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products have been recently exempted from VAT. 54 out of 61 special laws with non-essential VAT exemptions have been repealed.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 MoreHow 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 MoreHow to Be Organized with Your Business Taxes in the Philippines
Ease the burden of filing BIR VAT forms 2550M and 2550Q through online filing using Taxumo. No need to print forms nor to line up at a bank. Unsure how it works? Refer to our precise guide below. Yes, there is a way to file BIR Vat forms 2550M and 2550Q… Read MoreHow to File BIR VAT forms 2550M and 2550Q Online
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 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 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