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Recent Posts
- BIR ITR FORMS BY TAXPAYER TYPE (PHILIPPINES)
- ITR Preparation Without Panic: A Practical Guide for SMEs and Sole Proprietors
- Tax Talk 360: Navigating Withholding Tax
- Recurring Events of Accounting and Taxation in a Business Lifecycle
- Review on BIR’s New Invoicing Rules: Key Changes in RR No. 7-2024 and 11-2024
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Category Archives: Tax Guide
BIR ITR FORMS BY TAXPAYER TYPE (PHILIPPINES)
1. Sole Proprietors & Professionals (Non-Incorporated) Primary ITR Form BIR Form 1701 / 1701A Key Accounting Basis CPA Tip: Many sole proprietors use the wrong form, resulting in incorrect tax computation. 2. Professionals Using the 8% Income Tax Rate Applicable … Continue reading
Posted in Articles, Income Tax, Tax Guide
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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
Posted in Articles, Income Tax, Tax Guide
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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
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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
Posted in Articles, Tax Guide, Uncategorized
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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
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