Business in the PH
Hey there, fellow entrepreneurs! Let’s dive into the concept of transfer pricing in the Philippines. Now, you might be wondering what this is all about. Well, buckle up because we’re about to embark on an in-depth exploration to help you out. Unveiling the BIR’s Transfer Pricing Secrets You’ll be delighted to know that the Bureau… Continue reading Transfer Pricing in PH: A Guide for Savvy Businesses
Have you ever received a letter from the BIR stating that you failed to file your required tax returns? This letter is known as an open case, and it serves as a reminder to business owners that they need to fulfill their tax obligations. If you’ve been in the business world for a couple of… Continue reading Understanding What the BIR Open Case is All About
When it comes to filing your income tax return as a business owner, you may find yourself faced with a choice between two confusing options. Check out the Graduated Income Tax Rate with OSD (optional standard deduction) versus the 8% Income Tax Rate. While the process of filing taxes may seem daunting, it presents an… Continue reading Which Tax Rate to Choose for Your Biz? Graduated vs 8% Rate
When you first start your business, understanding the different taxes that apply to you is essential for proper compliance. Notably, it is not necessary for you to register for VAT, but it’s essential for you to know what it is about, especially how or when you may be affected. VAT is an indirect tax, meaning… Continue reading What is the Difference Between VAT and Income Tax
Individuals and businesses need to pay their taxes on or before the 15th of April. You can choose to file your tax manually or electronically. If you manually file, which is the traditional way, you need to visit the nearest Revenue District Office to submit your Income Tax Return. If you want to electronically… Continue reading How to Correctly File Your PH Income Tax Return
It is the tax season in the Philippines which means people who earn an income will have to file their income taxes soon. Failing to prepare for tax filing season can result in undue stress. Remember, you must file and submit your annual income return and your audited financial statement on or before the… Continue reading 9 Mistakes on Financial Statements and BIR Tax Returns
