The 3 Common Taxes that YOU need to KNOW.

The common Taxes, applicable to taxpayer, that you need to know are (1) Value Added Tax (VAT) or Percentage Tax (PT), (2) Expanded Withholding Tax (EWT), and (3) Income Tax. However, additional taxes may apply if there are related transactions such as the following: (1) Withholding Tax on Compensation (WTC) or most commonly know as … Continue reading The 3 Common Taxes that YOU need to KNOW.

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One Person Corporation (OPC)

The SEC Commission En Banc has already issued and approved the Guidelines on the Establishment of a One Person Corporation (OPC) under Memorandum Circular No. 7, Series of 2019. Under the Guidelines, a natural person, trust or estate may form an OPC. The “trust”, however, does not refer to a trust entity, but to the … Continue reading One Person Corporation (OPC)

TRAIN: Tax Tables & Income Tax Rates

Please take note that there are two sets of income tax tables under TRAIN: (1) Income Tax Tables to be implemented for the years 2018 to 2022; and (2) Income Tax Tables which will be applicable from the year 2023 on wards. Noticeably, the minimum wage earners (MWEs) and employees earning Php20,000.00 (and below) per … Continue reading TRAIN: Tax Tables & Income Tax Rates

Do I need to enroll in the BIR’s eFPS?

BIR eFPS or Electronic Filing and Payment System is a facility provided by the Bureau of Internal Revenue for a fast, convenient and paperless tax filing and payment using web browser and internet connection. But who are required to enroll in the eFPS facility? Not all are required, only those the are listed below are … Continue reading Do I need to enroll in the BIR’s eFPS?

HAVE YOU LOST YOUR BIR CERTIFICATE OF REGISTRATION?

Did you lose your original BIR form 2303 or the Certificate of Registration (COR)? That you already exerted effort but you can't find it.   Or your company's BIR 2303 was caught by fire, flood or natural disaster?  Well, don't worry, you can always replace the BIR Form 2303 or the BIR Certificate of Registration (COR) … Continue reading HAVE YOU LOST YOUR BIR CERTIFICATE OF REGISTRATION?