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
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
The Senate has given its approval to Senate Bill (SB) 2219, granting a two-year extension to the estate tax amnesty period until June 14, 2025. The decision was made in response to the concerns of taxpayers who were unable to utilize the initial extension due to the pandemic. According to the Senate, House Bill 7907… Continue reading Senate Approves Extension of Estate Tax Amnesty until June 14, 2025
The Bureau of Internal Revenue (BIR) has invalidated the accreditation of an accountant who was involved in a syndicate specializing in fake receipts. Commissioner Romeo Lumagui Jr. announced that Jennifer Cunanan Roncesvalles, an external auditor, has had her certified public accountant (CPA) certificate revoked. This action comes in light of her connection to companies that… Continue reading BIR Revokes Accountant’s Accreditation in Crackdown on Fake Receipt Syndicate
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
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
American expats living in the PH are expected to do accounting, bookkeeping, and tax filing to satisfy the IRS while settling appropriate dues to the BIR.
The current pandemic has made it evident that there is a need for transformation in current payment schemes, and processes, especially on the part of the government. While we are still not out of the woods in terms of the global health crises, there has been an increase in the number of convenient ways in… Continue reading What Payment Methods Can I Use tor Paying Taxes in the PH?
A gateway to Southeast Asia and a business hub, the Philippines is currently being served by an increasing number of progressive and innovative Lending and Financing Firms and Companies. These lending and financing services have helped startups and small and micro enterprises (SMEs) jump-start operations by providing access to a wide range of options for… Continue reading Requirements for Setting Up a Lending or Financing Company in the PH
Every business owner or manager would know that taxes are a necessary expense. Thus, minimizing taxes you pay quarterly and annually is one thing many business owners and managers seek to do in order to maximize their income and mitigate their expenses. While there are legal means to do just that, also called tax avoidance,… Continue reading What are the Consequences of Evading Taxes?