Simplified Tax Regime for Micro and Small Enterprises

Based on the March 2022 Labor Force Survey of the Philippine Statistics Authority, there are more than 17 million informal workers, including tiangge, ambulant and street vendors, plus over 1.3 million sari-sari stores that remain unregistered with the Bureau of Internal Revenue (BIR). Generally, they fall under the category of micro enterprises. However, under Revenue …

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The tax challenges and opportunities for the next administration

About 24 million out of 110 million Filipinos are registered taxpayers. That is only 22 percent of the population or 50 percent of the total labor force in 2021. Around 20 million are employees or compensation income earners and at least 6 million are earning P250,000 and below who are exempted from personal income tax. …

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[Ask the Tax Whiz] What is benchmarking?

The Philippine Tax Whiz clarifies the scope and limitations of a benchmarking notice from the Bureau of Internal Revenue, and how taxpayers should respond to it What is benchmarking? Does the benchmarking notice from the Bureau of Internal Revenue (BIR) constitute a valid assessment? Benchmarking is the process of setting a standard to determine the …

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CEOs come together for game-changing tax strategies under the new administration

The Executive Tax Management Program (ETMP) held at the Asian Consulting Group Tax Hub last May 25, 2022, was the first ETMP Session time they have hosted the event in person following a series of virtual sessions. The importance of the issues triggering tax audits and strategies to mitigate risks related to being a target …

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The culmination of CEOs for game-changing tax strategies under the new administration

The Executive Tax Management Program was held at the Tax Hub last May 25, 2022, for the first time after a series of virtual sessions. During the course of the program, the Founding Chairman and Chief Tax Advisor of ACG, Mon Abrea highlighted the importance of the issues that trigger tax audits and strategies to …

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[Ask The Tax Whiz] When can the BIR close businesses?

The Philippine Tax Whiz clarifies the BIR-Megaworld fiasco and reiterates the grounds for suspension and closure of businesses due to non-compliance with the tax code What is the legal basis of the aborted closure order against Megaworld Corporation? What are the grounds for the Bureau of Internal Revenue (BIR) to suspend business operations and issue …

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What Should CEOs learn from the BIR-Megaworld fiasco?

The country’s biggest tax-collection agency issues revenue special orders invoking Section 5 of the Tax Code, which empowers the BIR chief to conduct audits. This was the same legal basis which regional director Eduardo Pagulayan Jr. of the BIR’s revenue region 8B covering south National Capital Region (NCR) cited for his investigation on Megaworld. (Inquirer)  …

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[Ask the Tax Whiz] How Do We Hold Our Government Officials Accountable?

The Philippine Tax Whiz discusses the importance of the SALN, SOCE, and tax clearance to promote transparency and accountability in the civil service Is the filing of the Statement of Assets, Liabilities, and Net Worth required for all government officials and employees? How about newly elected public officials? When is the deadline of filing SALNs? …

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