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Why Freelancers and Solopreneurs Need to Pay Income Tax in the Philippines

There’s nothing more liberating than becoming a bonafide freelancer or business owner. But with great freedom comes big responsibilities, and one of them is settling your income tax in the Philippines.

You might get the feeling that filing taxes may not apply to you anymore since you’re no longer working for a corporation, but you need to fulfill this obligation. Taxes are an integral part of an economy. As a productive member of society, it’s your duty to do your part and contribute.

Fulfill your legal obligation

For starters, not paying taxes is against the law. Whether your working for a company or your own business, you are required to pay taxes. Failure to do so will have some serious consequences.

Be a team player

Taxes help the government fund their projects for economic development. It’s also the lifeblood of outstanding government employees, like teachers. Contributing your share of the pie greatly helps in the development of the Philippines as a whole.

Build your future

Long-term goals are now more attainable thanks to affordable payment plans for both automotive and real estate. But in order for you to be eligible for these plans, you must have a legitimate and solid financial background. This can only be attained by keeping your taxes in check.

You can accomplish your tax duties with minimum effort through the use of online tools like Taxumo. Manage all of your contributions in your mobile device and enjoy the benefits of being a good taxpayer. You can check them out here.

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