Business taxes in the Philippines can either be Value Added Taxes (VAT) or Percentage Taxes. Furthermore, an Excise Tax can also be imposed on certain taxpayers who are in the course of trade or business as an addition to VAT. Unlike an income tax, which is based on the … [Read more...]
How to Compute VAT Payable in the Philippines
How to compute Value Added Tax (VAT) payable in the Philippines? Any person or entity who is engaged in trade, business or in the practice of profession may be liable to business taxes. Business taxes can be either a Percentage tax or a Value Added Tax. Furthermore, a taxpayer … [Read more...]
How to Compute Percentage Tax Payable (BIR Philippines)
How to compute Percentage Tax payable in the Philippines? How to prepare and file your percentage tax return with the Bureau of Internal Revenue (BIR) or with an Authorized Agent Bank (AAB)? The following are steps and guidelines in the preparation and computation of percentage … [Read more...]