Every business owner who have employees are required to deduct and withhold the tax from their employees. The employer is required to file taxes even if there is zero tax withheld. But not all … [Read more...] about Withholding Tax on Compensation under TRAIN Law
BIR
How do You Register your Employees to the BIR?
All employers shall require their concerned employees to accomplish in triplicate the: 1. Application for Registration BIR Form 1902, if the employee does not have existing TIN 2. … [Read more...] about How do You Register your Employees to the BIR?
What are the Allowable Deductions in the Gross Estate under TRAIN Law?
This is a follow up article of my blog post “Estate Tax in the Philippines under Train Law”. You should read this if want to know what are the Allowable Deductions in the Gross Estate of … [Read more...] about What are the Allowable Deductions in the Gross Estate under TRAIN Law?
Estate Tax in the Philippines under Train Law
Death is inevitable. And so are taxes. Did you know? When someone dies in your family. All his or her properties will be transferred to the rightful beneficiary or his or her heirs. But … [Read more...] about Estate Tax in the Philippines under Train Law
Donor’s Tax in the Philippines under TRAIN Law
This guide is for the people who wants to know the updates in Donor’s Tax in the Philippines under TRAIN Law. You should read this if you can see yourself donating properties in the … [Read more...] about Donor’s Tax in the Philippines under TRAIN Law
Withholding Tax on Professional Fees under TRAIN Law
Did you know that payments to Professionals are subject to Expanded Withholding Tax? That means, if you pay services of self-employed professionals, you need to withhold tax from them. Failure … [Read more...] about Withholding Tax on Professional Fees under TRAIN Law
Expanded Withholding Tax under TRAIN LAW
As a business owner, you might be required to file Expanded Withholding Tax. But not all taxpayer are aware if they need to file Expanded Withholding Tax. As a result they get penalized for not … [Read more...] about Expanded Withholding Tax under TRAIN LAW
Value Added Tax in the Philippines
After reading this article, you will get an overview of Value Added Tax (VAT) in the Philippines under TRAIN Law. In this article, you’ll learn about: What is Value Added Tax … [Read more...] about Value Added Tax in the Philippines
What are VAT Exempt Transactions in the Philippines?
After reading this article, you will know if your transaction is VAT Exempt. The following are VAT exempt transactions under Section 109 of Tax Code A. Sale or importation of agricultural, … [Read more...] about What are VAT Exempt Transactions in the Philippines?
What are VAT Zero Rated Transactions in the Philippines?
After reading this article, you will know if your transaction is VAT Zero Rated. The following are VAT zero rated transaction: 1. Export Sales a. The sale goods and services … [Read more...] about What are VAT Zero Rated Transactions in the Philippines?
Income Tax Under Train Law
A. What is Income Tax? Income Tax is a tax on a person’s income or profit arising from property, practice of profession, or conduct of trade or business. B. Who are the individuals … [Read more...] about Income Tax Under Train Law
Quarterly Percentage Tax
What is Percentage Tax? Percentage Tax is a business tax that is imposed on persons who sell or lease goods, properties or services in the course of their business. Percentage Tax Under … [Read more...] about Quarterly Percentage Tax
What is the Difference between Sales Invoice and Official Receipt?
Every taxpayer engaged in trade or business are required to issue BIR registered Sales Invoice and Official Receipt for each sale of goods or services. Issuing a BIR Sales Invoice and/or Official … [Read more...] about What is the Difference between Sales Invoice and Official Receipt?
What are the Books of Accounts?
When you register a business in the BIR, it is a requirement that you register and maintain your Books of Accounts. If this is your first time to hear that, this article will help you know and … [Read more...] about What are the Books of Accounts?
What are the Allowable Deductible Expenses in the Philippines?
If you want to minimize your income tax legally, you should know what the allowable deductible expenses in Philippines are. Because more expenses means lower income tax. But you should know that there … [Read more...] about What are the Allowable Deductible Expenses in the Philippines?
Which is better, Itemized Deduction or Optional Standard Deduction (OSD)?
As a business owner, you are required to file your Income Tax Return quarterly and annually. And when it comes to Income Tax Return, there are two types of tax deduction schemes. These are … [Read more...] about Which is better, Itemized Deduction or Optional Standard Deduction (OSD)?
Important Dates to Remember for Philippine Businesses
This article will give you an overview about the important dates to remember for Philippine businesses when it comes to SEC, LGU, and BIR. Have you ever tried running for a race? It can be 5k, 10k, … [Read more...] about Important Dates to Remember for Philippine Businesses