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
The Bureau of Internal Revenue (BIR) of the Philippines has recently enacted Revenue Regulation No. 8-2024, marking a significant shift in the BIR taxpayer classification system. This regulation, effective from March 22, 2024, aligns with the provisions of Section 21(b) of the National Internal Revenue Code of 1997, as amended… Read MoreBIR Taxpayer Classification Under the New Revenue Regulation No. 8-2024
Taxumo understands the importance of being precise and complete when filling out financial documents, especially when it involves Value Added Tax (VAT) in the Philippines. We are always asked by online sellers, professionals, MSMEs, etc. on how to write on a VAT Receipt. This guide will help you on how… Read MoreGuide on How to Write on your VAT Receipts
We recently published an article about the BIR new rules on receipts. For those who are still seeking for clarity, here are the top questions that we received from different customers and taxpayers with regard to RR 7-2024. 1. What are the specific changes introduced by BIR RR No. 7-2024… Read MoreFrequently Asked Questions on RR 7-2024
Have you ever taken a look on your COR and wonder, what is this 1701Q? How does it work and what does it declare? To simply put it – BIR Form 1701Q, or the Quarterly Income Tax Return is filed by any taxpayers who are earning income within the Philippines.… Read MoreHow to File 1701Q Online with Taxumo
Remember that trademark scene from Jurassic Park, the one with the glass of water moving with the vibrations because something big is coming? Then better hold on to your glasses of water for this update! Well it is not that big, nor dangerous. More Barney than Jurassic Park, get it?… Read MoreNavigating BIR Rules on Receipts: Transitioning to Invoices
Taxumo supports Online Sellers on understanding how taxes work in the Philippines With the recent efforts from BIR to tax online sellers, BIR also announced recently its extension for tax compliance and BIR Registration Online Seller (according to BIR RMC No. 55-2024). This extension gives online sellers additional time to… Read MoreBIR Registration Online Seller Deadline Extended
Congratulations on filing your Annual Income Tax with Taxumo! Along with that Annual ITR Filing, Taxumo also submits, if applicable, your Summary Alphalist of Withheld Taxes which includes the details of the Form 2307s you received from your clients. Now there is one more step for you to do and… Read MoreEAFS submission – How to Submit Annual Income Tax Return attachments
Ever felt overwhelmed by all the rules and regulations about receipts? Is it your first time writing receipts?You’re not alone! We know taxes can be a headache, but we also know how much you care about your business. That’s why we created this simple guide to writing Non-VAT Official Receipts.… Read MoreHow to Write Non-VAT Official Receipts in the Philippines