BIR released a new memorandum regarding the invoice compliance for VAT and Non-VAT taxpayers. Let’s take a look on some of the details on how to issue your invoice if you’re a VAT of Non-VAT business. Invoice Compliance and Requirements According to RMC 77-2024, businesses are now required to issue… Read MoreClarifying Invoice Requirements for VAT and Non-VAT (RMC 77-2024)
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?
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)
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?
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
Hey there, fellow hustler! Have you heard of the new BIR RMC No. 55-2024? Basically BIR granted extension to online sellers for tax compliance until July 14, 2024. Good news is you still have more time to figure out how to do your taxes, and the greater news is you… Read MoreBIR Tax Online Sellers – Is There An Easy Way To Do Taxes?
We get that it’s tiring to spend countless hours wrestling with paperwork and crunching numbers to file your annual income tax return. Especially if you’re doing traditional methods, this tedious and confusing process can easily overwhelm and stress you out. But there’s a better way for you to do taxes… Read MoreHow to File Your Annual Income Tax Return Digitally
In today’s digital era, the question “Do we need to register an online business?” frequently arises among aspiring entrepreneurs ready to capitalize on the vast opportunities of the digital marketplace. Operating an online store in the Philippines comes with its set of regulatory and tax obligations, similar to traditional businesses.… Read MoreDo We Need to Register an Online Business?
Planning a trip to Japan? The first step to your dream vacation is to get through the visa application process successfully. To help you do just that, here’s a detailed guide on the Japan visa requirements for Philippine passport holders, especially highlighting the needs for self-employed individuals and business owners.… Read MoreNavigating Japan Visa Requirements: Guide for Philippine Passport Holders
As a professional or business owner, understanding the intricacies of taxes that affect your earnings is crucial. One such tax that often prompts questions is the “professional fees withholding tax.” This withholding tax applies to earnings from professional services, and its management can significantly impact your financial health. Here’s everything… Read MoreNavigating Professional Fees Withholding Tax: A Comprehensive Guide with Taxumo
The Ease of Paying Taxes Law, or EOPT Law, has been a game-changer since its introduction. This law, formally known as Republic Act No. 11976, was officially enacted on January 5, 2024, marking a significant milestone in the world of tax compliance in the Philippines. By simplifying the process of… Read MoreUnderstanding the EOPT Law: Simplifying Tax Compliance
As April 15th swiftly approaches, a date well-known for the annual trip to the Bureau of Internal Revenue (BIR) looms for many Filipinos. But imagine a scenario where you could bypass the tedious queues, avoid the last-minute rush, and even enjoy some attractive financial benefits. This is the advantage of… Read MoreFiling Your Annual ITR Early: A Smart Move for 2024
A Guide to Filing Your 2024 ITR in the Philippines April 15th, 2024, may seem distant, but for tax-savvy Filipinos, it’s never too early to start preparing. This comprehensive guide to filing your 2024 ITR will set you on the path to a smooth and efficient tax season. Gear Up… Read MoreA Guide to Filing Your 2024 ITR in the Philippines
Most freelancers in the Philippines send us messages like the image above: they have no idea how to start turning their freelancing hustle into a legitimate business. If you’re a beginner freelancer, you understand perfectly well that the question of tax registration can feel like a hassle! But what… Read MoreWhy Is 2024 the Perfect Time to Go Legit as a Freelancer in the Philippines
The digital marketplace is an ocean of opportunity for Filipinos looking to express themselves and earn income online. It is ever-changing with the tides of technology and regulation. In this new environment, a new economy has definitely been created and with it comes regulations. A recent governmental update made its… Read MoreUnderstanding the 1% Withholding Tax on Online Sellers
How to get your BIR Certificate of Registration? And who needs to claim it? Are you starting a business or practicing a profession in the Philippines? One of the tasks you’ll have to handle is getting yourself registered with the Bureau of Internal Revenue (BIR) and securing your Certificate of… Read MoreHow to Get Your BIR Certificate of Registration (Form 2303)
BIR has released RMC 87-2024 to clarify some questions regarding Filing and Paying of Taxes under the system of Ease of Paying Taxes. Let’s take a look at the various methods available for taxpayers to file their tax returns, depending on their enrollment status and the availability of electronic platforms.… Read MoreFiling and Paying Taxes on eFPS Under Ease of Paying Taxes (RMC No. 87-2024)
Good news Online Sellers! According to RMC 79-2024, BIR is extending the deadlines for Online Sellers to register their business through BIR until October 12, 2024. With the deadline extension, here’s what you need to know to prepare for operating your business legitimately. Business Registration It’s important to understand that… Read MoreOnline Sellers Get Extra Time to Register for Taxes as BIR Extends Deadline (RMC 79-2024)
The Bureau of Internal Revenue (BIR) has extended the deadline for certain dues in select Revenue District Offices (RDOs) affected by Typhoon Carina and the Southwest Monsoon. The new deadline is now set for July 31, 2024. A formal issuance will be released in the coming days to provide more… Read MoreBIR Extension of Deadlines due to Typhoon Carina
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
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