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News and Events

Call It TRAIN 2 or TRABAHO, Small Businesses Stand to Benefit From Lower Corporate Income Taxes

New tax reform bills aim to reduce income taxes on companies from 30% to 20-25%

The second package of the Comprehensive Tax Reform Package is back in the spotlight after President Rodrigo Duterte urged its approval in his third State of the Nation Address. According to the President, Package 2 will benefit all businesses especially small and ...

by Raymond Abrea  | August 22, 2018 10:00:00
Franchising

Want to Get into Franchising? Here's a Guide to Taxes You Must Consider

A leading tax expert says it's better to be safe than be sorry when it comes to business taxes

The economic gains and opportunities contributed by the fast-growing micro, small, and medium enterprises (MSMEs) are undeniable. As of 2016, MSMEs comprised 99.57 percent of the businesses in the country, contributing 63.3 percent of the employment for the same year.Under the Duterte ...

by Mon Abrea  | August 14, 2018 01:00:00
News and Events

BIR Opens eFiling Center for Taxpayers Who Want to Submit Tax Returns Digitally

The center is open until Monday, April 16, including this Saturday, April 14

Taxpayers who are eligible and/or required to file their tax returns electronically can now do so through the National Office eFiling Center, an initiative by the Bureau of Internal Revenue (BIR) to help citizens pay for their taxes digitally.“The said eFiling Center ...

by Lorenzo Kyle Subido  | April 11, 2018 04:00:00
News and Events

High-Profile Tax Evasion Cases: Lessons for Ordinary Taxpayers

How to avoid being the target of the next Bureau of Internal Revenue (BIR) tax investigation

The Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) have been implementing their Run After Tax Evaders (RATE) program since 2005. The program aims to investigate criminal violations of the National Internal Revenue Code of 1997 and prosecute criminal ...

by Raymond Abrea  | April 11, 2018 12:00:00
News and Events

How Many Taxpayers Were Caught Up in the Gov’t Anti-Tax Evasion Drive?

Only a few of the companies charged belonged to the country’s top 1,000 corporations

Every now and then, there’s a news report about a prominent person or a well-known company being charged by the Bureau of Internal Revenue (BIR) with failing or refusing to pay taxes to the government.Perhaps this should no longer come as a ...

by Pauline Macaraeg  | April 10, 2018 09:00:00
News and Events

Are You a VAT Taxpayer Earning Php3-M or Less? You Have Until March 30 to Change Status

Otherwise, you're still covered by 12% VAT and lose the option to pay just 8% income tax on gross sales/receipts

Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law that came into effect this year, the threshold for the value added tax (VAT) was raised to Php3 million from Php1.919 million.This presents a special opportunity for a class of taxpayers who ...

by Pauline Macaraeg  | March 20, 2018 10:00:00
News and Events

Little-Known TRAIN Law Provisions That Simplify Paying Taxes

A tax expert explains a number of items in the new tax law that make life easier for taxpayers

The Tax Reform for Acceleration and Inclusion (TRAIN) law, which took effect January 1 this year, has been widely praised for lowering the income taxes of the vast majority of salaried and self-employed taxpayers. In fact, more than 80 percent of taxpayers ...

by Pauline Macaraeg  | March 09, 2018 10:00:00
News and Events

Online Media Startup Rappler’s Parent Firm Charged With Tax Evasion

Case arose from allegedly unpaid taxes over purchase of shares from Rappler Inc.

The Bureau of Internal Revenue (BIR) filed on March 8, Thursday, a criminal complaint against Rappler Holdings Corp. (RHC), the parent firm of beleaguered online media startup Rappler Inc., for allegedly evading income taxes and value added taxes (VAT) in 2015, the ...

by Entrepreneur Staff  | March 08, 2018 05:00:00
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
News and Events

Are You One of the 943,967 Taxpayers Expected to Earn Higher Take Home Pay Under TRAIN Law?

The extra cash may help offset price increases because of higher taxes on goods and services

One of the biggest winners under the Tax Reform for Acceleration and Inclusion (TRAIN) Law which took effect Jan. 1, 2018 were employees earning Php250,000 and below a year because they no longer have to pay any income tax. They number some ...

by Elyssa Christine Lopez  | February 09, 2018 09:00:00
News and Events

Deadline for Filing 2017 Income Tax Returns Still April 15, Not May 15 This Year, BIR Says

Tax agency issues statement to correct reports that the TRAIN Law moved the original deadline by a month

The deadline for the filing of Annual Income Tax Returns (ITR) on last year’s income remains April 15, 2018, contrary to reports that it has been moved to May 15, the Bureau of Internal Revenue (BIR) said in a statement released on ...

by Elyssa Christine Lopez  | January 22, 2018 05:00:00
News and Events

Planning Ahead: Want to Know How Much Estate Taxes Your Heirs Will Pay Under TRAIN Law?

The new law cuts the tax on inherited assets and simplifies the process of computing it

Among the many taxes revised by the Tax Reform for Acceleration and Inclusion or TRAIN law, which officially took effect at the start of 2018, is the estate tax. It’s the government’s cut on inheritance or the transfer of assets belonging to ...

by Lorenzo Kyle Subido  | January 19, 2018 10:00:00
News and Events

Isumbong Mo Kay Dulay: BIR Chief Urges Staff of Employers Still Deducting Old Withholding Taxes to Blow the Whistle on Bosses

But employers’ confederation appeals for more time for some members to re-program payroll systems

Bureau of Internal Revenue Commissioner Caesar DulayThe Bureau of Internal Revenue (BIR) wants employers to immediately implement the new withholding personal income tax rates on all their employees starting on January 1, 2018 amid reports that some employers are not yet ready ...

by Entrepreneur Staff  | January 12, 2018 06:00:00
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