MAP Articles

Mon Abrea, CPA, MBA, writes for Management Association of the Philippines where his write-ups are being published in Business World or Philippine Daily Inquirer, online and paper.

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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Governance and tax collections

While tax administration is crucial in improving tax collection, an efficient tax system requires a whole government approach. Equally important in addressing tax evasion and smuggling is eradicating graft and corruption. The government needs to offer value for taxpayers’ money, better public services and to uphold transparency and accountability especially during the pandemic and economic …

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Taxation of the Digital Economy

The Bureau of Internal Revenue (BIR) has been making deficiency tax assessments on the income payments made by local companies and agencies to nonresident foreign corporations (NRFCs), particularly tech giants like Amazon, Google and Facebook (or Meta). The deficiency tax assessments include nonwithholding of final tax on income payments made online e.g., Facebook Ads plus …

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Have you filed your 2019 Annual Income Tax Return (ITR)?

To make sure you won’t pay the 25 percent surcharge, 20 percent interest and compromise penalty, make sure to file and pay your income tax on or before June 14. Note, however, that for individual taxpayers, the first quarter ITR for taxable year 2020 is also due on June 14 while nonindividual or corporate taxpayers …

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Part 2: TAX BREAKS FOR SMALL BUSINESSES

(Conclusion) According to the 2018 List of Establishments from the Philippine Statistics Authority, there are 1.003 million business enterprises ope­rating in the country and almost all of them (99.52 percent) are micro, small and medium enterprises (MSMEs). The government should thus prioritize MSMEs when it comes to social protection or assistance, considering that they employ …

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TAX BREAKS FOR SMALL BUSINESSES

PART 1: TAX BREAKS FOR SMALL BUSINESSES

Amid the COVID-19 pandemic, countries around the world are implementing various emergency tax relief to support companies, especially small businesses and their employees. As the business and social impact of this health crisis increases, government and business leaders have a crucial role to play in developing both short-term and long-term solutions to mitigate the risks …

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CITIRA vs. EODB

CITIRA vs. EODB

The Philippines made remarkable progress in the ranking of the World Bank’s Doing Business (DB) 2020 Report, from ranking 124th rising by 29 notches and landing at 95. According to the DB 2020 Report, the Philippines has made significant improvements in three areas: starting a business, dealing with construction permits, and protecting minority investors. Package …

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