TAX Problems

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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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