Whether you’re a self-employed individual or a professional, it is a legal duty for every citizen in the Philippines to file an income tax return annually. This is because, according to the law, incomes, regardless of their sources, have corresponding income tax rates. … [Read more...]
Train Law: What We Need to Know on Tax Payments of a Real Estate Property (Infographics)
Early this year, the Philippines government has enacted the Tax Reform for Acceleration and Inclusion (TRAIN) law – a reform initiative that is said to be instrumental to the poverty-reduction and economic development goals of the country. This newly-implemented law has a far and … [Read more...]
SEC Guidelines and Deadline for Filing Financial Statements in 2017
Section 141 of the Corporation Code of the Philippines requires a Corporation, lawfully doing business in the Philippines, to submit to the Securities and Exchange Commission (SEC) an annual report of its operations, together with a financial statement of its assets and … [Read more...]
BIR Form 2316: What Employers and Employees Should Know
BIR Form 2316 or Certificate of Compensation Payment / Tax Withheld For Compensation Payment is a certificate issued by the employer to all employees receiving salaries, wages, and other forms of remuneration during the calendar year. It contains the total amount paid by the … [Read more...]
12 Tips for a Smooth Annual ITR Filing in the Philippines
The deadline of regular annual income tax return filing in the Philippines is April 15. Business owners, accountants, bookkeepers, auditors and the tax authorities will begin to feel the tax season's breeze in the coming months. Although it’s still a quarter of a year away from … [Read more...]
How to Register with the BIR eFPS (eFiling and Payment System)
In line with the government’s policy of providing fast and convenient manner of transacting with government offices, the BIR being one of the government agencies with a very important role in nation building, conceptualized and introduced eFPS (eFiling and Payment System) in 2001 … [Read more...]
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