Lower Income Tax Rates for the Year 2023, Higher Take-Home Pays
The annual income tax filing was also approaching as the new year began, but there is more to look forward to this year because of Republic Act 10963, also known as the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which will inevitably result in lower personal income taxes for taxpayers starting on January 1, 2023.
Business Registration Made Easier with Bureau of Internal Revenue
Over the years, BIR has sought to simplify the process and elevate the convenience of registering taxpayers. In light of Revenue Memorandum Order (RMO) No. 06-2018 enhancing the frontline services of the Bureau of Internal Revenue (BIR) by streamlining tax-related transactions, Revenue Memorandum Circular (RMC) No. 19-2018 was issued to circularize the simplified business registration guidelines and procedures.
A Guide on Business Closure
This article explains the steps and requirements for filing a business closure (also known as a cessation of registration) with the BIRBusiness closures occur for a variety of reasons, but regardless of the reason, it is critical to understand that you cannot simply cease operations. It is your responsibility as a business owner or self-employed individual running a freelance business to perform the due diligence required to close the business properly. Let's look at what this means and what is required to do so.
How to Register a Corporation in the Philippines?
What is a Corporation?
A corporation is a legal entity that is separate and distinct from its owner or incorporators. It has legal rights and obligations similar to an individual. It can enter into contracts, loan, hire employees, pay taxes, etc. It is formed by at least five (5) individual called incorporators.The ownership of a corporation is divided into shares of stock. A corporation issues the stock to individuals or other businesses, who then become owners or stockholders of the corporation.
What are the Allowable Tax Deductible Expenses from BIR?
Every business has its own Income and Expenses that needs to be monitored so you would know where your business is standing. However, not all expenses can be deducted for your taxes, and we have to observe certain tests and limitations in claiming expenses.
In theory, all of the concepts below have to be followed, but in the real world, not all comply. This is not only a test of skills and technical knowledge, but it is more a test of integrity.
Effective Techniques for Getting Your Business Accounts Ready for BIR Audits
It is wise to make sure that your company's accounts are constantly prepared for audits throughout the year if you operate a business in the Philippines. To avoid any trouble during audits carried out by the Bureau of Internal Revenue (BIR), it is best practice to regularly maintain your accounts organized and up to date.
Here are several methods for keeping your company audit-ready all year long, from regularly updating your records to addressing developments since the last BIR audit.