Author: Mon Abrea

Tax Guide on CREATE Law

With the reduction of corporate income tax whether 20% or 25%, one person corporation (OPC) will now have a tax advantage against a sole proprietor business which is subject to a maximum of 35% personal income tax.Here’s a Tax Guide on CREATE Law: MSME corporations…

Tax Guide on CREATE Law, Part 2

(2nd of 2 parts) While we applaud the government for another piece of tax legislation which will help small businesses bounce back, the approval came too close to the April 15 deadline. This resulted in some confusion and an appeal to extend the deadline for…

CREATING MORE OPPORTUNITIES

In partnership with the Department of Trade and Industry (DTI) and Bureau of Internal Revenue (BIR) powered by TaxWhizPH Digital Solutions, the Philippine Tax Whiz Mon Abrea hosts two regular online programs to help educate and empower micro and small businesses including those who want…

Tax Guide for SMEs

To serve as a tax guide especially for small and medium enterprises (SMEs), here are some of the most frequently asked questions on the CREATE Law: Will small businesses benefit from CREATE law? How about one-person corporations? Yes. Small corporations including one-person corporations with net…

Tax Guide on CREATE Law, Part 1

On March 26, 2021, President Duterte signed into law RA 11534, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It is another landmark legislation of the Duterte administration which took effect on April 11, 2021.  The CREATE Act is the…

FREE Annual Tax Health Check 

“ACG really helps bigs companies – those with regular BIR audits or tax cases. Because of our credibility as advocates, BIR cannot harrass us for under-the-table. I guess that is our best competitive  advantage. We are able to settle billions of assessments and huge cases…

FREE Exclusive Webinar on CREATE Law

On March 26, 2021, President Duterte signed into law RA 11534, otherwise known as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. It is another landmark legislation of the Duterte administration which took effect on April 11, 2021.  To know more about its…

TRANSITORY RATES UNDER CREATE LAW

Revenue Memorandum Circular No, 50-2021 provides guidelines in the filing and payment of Annual Income Tax Return (AITR) by Non-Individual Taxpayers with transitory rates for those who will file and pay AITR on or before April 15, 2021 for taxable year ending December 31, 2020: Non-Individual…

FLAT TAX FOR SMALL BUSINESSES

“A 10-percent flat tax will eliminate the unnecessary compliance costs and threat of BIR audit especially once the electronic invoicing has been implemented since it will be based on gross sales or revenues in lieu of income, business and other taxes.” – Mon Abrea, Chairman…

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