“The more that you read, the more things you will know, the more that you learn, the more places you’ll go.”
Taxes are lifeblood of our government. Without it, the government will be paralyzed and cannot do its functions to the public. However, as taxpayers, we should be aware and knowledgeable of the tax information relevant to our businesses before paying taxes to the Bureau of Internal Revenue (BIR). This will help us not only to comply correctly but to avoid unnecessary tax penalties.
. In compliance with the VAT law implemented by the Bureau of Internal Revenue (BIR), taxpayer-sellers are required to pay VAT, after deducting allowable input tax credits and other adjustments. However, during the period of VAT compliance with the BIR, taxpayer-sellers may encounter some tax problems resulting in violations and hefty penalties.
Upon initial registration with the BIR, you will choose what business tax type you will register. It is either a Percentage Tax or a Value-Added Tax (VAT). In case you register the tax type Percentage Tax, we will discuss some of the corresponding possible violations to avoid the unnecessary penalties imposed by the BIR.
Every taxpayer, including our company, has some tax violations and paid the corresponding penalties. We will tackle taxpayers’ top 5 common mistakes and how to solve each to avoid these violations and penalties.
After conducting a tax audit, the BIR will issue tax assessments to taxpayers. These tax assessments contain audit findings resulting in tax dues still to be paid by the taxpayers.
One of the heart-attack moments of each taxpayer is the day the BIR has garnished your bank accounts. It is the day when you cannot withdraw your hard-earned cash from the bank.
As taxpayers, we want to reduce our taxes to save more profits to invest in our business operations.
During our conversation, he admitted that he “settled” his company’s LOA in the past years by bribing the Revenue Officers assigned to the BIR tax audit investigation.
Generally, VAT-registered taxpayers are required to file BIR Forms No. 2550M and 2550Q to comply with the filing and payment, if any, of VAT in the Philippines.
This is a formal document issued by the BIR to authorize the examination of your books of accounts and other accounting records.
Taxes are lifeblood of our government. Without it, the government will be paralyzed and cannot do its functions to the public. However, as taxpayers, we should be aware and knowledgeable of the tax information relevant to our businesses before paying taxes to the Bureau of Internal Revenue (BIR). This will help us not only to comply correctly but to avoid unnecessary tax penalties.
. In compliance with the VAT law implemented by the Bureau of Internal Revenue (BIR), taxpayer-sellers are required to pay VAT, after deducting allowable input tax credits and other adjustments. However, during the period of VAT compliance with the BIR, taxpayer-sellers may encounter some tax problems resulting in violations and hefty penalties.
Upon initial registration with the BIR, you will choose what business tax type you will register. It is either a Percentage Tax or a Value-Added Tax (VAT). In case you register the tax type Percentage Tax, we will discuss some of the corresponding possible violations to avoid the unnecessary penalties imposed by the BIR.
Every taxpayer, including our company, has some tax violations and paid the corresponding penalties. We will tackle taxpayers’ top 5 common mistakes and how to solve each to avoid these violations and penalties.
