What You Need to Know About BIR’s Computerized Accounting System

The Philippine government, through the Bureau of Internal Revenue (BIR), requires those who fall under the large taxpayer classification to operate using a Computerized Accounting System (CAS). This is by virtue of the Revenue Regulations No. 9-2009 issued by the BIR, as an agency tasked to collect more than half of the government’s total revenues.   Who are the Large Taxpayers? The criteria used to determine which business establishment falls under the large taxpayer classification will be detailed below. It…

What SME Businesses Need to Know About the New Tax Amnesty Act of 2019

Republic Act No. 11213, otherwise known as the Tax Amnesty Act of 2019 provides tax amnesty on delinquencies as well as estate tax amnesty. Since we prepared this article to show what’s in it for SME businesses, allow us to focus exclusively on tax amnesty on delinquencies. In a nutshell, through such amnesty which covers all national internal revenue taxes, businesses with long overdue tax liabilities will finally be given a clean slate. This is because the taxes previously deemed…

How to Avoid Unwanted Tax Season Trouble

Tax time is mandatory, and no one is above it. Every year, businesses in the Philippines are required to submit tax returns to the Bureau of Internal Revenue (BIR). Filing taxes enable them to know if they owe additional taxes or eligible for tax returns. For those who don’t pay their taxes, it’s against the law to do so. In the Philippines, tax evasion cases, once proven guilty, can lead to a fine between ranging from ₱30,000 to ₱100,000, different…

Explaining The Philippine Tax Amnesty Act of 2019

The Philippine Tax Amnesty Act of 2019, also known as the Republic Act 11213 (RA 11213), allows taxpayers to avail the benefits of the Estate Tax Amnesty law. The Philippine President Rodrigo Duterte signed the act on February 14, 2019, and it already started effect on June 15, 2019.   On May 30, 2019, the released Revenue Regulations 6-2019 (RR 6-2019) that states the act will “provide the taxpayers a one-time opportunity to settle estate tax obligations through an estate…

What is TRAIN BILL for Professionals?

Over a year into President Rodrigo Duterte’s administration, the plans for Dutertenomics’ Build, Build, Build infrastructure program has finally commenced. The socioeconomic agenda, which features a promising vision of yielding robust growth across the Philippines, however, needs appropriate funds in order to be successful. To address this, President Duterte has signed into law the Tax Reform for Acceleration and Inclusion (TRAIN) bill, which is visualized to generate P130 million in revenues. Set to be implemented this January 2018, the TRAIN…