What are your taxes for? The taxes you pay are civic obligations to the country. This is used to improve government programs and services, as well as provide salaries for government workers who serve to protect and improve the citizen’s welfare. In which case, the Philippines–being placed at a National Emergency–will be spending the collected…
Your taxes can help save lives Recently, the Bureau of Internal Revenue (BIR) announced that it will extend the deadline of filing of 2019 annual income tax returns (ITRs) to May 30, 2020 to “provide relief to Filipino taxpayers who will not be able to prepare, let alone file, the necessary ITR documents on or…
This article is about What is Form 1700? Who needs to file it? When does it need to be filed? What is JuanTax Fast File? How to file Form 1700 using Fast File? What is it? BIR Form No. 1700, also known as, Annual Income Tax Return For Individuals Earning Purely Compensation Income (Including Non-Business/Non-Profession…
Income Tax forms can get very complicated. What more when it comes to comparing different forms? We’ve listed down the necessary details you need to know about these three different ITR forms for Individuals taxpayers. This article will answer these questions: What makes you an Individual Taxpayer? What are the forms for? What are the…
What is the BIR Form 1701? BIR Form 1701, also known as Annual Income Tax Return for Self-Employed Individuals,Mixed Income Earners, Estates and Trusts is a tax form which summarizes all the transactions made over the tax calendar year. According to the BIR this form needs to be filed by individuals listed below: A resident…
The BIR, as of March 19, 2020, issued Revenue Memorandum Circular No. 29-2020, which is effective immediately. The subject of this memorandum is to amend the previous Revenue Memorandum Circular 26-2020, relative to the Extension of Deadlines for Filing Various Returns and Payments for the Taxes Due. This circular was issued to let taxpayers know…
The Bureau of Internal Revenue (BIR) as of March 17, 2020, gave Revenue Memorandum Circular No. 26-2020 (RMC No. 26-2020), which is effective immediately. The subject of this memorandum is “Filing and Payment of Corresponding Taxes”. This circular was issued to let taxpayers know that the following returns that fall within the quarantine period will…
This Circular was issued to amend RMC. No. 25-2020. Be advised that the filing and payment of 2019 Annual Income Tax Return (AITR) are extended from April 15, 2020, to May 15, 2020, without any tax penalties being imposed to the taxpayer. The Bureau of Internal Revenue (BIR) as of March 18, 2020, gave Revenue…
The Bureau of Internal Revenue (BIR) as of March 16, 2020, gave Revenue Memorandum Circular No. 25-2020 (RMC No. 25-2020), which will be effective immediately, titled as “Filing of the 2019 Income Tax Returns and Submission of Required Attachments”. Despite the one-month community quarantine lockdown of the National Capital Region (NCR), the filing of Annual…
Tax deductions are an important factor that most businesses in the Philippines need to utilize since it reduces the amount of taxable income that a company owes to the government. Rule-of-thumb is that companies could obtain these deductions as long as transactions are presented mainly for business purposes and in the form of official receipts…
