File BIR VAT forms 2500M and 2550Q online with Taxumo. No need to print forms or line up at a bank. Read our guide below to get started. BIR VAT forms 2550M and 2550Q applies to the sale or exchange of goods and services in the Philippines. Both forms serve… Read More »How to File BIR VAT Forms: 2550M and 2550Q Online
How did the Train Law improve VAT? Some products have been recently exempted from VAT. 54 out of 61 special laws with non-essential VAT exemptions have been repealed. The government is stricter with enterprises filing for VAT zero rating. Changes in the VAT refund system. The Philippines has one… Read More »How VAT is Improved Because of the TRAIN Law
How can you organize your business taxes in the Philippines? Go paperless Compile your receipts and invoices Set up a bank account for paying taxes Keep track of all your payment dates Many Filipino freelancers and entrepreneurs often find it difficult to organize their business taxes in the Philippines.… Read More »How to Be Organized with Your Business Taxes in the Philippines
As a freelancer or a sole proprietor, filing BIR forms and settling your taxes is your responsibility.
Knowing the right forms to secure and when they should be filed will save you from a lot of stress and penalties. So for today’s post, we’re giving you the ultimate list of BIR forms that every taxpayer should know.
Here we go.
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 More »Tax 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 More »TRAIN Law Primer or So what do I file now?
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 More »A 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 More »Should my business pay VAT? A guide for Filipino small business owners