As a Business Owner it’s crucial to understand that there are various type of taxes that you need to pay within the calendar year. This can include Income Tax, Sales Tax, Withholding Tax and more. But first we’ll focus on discussing what Sales Tax is and how it functions in… Read MoreWhat is Sales Tax?
As a business owner, I’m pretty sure by now you’re already familiar with what Books of Accounts are. But if you don’t know what they are yet, it’s a group of books that declare and record all of your transactions in your business. These books typically include a General Ledger,… Read MoreORUS Guide on How to Register Your Books of Account
There is a new rule under the “Ease of Paying Taxes Act” to address VAT on uncollected receivables. This legislation allows businesses to claim back the VAT they paid on sales where they haven’t received payment. Below is a detailed breakdown of what this means and how it works. This… Read MoreWhat is VAT Rules for Uncollected Receivables? (RMC 65-2024)
Hey there Mautax! You’ve probably heard of the new “Ease of Paying Taxes” ruling again about the Official Receipts but if not then you’re in the right place. Here’s how you can stay updated on the new BIR Ruling on Issuance of Official Receipts and ensure compliance with the latest… Read MoreNew BIR Ruling on Issuance of Official Receipts (RR 11-2024)
The Ease of Paying Taxes (EOPT) law, effective from January 22, 2024, brings significant changes to how the Bureau of Internal Revenue (BIR) classifies taxpayers and changes in the BIR penalty computation, aiming to simplify tax administration and ensure equitable treatment for all. This guide explores the implications of these… Read MoreBIR Penalty Computation – Understanding the Changes Under the New EOPT Law
One of the common questions that we come across from doctors in thinking about doctors taxes is what are the allowable deductions for my tax computation in the Philippines? With all of the expenses that I have, what will the Bureau of Internal Revenue allow me to declare. What tax… Read MoreTax Deductibles that Doctors Should Be Claiming
Inventory List of Unused Official Receipts, How do I issue this to BIR? Have you heard of this new requirement from BIR in relation to the RR 7-2024? If not, let us break it down for you to easily understand what to do with them. But first what is the… Read MoreInventory List of Unused Official Receipts – How To Issue This to BIR
With the recent changes due to the Ease of Paying Taxes, a lot of people have been asking themselves “What is my taxpayer classification?” This is a new classification system implemented as part of the Ease of Paying Taxes. The most obvious impact of this is that penalties are cut… Read MoreEasy Way To Check Your Taxpayer Classification
BIR Form 1702Q — What is this? Firstly, know that there are different classifications of Income Taxes here in the Philippines, and the Income Tax form that you need to file varies on your Taxpayer type whether if you’re a Non-VAT or VAT filer — this step is very crucial… Read MoreWhat is BIR Form 1702Q – Quarterly Income Tax?
Tax Computation in the Philippines is just so hard! Taxes are a crucial part of life for every working individual in the Philippines. While it’s common for business owners and professionals to hire accountants or tax professionals due to the perceived complexity of tax compliance (and the tax computation in… Read More5 Reasons Why You Should Do Your Own Taxes