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:

  1. MSME corporations subject to 20% income tax are corporations (including OPC) with net taxable income not exceeding P5 million, and total assets not exceeding P100 below (excluding land);
  2. Both individual and non-individual taxpayers will benefit from the temporary reduction of percentage tax from 3% to 1% effective July 1, 2020 to June 30, 2023… READ MORE 

If you are a member of Ayala Enterprise Circle (AEC) or a business located in Palawan, you may attend the Exclusive Webinar on CREATE Law in partnership with the Asian Consulting Group – Elite Taxpayer Circle. Use the QR Code to be an ETC member to join ETC Exclusives!

If you need consultation and assessment to your taxes, email us at consult@acg.ph. If you need immediate answers to your tax questions, you may download TaxWhizPH Mobile App available on Play Store and App Store and use AskThetaxWhiz Feature.