Manual filing remains the traditional and most widespread method of submitting various tax returns for government revenue services in the Philippines. However, the tax environment is changing rapidly vis-à-vis the advancement of information and communication technology (ICT). As … [Read more...]
23 Tips for the Preparation of Annual Income Tax Return (ITR) in the Philippines
Individual and corporate taxpayers in the Philippines, who are required to file and pay their annual income tax return, should be done fulfilling their obligation on or before April 15, 2015 to avoid penalties for late filing. With three months time remaining (as of this post) … [Read more...]
How to Deal with the Burdensome Tax Regulations in the Philippines
Tax or tax payment is a burden. Complying with several steps, processes and regulations before you can pay your taxes due is another and even a bigger burden. If you're a full-time or a pure employee, you only need to worry about the tax money which is automatically deducted in … [Read more...]
How to Reduce Your Business Income Tax by Increasing Your Generosity
So you want to pay less income tax from your business? Tax evasion is illegal, thus, I never recommend it to anyone. But tax avoidance is not. And if you will do it with good faith or with an intention to help people, tax avoidance can be a great way to minimize your business' … [Read more...]
The Grueling Tax Penalties in the Philippines and More
In order to encourage taxpayers in the Philippines to file and pay their taxes on or before the due date, the BIR and DOF impose penalties for late filing of any tax declarations. Basically, the tax penalty here is composed of interest (20% per annum), surcharge (outright 25% if … [Read more...]
The Difference between Sales invoice and Official Receipt
What’s the difference between a Sales Invoice and an Official Receipt? To address this question, the following are some of the differences of sales invoices and official receipts: Sales Invoice Official Receipt 1. A sales invoice is a … [Read more...]
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