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
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
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
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
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
A tax clearance is a certificate issued by BIR or the Bureau of Internal Revenue. It’s a document that many businesses or taxpayers commonly request so they can bid on government contracts or render particular services to the government. Moreover, this document can serve as a company’s proof, certifying that their business is of… Continue reading How to Navigate the Tax Clearance Process in the PH
If you are a business owner in the Philippines and your financial year just ended, you should start preparing for the audit season. With proper planning and preparation, you can lessen the stress that’s associated with this time of the year. Even seasoned auditors and accounting professionals find the audit season a difficult and long process if they don’t… Continue reading Things to Keep in Mind as You Prep for PH Audit Season
Audited Financial Statement is also known as AFS. It is a legal document illustrating the financial standing of a company. It is designed to give a clear snapshot of the company’s financial and compliance activities to the Bureau of Internal Revenue or BIR and the Securities of Exchange Commission or SEC. As a business owner,… Continue reading Learn More About the Audited Financial Statement (AFS)
