If you’ve been following the news recently, you would know that Congress unanimously approved House Bill No 4814 or The Real Estate Tax Amnesty Bill.
Anyone who owns real estate properties will find this significant to them. It is a tax amnesty on real estate taxes.
Before delving into the content of the Real Estate Tax Amnesty Bill, it is noteworthy to explain certain legal concepts.
While it took more than a decade for Rachel Limjoco-Bonifacio of Treehouse Yoga to trade high heels and office swivel chairs for bare feet and yoga mats, she has always been focused on one thing: her passion for teaching.
After thirteen years in the corporate world (the last few years of that, as a training manager in UnionBank of the Philippines), she decided that it was time to make a career shift.
And this is when she discovered something bigger and crazier to fuel her passion.
Below, Taxumo Hero Rach shares the secret to facing one’s weaknesses (and other nuggets of advice for every Filipino small business owner and self-employed professional who’s dreaming of doing something amazing.)
Read MoreTaxumo Heroes: The Passion That Drives Rach of Treehouse Yoga
The proposed income tax reforms have been hogging the headlines lately. Based on the latest draft at end of February 2017, an annual basic salary of P250,000 that used to be taxed as high as P37,500, will now be ZERO (not a typo). Everyone can’t wait for this to happen. It’s about time to experience a tax REDUCTION for a change.
But while national taxes (e.g. income taxes) are getting all the media attention, there is set of taxes that are under the radar, and have risen significantly in recent years. I’m referring to city/municipal or “local” taxes.
Read MoreWhat Can We Do with High Local Taxes in the Philippines?
There have been various news coverage on the election of Donald Trump, and how Trump’s “America First” policies could negatively impact our country’s thriving business process outsourcing or BPO industry. Many are concerned of possible US legislation that could discourage companies from further outsourcing. Or that they’ll make offshore services more expensive through some form of “border tax”. Analysts estimates well over 50% of BPO revenues emanating from the US or US companies. And some industry stakeholders, especially BPO employees, are frankly scared.
Read MoreHow President Trump May Hurt (or Help) the Philippine BPO Industry
The Duterte administration is aware of the potential risk of lowering Philippine income taxes. This is how he might manage the Philippines’ tremendous national debt—in the face of rising interest rates.
Ever wondered how much is the Philippines’ total debt?
Can you guess without Googling it? No?
Read MoreWith Lower Income Taxes, How Will Duterte Deal with the Philippines’ Huge National Debt?
Lowering taxes in the Philippines is possible, but it will take a lot of compromise for us to move things forward. HOW CAN IT BE DONE? There’s been several proposals of late aiming to lower the tax rates for the Philippines’ middle class. These include, among others, lessening the individual income tax… Read MoreHow can we get lower taxes in the Philippines?
Hi guys, please check out a couple of our earlier blogs/episodes to follow JCruz’s tax questions. Our triathlon coach, JCruz, is now at a stage where he’s choosing between accepting BIR’s peace offering, the Optional Standard Deduction (OSD), or attempt to identify, segregate, and document all his receipts/expenses. His… Read MoreOption O, or Option Ooh (Episode III)
Just like the Twilight series, please refer to earlier blog on business receipts and expenses Episode I. Well we start Episode II again with our friend, triathlon coach JCruz, who’s eager to share his questions on business expenses. He has completed Step One and have identified all his “what-if”… Read MoreBIR’s peace offering (Episode II)
May sobrang resibo ka ba dyan? Has anyone heard of that? How about a friend who volunteers to get the bill and calculate everyone’s share, because your friend needs that receipt? This is especially true for home-based professionals and solopreneurs who apparently don’t have enough expenses/receipts to claim as tax… Read MoreAkin Na Lang Ang Resibo Mo! (Episode 1)
The Department of Finance has just released more info on proposed tax reform proposals it aims to be approved next year, and yes it includes much lower income tax rates. How much lower? How about as low as 1%? Have I got your attention? But just who are qualified under… Read MoreIncome tax rate of just 1%?