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.
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)
Export Declaration : no more manual submission!
Starting June of 2012, submission of export declaration is now through on-line or BOC e2m lodgement as they call it. It means no more manual submission. Therefore, if you have upcoming export shipments, then you need to arrange your CPRS (Client Profile Registration System). Please take note that registration depends on which category you belong. … Continue reading Export Declaration : no more manual submission!