They say that when the bookkeeping ends, accounting begins, and here is our saying between the difference of the two! Bookkeeping and accounting plays a vital role in every business but most people see these as one profession, which is not right. They have similarities such as dealing with financial data and the need for…
Take a look at the taxes that are levied and imposed in the country. How are taxes supervised in the country? The Bureau of Internal Revenue is the government agency responsible for levying and collecting national taxes in the Philippines. Furthermore, the Bureau of Customs regulates the tax imposed on importation of goods and services.…
The Bureau of Internal Revenue (BIR) is an affiliated agency of the Department of Finance and is in charge of collecting national taxes in the country. The BIR is required by law to assess and collect all national internal revenue taxes, fees, and charges, as well as to execute any forfeitures, penalties, and fines associated…
Let us now dive into the untapped world of digital taxes! In today’s world, technology has played a significant part with how we live our lives. With just a tap on our phones, we will be able to access a wide range of activities which shows how technology has opened a new marketplace that has…
Wondering where your money goes? Here’s for you! Why do we pay taxes? “There are only two things certain in life: death and taxes.” This popular saying only shows how taxes greatly affect our entire lives, making us wonder, how do taxes really work? Have you received the financial support given by the government in…
Do you want to start trading and investing with cryptocurrencies? Here are the top crypto trading platforms commonly used by Filipinos today! The popularity of cryptocurrency in our country has been continuously increasing as various platforms emerge and gives an opportunity for every individual to learn how it works and be able to use it.…
On September 1, 2021, the Bureau of Internal Revenue released the Revenue Memorandum Circular No. 99-2021. This Circular was issued to clarify the issues and concerns received by the BIR from the previous Revenue Memorandum Circular No. 81-2021 released in relation to the VAT Exempt goods for medical/COVID-19 purposes published by the Food and Drug…
On August 16, 2021, the Bureau of Internal Revenue released the Revenue Memorandum Circular No. 91-2021. The BIR released this RMC with the reports that called their attention regarding certain social media influencers who are not paying their taxes despite their massive earnings. The issuance of this Circular will serve as a reminder of their…
In consideration of the upcoming implementation of Enhanced Community Quarantine (ECQ) and Modified Enhanced Community Quarantine (MECQ) in the National Capital Region (NCR) and several provinces in the Philippines due to the incessantly rising cases of Delta variant, the Bureau of Internal Revenue (BIR) has released a memorandum notifying concerned taxpayers about its decision to…
BIR Form 2000-OT is known as the Monthly Documentary Stamp Tax Declaration Return for One-Time Transactions. Documentary Stamp Tax, also simply known as DST, is a tax in the Philippines applied to transaction documents regularly. Common transactions where DST can be utilized include but are not limited to, execution of loan or debt agreements, issuance…
