The implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law paved the way to a lot of changes in the economy. In providing better services to taxpayers and businesses, The Bureau of Internal Revenue embraced the change through constant improvement of its systems for better tax compliance. July 24, Wednesday, the BIR made…
New changes were implemented last Wednesday, July 24, 2019 as the BIR transitions to apply the provisions under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. With the implementation of the T.R.A.I.N. Law, BIR has issued RMC No. 73-2019: Revised BIR Forms 1604-C, 1604-E, 1604-F & RMC No. 74-2019: Circulation of enhanced BIR Form…
On July 22, 2019, President Rodrigo Duterte addressed the simplification of our tax system in his State of the Nation Address (SONA). A lot of government transactions are known to have confusing lines, long waiting lines, and a lot of paperwork. ABS-CBN News These were the President’s words. For a couple of minutes, the highest…
Commonly referred to as the Certificate of Creditable Tax Withheld At Source, the BIR Form 2307 presents the income that’s subjected to Expanded Withholding Tax (EWT) paid by the withholding agent. In the accounting books of the taxpayer, it is included under the assets section, as Form 2307 is reflected as income tax pre-payments. The…
Our country runs on our taxes. From the public hospitals offering cheaper service to the roads to and from far-flung villages, the government collects money from all sorts of transactions we have. But are all taxes filed and collected properly? The answer to that may be both yes or no. The fact that the Bureau…
If you are a self-employed individual or a freelancer, you should know what Income Tax Return (ITR) form you should use. Apart from being vital to know the right form that will fit your needs, it also saves you time from filling out the wrong forms. In our case, the Bureau of Internal Revenue (BIR)…
JuanTax has a significant reason for celebrating this month. It is the first company to be certified by the BIR as an e-TSP provider. Another milestone for the hard-working and talented team behind JuanTax. More than JuanTax though, the real victory goes to the Filipino taxpayers who will benefit from this latest innovation in tax…
Filing taxes can be a confusing activity for everyone, especially those new to it. One confusion that we encounter is choosing the right form for our purpose. We go straight to the Bureau of Internal Revenue (BIR) and get overwhelmed with tons of forms getting in our hands. Further, the BIR recently released a new…
A big problem with education in the Philippines is that some non-accounting students lack knowledge about filing taxes after they graduate. Some end up knowing by trial-and-error. Another common scenario which new employees have is being surprised when their monthly take-home pay is less than their official monthly salary. This is because taxes are deducted…
