Tax is the bread and butter of our nation. That is why our government, legislators and the Bureau of Internal Revenue (BIR), strive to improve our tax system for better internal revenue collection. Withholding taxes, such as withholding tax on compensation, expanded withholding … [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...]
What Taxes Should I Pay in the Philippines (Self-employed)
What taxes should you pay in the Philippines? What taxes should self-employed individuals pay in the Philippines? Self-employed taxpayers are those individuals who receive income from business or from practice of profession. Persons who receive mixed income (income from business … [Read more...]
How to Prepare Income Tax Return (Corporations and Partnerships in the Philippines)
Previously, we have tackled the steps and guidelines on the computation and preparation of income tax for professionals and individuals who are engaged in business in the Philippines. This time, we will move on to discussing how to compute and prepare income tax return for … [Read more...]
How to Compute Income Tax in the Philippines (Single Proprietorship)
How to compute annual income tax in the Philippines for self-employed individuals, such as proprietors and professionals? Computing income tax expense and payable is different for individuals and corporations. Taxable corporations may be taxed using a fixed income tax rate. On … [Read more...]