Tax reform

A Guide to Loose-Leaf Books of Accounts Application & Submission via ORUS

Ginger Arboleda
March 27, 2024April 17, 2024

For businesses and professionals in the Philippines navigating their tax responsibilities, maintaining accurate and compliant books of accounts is non-negotiable. Opting for Loose-Leaf Books of Accounts offers flexibility and ease, especially for those who may not prefer the traditional written and bound booklets. The BIR’s Online Registration and Update System… Read MoreA Guide to Loose-Leaf Books of Accounts Application & Submission via ORUS

Understanding the EOPT Law: Simplifying Tax Compliance

Ginger Arboleda
March 14, 2024April 17, 2024
1 Comment

The Ease of Paying Taxes Law, or EOPT Law, has been a game-changer since its introduction. This law, formally known as Republic Act No. 11976, was officially enacted on January 5, 2024, marking a significant milestone in the world of tax compliance in the Philippines. By simplifying the process of… Read MoreUnderstanding the EOPT Law: Simplifying Tax Compliance

Understanding the 1% Withholding Tax on Online Sellers

Mark Samson
December 11, 2023April 1, 2024
11 Comments

The digital marketplace is an ocean of opportunity for Filipinos looking to express themselves and earn income online. It is ever-changing with the tides of technology and regulation. In this new environment, a new economy has definitely been created and with it comes regulations. A recent governmental update made its… Read MoreUnderstanding the 1% Withholding Tax on Online Sellers

Brand New 2551Q Form (Quarterly Percentage Tax) with 8% Opt In

Evan Tan
January 23, 2023March 26, 2024
39 Comments

On April 25, on the deadline of filing the Quarterly Percentage Tax Form, the BIR released RMC 26-2018 which has the new 2551Q form and the submission procedures for manual, eBIRForms, and eFPS. The new 2551Q Form now has a field where you can indicate whether you’re opting for the… Read MoreBrand New 2551Q Form (Quarterly Percentage Tax) with 8% Opt In

File and Pay your Income Tax Return for 2018 (1701) via Taxumo!

Ginger Arboleda
March 11, 2019April 17, 2024

Hi, everyone! We just want to make a quick announcement. As most of you would know, the Annual Income Tax Return Deadline for 2018 (previous year) will be on April 15. Taxumo’s deadline is earlier and our deadline will be on April 10. As of now, we are still waiting… Read MoreFile and Pay your Income Tax Return for 2018 (1701) via Taxumo!

Tax Filing 101: 4 Mistakes You Shouldn’t Make

Evan Tan
September 6, 2018March 26, 2024
7 Comments

What mistakes should be avoided when filing freelance taxes in the Philippines? Presenting incomplete and incorrect data Miscalculating the tax due Not declaring every income earned Missing the deadline Filing taxes as a freelancer in the Philippines can be difficult and confusing. Plus, the introduction of the TRAIN law certainly doesn’t help… Read MoreTax Filing 101: 4 Mistakes You Shouldn’t Make

Withholding Tax Table 2018 for Freelancers / Professionals

Ej Arboleda
April 3, 2018March 26, 2024

What is this “withheld” amount? Why did my client not pay the full amount? What is this 2307? Is this the “ITR”? When you get your check from your client and, specially, if this is the first you’re getting paid, you probably have these questions in mind. So let us help… Read MoreWithholding Tax Table 2018 for Freelancers / Professionals

How to Avail of the 8% Income Tax Rate on Gross Sales/Receipts

Ej Arboleda
March 19, 2018March 26, 2024
89 Comments

Income Tax for 2018 in the Philippines has been an interesting space lately because of the TRAIN Law (aka R.A. 10963). For self-employed individuals, it has been of particular interest because they now have an option to avail of a simpler 8% Income Tax Rate Option. The BIR released Revenue… Read MoreHow to Avail of the 8% Income Tax Rate on Gross Sales/Receipts

Tax Reform: How to Change from VAT to Non-VAT

Ej Arboleda
January 19, 2018March 26, 2024
85 Comments

The Tax Reform for Acceleration and Inclusion, more popularly known as TRAIN, has amended the tax code to increase the VAT Threshold from P1.919 Million to P3.0 Million. If you are a registered VAT taxpayer earning less than P3.0 Million, you may now opt to be non-vat instead. This is… Read MoreTax Reform: How to Change from VAT to Non-VAT

TRAIN Law Primer or So what do I file now?

Ej Arboleda
January 18, 2018March 26, 2024
171 Comments

The Income Tax Reform Law (Tax Reform for Acceleration and Inclusion of TRAIN) (RA No. 10963 + veto message) changes a lot of things for the DIY taxpayer. Aside from the forms themselves, the tax reform law also changes the frequency, the processes, and the formula & tax tables that… Read MoreTRAIN Law Primer or So what do I file now?

Tax reform

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