th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg
 
News and Events

Is Duterte’s TRAIN Law Veto Bad News For Foreign Investments in PH?

Officials and experts grapple with some of the tough questions at a forum on the new tax law

As euphoria over the relatively quick passage and approval of the Tax Reform for Acceleration and Inclusion (TRAIN) Law in December 2017 give way to the mundane business of complying with its numerous and complex provisions, key questions are emerging on the ...

by Entrepreneur Staff  | February 28, 2018 10:00:00
Startup Tips

Financial Adviser: The 3 common mistakes every startup business must avoid

Or make it more costly for you to start your dream venture.

Q: I have recently retired from the corporate world and was planning to start a small business. Hopefully, the income from the business can help supplement my current income from retirement.  What are the things that I need to watch out for ...

by Henry C. Ong  | June 28, 2016 08:00:00
Startup Tips

Here's your guide to beat the April 15 income tax filing deadline

Bookmark this page to read articles on the eh, dreaded deadline.

(UPDATED) April means two things for most Filipinos: summer and tax season.As the deadline for tax filing looms, most entrepreneurs and professionals are still cramming the necessary documents for the April 15 filing.Entrepreneur Philippines these collated articles from the archives to help you ...

by Entrepreneur Staff  | April 04, 2016 08:00:00
News and Events

Kick start your day, April 1: VAT exemptions, benefits for PWDs, kin approved

Plus, casino operator hands over money; IKEA founder turns 90; Cebu Pacific income up by 400%; PLDT invests $5M in Matrixx Software.

PWDs and kins now VAT-exemptedFamily members and relatives of persons with disabilities (PWDs) stand to benefit from Republic Act No. 10754, which President Benigno "Noynoy" Aquino III signed into law last week. The law exempts PWDs from the 12% VAT (value added ...

by Entrepreneur Staff  | April 01, 2016 08:00:00
Startup Tips

Financial Adviser: What is value added tax?

Know how value added tax works and what you should look out for as a business owner.

Q: I have a retail startup that I plan to incorporate and register with the Bureau of Internal Revenue (BIR). My friend advised me that once my business is registered, I will be liable for Value Added Tax (VAT). How does VAT ...

by Henry Ong  | March 29, 2016 09:00:00
Startup Tips

How to compute for VAT

Financial expert Henry Ong discusses Value Added Tax computation.

Q: How do I compute the VAT?A: The Value Added Tax is computed by getting the difference of the output tax and input tax. If you are the seller, you pass on the VAT to your client by adding 12 percent to ...

by Henry Ong  | August 07, 2013 10:00:00
Startup Tips

Who pays tax?

All “persons” living in the Philippines must pay tax. The National Internal Revenue Code defines "person" as an individual, a trust, an estate, or a corporation. The term corporation includes partnerships, joint stock companies, and associations registered or unregistered with the Securities ...

by Riva Khristine Maala  | April 01, 2013 01:00:00
Startup Tips

Protecting your business: Receipts

Under the law, receipts must be issued for every sale of goods or services regardless of the amount.

The Reformed Value Added Tax Law (Republic Act 9337) requires all VAT-registered sellers to issue receipts even when the customers are not asking for them. Under the law, receipts must be issued for every sale of goods or services regardless of the ...

February 22, 2013 02:00:00
Startup Tips

What\\\'s the difference between a sales invoice and an official receipt?

Know when to correctly issue an official receipt or a sales invoice.

Q: What is the difference between a sales invoice and an official receipt?A: Sale invoice is used if you sell merchandise/goods. Official receipts for services. Both documents can also be used together. Official Receipt can be issued upon collection of payment from ...

by Henry Ong  | January 22, 2013 03:00:00
Startup Tips

What are the taxes imposed on a retail business?

Henry Ong says retail businesses are liable to pay VAT and income tax

Q: In retail, what taxes should I be paying and would you recommend getting a bookkeeper?  A: Retail business is essentially trading of goods. You buy goods from supplier, mark up the purchase cost and sell it at a profit.Under this situation, ...

by Henry C. Ong  | April 16, 2012 07:00:00
Close