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?
Hi guys, please check out a couple of our earlier blogs/episodes to follow JCruz’s tax questions. Our triathlon coach, JCruz, is now at a stage where he’s choosing between accepting BIR’s peace offering, the Optional Standard Deduction (OSD), or attempt to identify, segregate, and document all his receipts/expenses. His… Read MoreOption O, or Option Ooh(Episode III)
Just like the Twilight series, please refer to earlier blog on business receipts and expenses Episode I. Well we start Episode II again with our friend, triathlon coach JCruz, who’s eager to share his questions on business expenses. He has completed Step One and have identified all his “what-if”… Read MoreBIR’s peace offering (Episode II)
May sobrang resibo ka ba dyan? Has anyone heard of that? How about a friend who volunteers to get the bill and calculate everyone’s share, because your friend needs that receipt? This is especially true for home-based professionals and solopreneurs who apparently don’t have enough expenses/receipts to claim as tax… Read MoreAkin Na Lang Ang Resibo Mo! (Episode 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%?
I’ve been approached by numerous solopreneurs and home-based businesses for advice on how to sort out their bookkeeping. The three most common hiccups are: mixing personal and business-related funds; having trouble segregating or splitting personal and business expenditures; and ultimately, not having a clear picture of how much profit… Read MoreBefore You Start a Business, Focus on the Most Important Thing
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?
The nature and characteristic of Value Added Tax (VAT) is that it is a “business tax levied on the value added on certain goods, properties and services in the domestic market and/or importer of goods” The case of Tolentino v. Secretary of Finance shows the nature of Value Added Tax.… Read MoreA little bit of this and a little bit of VAT
Is your business VAT registered? Maybe it’s time to change that. There’s been this clamor for years to have the income tax table indexed to inflation. The last time it happened? Never. It was never adjusted for inflation since the revised tax code took effect more than 20 years ago.… Read MoreShould my business pay VAT? A guide for Filipino small business owners