Author Archives: admin_H.R. Albia
ITR Preparation Without Panic: A Practical Guide for SMEs and Sole Proprietors
Introduction Based on my experience as an Accounting Manager and a CPA in public practice, Income Tax Return (ITR) preparation becomes stressful for many SMEs and sole proprietors not because the rules are complex, but because accounting records are often … Continue reading
Tax Talk 360: Navigating Withholding Tax
Withholding Tax in the Philippines Withholding tax is a tax system in the Philippines where the government collects taxes at the source of income. This ensures that taxes are paid progressively throughout the year rather than at the end of … Continue reading
Recurring Events of Accounting and Taxation in a Business Lifecycle
In the business lifecycle, recurring accounting and taxation events are critical for compliance and financial health. Here’s a summary of key recurring events: 1. Daily/Weekly Events 2. Monthly Events 3. Quarterly Events 4. Annual Events 5. Occasional Events
Review on BIR’s New Invoicing Rules: Key Changes in RR No. 7-2024 and 11-2024
Upon the Effectivity of these Revenue Regulations. INVOICE will be the primary documents for both Trading and Service type of businesses. As Illustrated above: 1.) There’s no effect on Trading businesses on the invoicing requirements. Sales Invoice as primary documents … Continue reading
Overview of Philippine Taxation
Taxation in the Philippines is governed by the Bureau of Internal Revenue (BIR) and is based on the National Internal Revenue Code. Here’s an overview of key aspects of taxation in the Philippines: It’s important for individuals and businesses in … Continue reading
Year-end Tax Reminder
Ah, the impending finale of the fiscal year! Here are some friendly reminders as you approach the tax year-end: BIR Compliance Requirements: Annual Registration Fee – BIR form No. 0605 , Deadline January 31 Submission of Inventory List – Deadline … Continue reading
Accounting Year-End Reminder
Ah, the joy of balancing the books! As the year comes to a close, here are a few friendly reminders for your year-end accounting: Remember, a little diligence now can save you headaches down the road.
Accounting Cycle
Accounting cycle are the steps and procedures in completing the company’s bookkeeping, analysis, interpreting and reporting of all business transactions.
BIR Registration
Per Sec. 236 (i) of the Tax Code, Any person, whether natural or juridical, required under the authority of the Internal Revenue Code to make, render or file a return, statement or other documents, shall be supplied with or assigned … Continue reading
DTI Business Name Registration
So, what is Business Name? This refers to any name that you will use in connection with your business other than your true name. Any Filipino who is at least 18 years of age can register a business name. Business … Continue reading