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News and Events

5-Year Tax Breaks for Agribusiness and Tourism Firms Partnering with Micro Suppliers

Fiscal perks spelled out in government’s new Investment Priorities Plan for 2017-2019

It’s long been recognized by both the public and private sectors that one of the most effective ways for big business to foster inclusive growth is by partnering with micro, small and medium enterprises (MSMEs), especially those that employ the less fortunate. ...

by Elyssa Christine Lopez  | September 27, 2017 02:00:00
News and Events

Cash Transfers for the Poor, Tax Cuts for the Middle Class and Tax Hikes for the Very Rich

Is the Duterte administration’s first tax reform package equitable enough?

 As with most government policies, the impact of the Duterte administration’s proposed first tax reform package on households depends to a large extent on their income level.Called the Tax Reform Acceleration and Inclusion (TRAIN) Act, the proposed tax measure was approved on ...

by Entrepreneur Staff  | June 19, 2017 03:00:00
News and Events

How Many Taxpayers Will Pay Zero Income Tax Under the Duterte Tax Plan?

Most will enjoy lower tax rates but some will will face a heavier burden

By proposing to cut income tax rates for most taxpayers, the Duterte administration’s economic managers have shown a certain boldness in policymaking that goes beyond the tepid parameters of past tax reform initiatives.Since the Ramos administration’s comprehensive tax reform package in the ...

by Entrepreneur Staff  | May 17, 2017 12:00:00
News and Events

Zero Tax on Php21K Monthly Pay? Here are Jobs Likely to Benefit

The proposed increase in the threshold for income tax would be a boon for fresh grads

In a statement released Sunday, the Department of Finance (DOF) said that call center agents and employees with a monthly income of Php21,000 will be exempted from paying the personal income tax under the first package of the comprehensive tax reform plan ...

by Entrepreneur Staff  | April 24, 2017 10:00:00
News and Events

(Watch) Thanks to Last-Day Tax Rush, BIR Likely to Hit Php208B Collection Target

Tax chief says government is on track to hit April target

As thousands of taxpayers rushed to beat the deadline for the filing and payment of 2016 income tax returns yesterday, April 17, offices of the Bureau of Internal Revenue (BIR) throughout the country struggled to cope with the long lines and oversized ...

by Pauline Macaraeg  | April 18, 2017 03:00:00
Run & Grow

How SMEs and Freelancers are Cutting the Stress from Paying Taxes

Taxumo is helping entrepreneurs and the self-employed file their monthly taxes more quickly

The Taxumo team (from left) Evan Tan (Chief Marketing Officer), EJ Arboleda (Chief Executive Officer), Ginger Arboleda (Chief Operating Officer), Atty. Nelson Kevin Baldonado (Chief Legal Counsel), Mark Ong (Chief Finance Officer)As any registered business owner or self-employed person knows, paying taxes ...

by Elyssa Christine Lopez  | April 13, 2017 11:00:00
News and Events

List of Bank Branches Open This Saturday, April 8, to Accept Tax Returns and Payments

Avoid the rush on April 17. File and pay your income taxes before the Holy Week break

Not many bank branches do business on Saturdays. But on April 8, 292 of them will be open to accept income tax returns and payments from taxpayers keen to avoid the rush on April 17, the tax filing deadline. These banks are ...

by Pauline Macaraeg  | April 06, 2017 07:00:00
News and Events

SMEs and Income Taxes: Should You Go with Itemized or Standard Deductions?

A tax expert weighs in on a question facing small businesses and self-employed individuals

It's an existential question facing micro, small and medium-enterprises (MSMEs) as well as the self-employed such as freelancers and professionals who are preparing their income tax returns. In claiming business-related deductions from their gross income, should they go for optional standard deduction ...

by Elyssa Christine Lopez  | April 06, 2017 11:00:00
News and Events

Are You Covered by the BIR's Electronic Filing and Payment System (eFPS)?

Failing to use the correct electronic system could result in penalties of up to 25% of your tax due

The Bureau of Internal Revenue (BIR) is keeping up with the digital times and has developed electronic systems for selected groups of taxpayers to file and pay their income taxes via the internet. For these groups of taxpayers, using the BIR's electronic ...

by Elyssa Christine Lopez  | April 04, 2017 02:00:00
Run & Grow

Financial Adviser: 5 Types of Income You Don’t Have to Pay Tax on This April 15

Here's some good news this tax-filing season

Q: It’s tax season once again and my accountant has been asking me for information on how much income I earned last year as part of their preparation for my annual income tax return this April. Are all earnings subject to income ...

by Henry Ong  | March 28, 2017 11:00:00
Run & Grow

Make cell phone, tech and home office pre-payments before year-end

Compare how these SME tax deductions in the west can be applied on your local business

Over the years, I’ve discovered there is a lot of misinformation out there regarding what is or isn’t deductible when it comes to cell phones, technology and home offices. There is also a tremendous amount of unnecessary fear and this is certainly the case when it comes ...

by Mark J. Kohler  | December 02, 2016 12:00:00
News and Events

Entrepreneurs back government plans for tax reform

Trade group AFFI reiterates MSME needs for tax incentives, simplified systems

  While change has long been overdue on the government’s updating of the current tax scheme, small and medium businesses remain confident that the administration will make good in its promise to create and implement a better tax program that can attract more ...

by Entrepreneur Staff  | September 23, 2016 05:00:00
News and Events

Bam Aquino seeks tax reform for MSMEs

Small and medium enterprises expected to benefit from simplified taxation processes

 Looks like President Rodrigo Duterte has found an ally with an Aquino, with Senator Bam to be exact, as the latter seeks to propose new tax reforms for micro, small and medium enterprises (MSMEs) once the 17th congress commences.   Related: Tax expert ...

by Elyssa Christine Lopez  | July 20, 2016 09:00:00