Archives for July 2013

Difference Between VAT and Non-VAT

Majority of businesses registered with the Bureau of Internal Revenue (BIR) in the Philippines are subject to sales tax. The two most popular types of sales tax are: VAT and NON-VAT, also¬† referred to as Other Percentage Tax. What is a Sales Tax? Sales tax is a tax imposed on the gross sales or gross […]

What is the Use of the Balance Sheet?

It has been said that Accounting is the language of business because it communicates the financial condition and performance of a business entity through the financial reports accountant produces, which are popularly known as Financial Statements. Aside from the fact that financial statements are required annually by the BIR and/or SEC, there are a lot […]