Navigating the Future: A Guide to Changes in PH Taxation

In recent times, the realm of Philippine taxation has witnessed a dynamic metamorphosis fueled by groundbreaking legislation. Examples of these revolutionary tax changes are the Tax Reform for Acceleration and Inclusion (TRAIN) Law and the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.    Now, on the horizon, the Ease of Paying Taxes (EOPT)… Continue reading Navigating the Future: A Guide to Changes in PH Taxation

Unlocking the Mystery of DST in Philippine Transactions

If you’ve ever scratched your head at the mention of Documentary Stamp Tax (DST) during your transactions, you’re not alone. Let’s break it down in simple terms. DST is a tax imposed on various documents, loan agreements, and papers providing proof of acceptance, assignment, sales, and transfer of obligations, rights, or property. DST: Tax on… Continue reading Unlocking the Mystery of DST in Philippine Transactions

Simplified Guide to Processing Loose Leaf Books of Account for BIR Compliance

In the realm of taxation and financial compliance, the Bureau of Internal Revenue (BIR) in the Philippines requires all registered taxpayers, whether engaged in a profession, business, or self-employment, to maintain meticulous accounting records of their financial transactions. These records are collectively known as the “books of accounts.” Complying with this essential aspect of taxation… Continue reading Simplified Guide to Processing Loose Leaf Books of Account for BIR Compliance

Unlocking the Secrets of Fringe Benefits Tax

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

Get Ready to Save: The 8% Income Tax Rate Option

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

Taxes: The Unavoidable Dance of Business in the PH

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

Understanding What the BIR Open Case is All About

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

Which Tax Rate to Choose for Your Biz? Graduated vs 8% Rate

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

Attention Taxpayers: Changes in Taxes Rules This 2023

Because it’s the New Year, there are updates in taxation that taxpayers must take note of to prevent mistakes and avoid costly penalties. The new sets of tax rules that taxpayers ought to take note of are the lowering of income tax rates for those earning purely compensation income of a certain bracket. At the… Continue reading Attention Taxpayers: Changes in Taxes Rules This 2023

Enhanced BIR Chatbot for RDO Inquires & Other Concerns

Have you heard of Revie? Revie, the 24/7 chatbot, was launched by the Bureau of Internal Revenue (BIR) in the year 2021 to serve as a digital assistant to taxpayers who need help, whether it’s finding out their RDO code or their TIN. The name Revie is short for the last word Revenue. This AI… Continue reading Enhanced BIR Chatbot for RDO Inquires & Other Concerns

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