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Tax Rules

Basic Types of Taxes Every Proprietor and Professional Needs to Pay to the BIR

Basic Taxes Every Proprietor and Professional Needs to Pay to the Bureau of Internal Revenue

Many of us who start a business come from a regular employment setting.  So when we decide to register our business with the Bureau of Internal Revenue (BIR), it comes as a shock when we learn that there are several types of taxes.

Yes, aside from income tax, there are other types of taxes that a business owner needs to pay–and that they need to file various tax forms many times a year.

Of course, we can’t spare you the payments, but we can at least spare you the shock.

Here, for your reading pleasure, are all the basic types of taxes and fees every professional or business owner needs to pay once they have registered with the BIR:

Read MoreBasic Types of Taxes Every Proprietor and Professional Needs to Pay to the BIR

Will the Philippines’ New Real Estate Tax Amnesty Bill Affect Your Property Taxes?

 

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.

What is Estate Tax?Read MoreWill the Philippines’ New Real Estate Tax Amnesty Bill Affect Your Property Taxes?

With Lower Income Taxes, How Will Duterte Deal with the Philippines’ Huge National Debt?

  • Evan Tan 

Duterte's Solution to Philippine Debt Despite Lower Income Taxes

President Duterte’s photo taken from DuterteNews.com

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?

Income tax rate of just 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%?

OFWs Don’t Pay Income Taxes. Shouldn’t Online Filipino Freelancers Be Exempted, Too?

Online Filipino Freelancers Exempted from Income Tax

Should Filipino freelancers pay income tax?

Without divulging my age, let’s just say I was once a patron of prepaid internet ISP cards during the dark ages where people back then would have freaked out if someone had showed them the IPhone. Anyone remember anticipating that fax sound to end so we could finally start surfing, only to have your sibling pick up the phone extension in the other room? Oh that was so annoying…

But technology and the internet has come a long way. It has even disrupted the very employment landscape and allowed Filipinos to compete for virtually any job in the world, right at the comfort of home. Graphic design, bookkeeping, virtual assistants – the list is endless, and out of this technological revolution an ever growing community of online freelancers has emerged. Some describe online freelancing to be a bit similar to working abroad, only this time you get to do it even in pajamas.

It therefore is not surprising for some online freelancers to think they enjoy the same “tax exempt” status as OFWs, and if not, why not? Why not us too?

Read MoreOFWs Don’t Pay Income Taxes. Shouldn’t Online Filipino Freelancers Be Exempted, Too?