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…
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…
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…
Features of the new CREATE Law (RA 11534)
Our comprehensive tax reform program must really make our tax system simpler, fairer and more efficient. While we laud the government efforts in pushing for tax reform, we still need to remind our legislators to prioritize and protect our small businesses. This is owing to…
AN OPEN LETTER TO THE PRESIDENT TO VETO CREATE BILL
Dear President Duterte, Thank you for making the comprehensive tax reform program a top priority of your socio-economic agenda! As a tax advocate, I can attest to the many tax policy and administration reforms implemented in your administration under the leadership of Finance Secretary Carlos…
MORE THAN 800 CASES FILED UNDER RUN AFTER TAX EVADERS – TAX EXPERT
MANILA, Philippines — Asian Consulting Group (ACG) Chairman and Senior Tax Advisor Mon Abrea who also serves as Co-chair of Ease of Doing Business on Paying Taxes, confirms more than 800 cases were filed under Run After Tax Evaders (RATE) Program of the Bureau of Internal Revenue…
