Tag: Articles

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…

5 BIG LIES ABOUT BIR AUDIT

Know the truth and be warned to protect yourself from corrupt and abusive Bureau of Internal Revenue (BIR) examiners who openly harass and threaten taxpayers with the issuance of a subpoena duces tecum to extort money from ignorant and innocent taxpayers. Here are the 5…

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