Income Tax Return Filing Guidelines for Taxable Calendar Year 2016

For most business owners in the Philippines, it has been a yearly tradition to think about our Annual Income Tax Return which is normally due every April 15. Many business owners may already be done filing/paying their Annual Income Tax Return, while some are still in progress of completing it. To avoid confusion on the […]

Purchase Journal: What is it and How to Write Manually?

All business establishments registered with the Bureau of Internal Revenue (BIR) are required to maintain and keep a record of their day to day transactions. Such record is referred to as “books of accounts” or “accounting books”. In general, the accounting books being registered to the BIR depends on the nature and size of the […]

BIR Importer’s Clearance Certificate (BIR ICC) Application Guidelines

Last September 2, 2016, the BIR has issued a memorandum order, RMO No. 56-2016, which serve as a new guideline in applying and getting importers clearance certificate from the bureau. The documentary requirements and processing time in the issuance of the certificate has been reduced. This was done by the bureau because they aim to expedite the application process. The faster processing […]

Value Added Tax (VAT) in the Philippines – An Introduction

We may not be aware of it, VAT (Value Added Tax) is part of our life, we are paying it regularly. VAT is everywhere, it’s in the most of the goods or services we purchase. Take for an instance, whenever we go to the salon to get our hair done, when we dine in a […]

How to Write a Non-VAT Official Receipt?

All registered taxpayers engaged in business are provided by the Bureau of Internal Revenue (BIR) an “ASK FOR RECEIPT” signage to be displayed visibly in the business establishment. The ASK FOR RECEIPT signage is a reminder, both to the seller and the buyer, the importance of issuing an official receipt or invoice for every sale […]

What You Need to Know About Official Receipts?

All income earners, except for purely compensation income earners, are mandated to issue a receipt or invoice for every sale of services or products. The BIR even require all businesses to post visibly in their establishments the “ASK FOR RECEIPT” signage. The purpose of the signage is to ensure all buyers are aware of their […]

Guideline in Preparing BIR Form 1604E and Alphalist of Payees

Tax Form BIR Form 1604E: Annual Information Return of Creditable Income Taxes Withheld (Expanded)/ Income Payments Exempt from Withholding Taxes Description This return is filed by every withholding agent/payor who is either an individual, estate, trust, partnership, corporation, government agency and instrumentality, government-owned and controlled corporation, local government unit and other juridical entity required to […]

Reminder on Tax and Payroll Deadlines for February 2016

The first month of the year 2016 just ended and we are now in what they call the “love month” of February. Before you think about the Valentines Day, we are writing this article to remind and guide you of the basic tax and payroll deadlines for the month of February 2016. Important Note: For […]

Reminder on Year-End Compliance

The new year always bring positive perspective. May it be because the close of the year is coming or the idea of a fresh start keeps us motivated. At this time, we are either writing the memories of the past year or creating resolutions and plans for the new coming year. For accountants, taxpayers and businesses, […]

New BIR Income Tax Forms (RR 2-2014)

The Bureau of Internal Revenue (BIR) issued this month of February the Revenue Regulations No. 2-2014 (RR 2-2014) prescribing the New Income Tax Forms that will be used in filing of Income Tax Returns (ITRs) for the taxable year ending December 31, 2013. What are the Changes? The new income tax forms have the following […]