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.
De Minimis Benefits are tax exempt. These benefits were outlined and defined by the Bureau of Internal Revenue (BIR) in the issuance of Revenue Regulation No. 3-98 and several amendments since its adoption such as RR No 8-2000, RR No. 15-2011, RR No. 8-2012, RR No. 1-2015 and the latest issuance as of this writing … Continue reading De Minimis Benefits Values
Last last week, I was reading the latest issuance of the BIR's Revenue Regualtions (RR) No. 3-2010. And this is all about an additional taxpayers requirement. Yep yep, the new regulation is requiring all taxpayers to submit a "Statement of Management Responsibility" using, let me repeat, using the BIR required format. Wow, and mind you … Continue reading FYI: BIR RR No. 3-2010