Big news on the tax front! President Ferdinand R. Marcos Jr. just signed the “Ease of Paying Taxes Act” (RA No. 11976) into law, which is expected to significantly improve how we handle taxes.
What’s the buzz about?
This law is designed to revamp and modernize our tax system, making it more efficient and user-friendly. The main goal is to make the tax-paying process easier on us while boosting the country’s economy through improved revenue collection.
Here’s the lowdown on what the law brings to the table:
- Simplified Classification: Taxpayers will now be classified into micro, small, medium, and large groups, ensuring a tailored approach to meet specific needs. Removing the distinction between documentation and the basis of sales of goods and services as well as classifying VAT refund cases as low, medium, or high risk.
- Flexible Filing Options: Say goodbye to time-consuming filing procedures. With the choice of electronic or manual filing, you can select what works best for you.
- Streamlined Payments: Paying taxes becomes more accessible, with the flexibility to pay through various channels, including authorized banks and tax software providers.
- Digital Transformation: The law is all about reducing documentation requirements. Less paperwork means a smoother experience for you which also pushes the Bureau of Internal Revenue (BIR) to use integrated and automated systems.
- Changes to Leniency: RA No. 11976 also imposes 180 days to act on claims for refund of erroneous or illegal tax collection; increases the amount from one hundred pesos (P100) to five hundred pesos (P500) for the mandatory issuance of receipts for each sale and transfer of goods and services; and reduces the number of income tax return (ITR) pages from four to two pages.
How does this relate to Juantax?
Great question! JuanTax is ahead of the game in simplifying your tax filing experience. Our app aligns seamlessly with the new law’s objectives:
- User-Friendly Interface: Navigate the tax filing process effortlessly with our easy-to-use app.
- Convenient Payment Options: JuanTax accepts any major credit card and debit card as a form of tax payment. You can also pay using our payment partners, PayMaya, Coins.ph, GCash, BPI, and UnionBank.
- Paperless Experience: We’re all about reducing paperwork. Enjoy a more environmentally friendly and convenient tax filing process by your taxes online.
We’re excited about these positive changes and are committed to enhancing JuanTax to ensure you experience the utmost ease in tax filing.
Stick around for updates and stay tax-compliant,
JuanTax Team
Source article:
https://pco.gov.ph/news_releases/pbbm-signs-ease-of-paying-taxes-act-to-boost-economy-protect-safeguard-taxpayer-rights/
