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In the Philippines, it’s common for business owners to receive unexpected tax demands from the Bureau of Internal Revenue (BIR), even if their operations were stopped years prior. This often arises from a lack of understanding about the correct procedures for legally closing a business. Picture this: You shut down your unsuccessful business a decade … Read more
If you’re tired of the old way of filing and paying taxes in the Philippines, the BIR eFPS could be a good option for you. eFPS stands for eFiling and Payment System. It lets you take care of your taxes online, from anywhere you have internet. If you like the idea of an easy, paperless … Read more
The eBIRForms system is a great tool for people in the Philippines who don’t use the eFPS tax system. It makes preparing and submitting tax forms easy and reliable. Anyone can use it, even if they don’t have internet access. The system has two main parts. One is a software you can download to fill … Read more
When it comes to computing your income tax, it’s essential to be meticulous to avoid any penalties from the Bureau of Internal Revenue (BIR) due to miscalculations. This guide will help you understand the key terms and steps involved in income tax computation, specifically under the TRAIN Law Tax Table for 2023. Please note: This … Read more
The Overseas Employment Certificate (OEC) is a crucial document for Overseas Filipino Workers (OFWs) leaving the Philippines. It serves as proof that an OFW has undergone the proper documentation process and is under the protection of the Philippine government. This guide will discuss everything you need to know about OEC exemption under the Balik-Manggagawa (BM) … Read more
The Overseas Employment Certificate (OEC) is a crucial document for Overseas Filipino Workers (OFWs) that certifies they are legally employed abroad. For direct-hire OFWs, there is a specific process for obtaining the OEC. Here is a comprehensive guide for obtaining an OEC for direct-hire OFWs. Phase 1: Obtaining POEA Clearance 1. Verifying Exemption from the … Read more
Do freelancers have to pay taxes in the Philippines? How much tax should I, as a freelancer, pay? How can freelancers get something called an ITR? You might have heard these questions and more in various chats online or in person. A lot of freelancers in the Philippines don’t really know much about how to … Read more
It’s pretty common for people to switch jobs. They might move to a different company that offers better things, or they might leave their job to start their own business. When you change jobs, you have to update your tax records. These records are kept at a place called the Revenue District Office (RDO), and … Read more
Getting a BIR business registration is like getting the green light to legally kickstart your business. Once you’re in the system, it’s crucial to play by the rules—follow all the business and tax laws to avoid getting into trouble. Even when things were tough during the pandemic, most businesses made sure to pay their taxes. … Read more
If you’re running a business or practicing a profession registered with the Bureau of Internal Revenue (BIR), you have to keep track of your financial transactions using books of accounts. If you’ve just started a new business and haven’t chosen a different way to record stuff, you’ll probably end up using Manual Books of Accounts. … Read more