Ah, the year is coming to an end, and so is the regular calendar financial season, which means that tax season is right around the corner in the Pearl of the Orient! If you have ever had to experience filing your taxes manually through traditional “show up to the office and pay there” means, you would understand just how inconvenient and taxing (pun intended) it could be. Suppose you haven’t, well, good for you. The long queue is enough to deter anyone. But, with recent technological advancements, things are looking up for taxpayers as the BIR now accepts online tax payments through their web portal.
While online payments are not mandatory, it is an excellent option if you are looking to save time and effort. Instead of lining up for minutes to hours at the Revenue District Office or RDO, you can pay from the comforts of your home without even having to get all dressed up. Of course, this privilege is possible if you have a bank account, credit or debit card, or a mobile wallet to make the transaction. The online payment setup also comes with other benefits aside from allowing you to transact in your pajamas. They are the following:
Safety and Convenience
Amid the pandemic, online options give you the ability to avoid crowds. Less exposure means you avoid getting sick. Additionally, you won’t have to get dressed, drive all the way to the RDO, waste gas money, and wait in line just to make a transaction. Noteworthy, you can be assured that these online transactions are safe as they are monitored and regulated by the BIR.
Lining up the traditional way requires scheduling, as you will have to take time out of your day to physically present yourself to the RDO. If you can’t fit this into your schedule, you could potentially miss out on the deadline, equating to late payment penalties. The online payment option makes it easier for you to meet these tax deadlines as they only take a couple minutes to settle and can be done without having to rearrange your plans for an entire month.
Spend more time focusing on your business
As previously mentioned, online payments save you lots of time, which could then be redirected to improving your business operations. With you present at the premises, your employees will perform better under your supervision and become more productive, resulting in improved bottom line.
Now that you know all the benefits that there are to gain from online payments, here is how you can pay your taxes online using the BIR Electronic Filing and Payment System (eFPS).
- Register to the BIR eFPS
- Click the options for Tax Return Filing
- Fill in the required fields
- Double check your info and click “proceed to payment”
- Choose your mode of payment: bank transfer or e–wallet (Gcash, Paymaya, PayPal, etc..)
- Enter your tax payment amount
- Click “submit: then “ok”
- You will be redirected to a banking site if you choose bank transactions
- Proceed with paying your tax
- Once you are done paying, a confirmation page will come up to display whether your transaction was successful
- Take a screenshot of this confirmation page for proof of transaction
Take Advantage of Conveniences Because Time Equals Money
What was once so tedious is now much easier and convenient to do! It is no wonder many companies prefer to use the online system for tax payments to the BIR. Leveraging technology offers so many benefits for business owners like you who have so many things to juggle on your plate.
Though a gentle caveat, the system is only capable of handling applications for tax filing and payment. You will still have to prepare your Tax Returns yourself. If you do need help in doing so, feel free to contact professional accountants to avail of their expert services. Our team of CPAs is ready to assist you with accounting, bookkeeping, auditing, and tax filing. Count on us to ascertain you pay the correct tax dues. Call us for a free 30-minute consultation.