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
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