On January 1, 2018, the Tax Reform for Acceleration and Inclusion or TRAIN was implemented in the Philippines. This tax reform program aims to improve the tax system and make it simpler, fairer, and more efficient. As a dutiful taxpayer, it’s important to be aware of TRAIN, especially of the new… Read MoreWhat You Should Know about TRAIN
What mistakes should be avoided when filing freelance taxes in the Philippines? Presenting incomplete and incorrect data Miscalculating the tax due Not declaring every income earned Missing the deadline Filing taxes as a freelancer in the Philippines can be difficult and confusing. Plus, the introduction of the TRAIN law certainly doesn’t help… Read MoreTax Filing 101: 4 Mistakes You Shouldn’t Make
What is this “withheld” amount? Why did my client not pay the full amount? What is this 2307? Is this the “ITR”? When you get your check from your client and, specially, if this is the first you’re getting paid, you probably have these questions in mind. So let us help… Read MoreWithholding Tax Table 2018 for Freelancers / Professionals
Income Tax for 2018 in the Philippines has been an interesting space lately because of the TRAIN Law (aka R.A. 10963). For self-employed individuals, it has been of particular interest because they now have an option to avail of a simpler 8% Income Tax Rate Option. The BIR released Revenue… Read MoreHow to Avail of the 8% Income Tax Rate on Gross Sales/Receipts
The Tax Reform for Acceleration and Inclusion, more popularly known as TRAIN, has amended the tax code to increase the VAT Threshold from P1.919 Million to P3.0 Million. If you are a registered VAT taxpayer earning less than P3.0 Million, you may now opt to be non-vat instead. This is… Read MoreTax Reform: How to Change from VAT to Non-VAT
The Income Tax Reform Law (Tax Reform for Acceleration and Inclusion of TRAIN) (RA No. 10963 + veto message) changes a lot of things for the DIY taxpayer. Aside from the forms themselves, the tax reform law also changes the frequency, the processes, and the formula & tax tables that… Read MoreTRAIN Law Primer or So what do I file now?
The Tax Reform for Acceleration and Inclusion (more popularly known as TRAIN, less popularly known as RA No. 10963) has been signed. This has opened up more options for Individuals, SME’s, Professionals, and Freelancers when it comes to paying taxes. TRAIN’s New Tax Option In particular, TRAIN gives us a… Read MoreTRAIN’s New 8% Tax – Does it really save you money?
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?
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?