Monthly Archives: June 2023
BIR Makes VAT Refunds Easier
In the Philippines, a sales tax known as value-added tax (VAT) is levied on commodities purchased, bartered, exchanged, or leased and imported products. The Bureau of Internal Revenue (BIR) has reduced the standards taxpayers must meet to receive a VAT refund. In a revenue memorandum circular, BIR commissioner Romeo Lumagui ordered simplifying documentation requirements and […]
Conclusion of Tax Rate Reductions under CREATE Set for July
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular No. 69-2023 to inform taxpayers on the reverted percentage tax, minimum corporate income tax, and average corporate income tax rates for selected institutions effective July 1. The percentage tax, temporarily reduced to 1%, will return to its original rate of 3%. This change will impact […]
Navigating Taxes with Enlightenment: A guide for Self-Employed and Entrepreneurial Minds
Unveiling Practical Tips and Common Error-Free Understanding of Philippine Taxation In the realm of tax compliance, this means learning from past mistakes, both yours and others, and continually improving tax habits. Please refer to the file below to guide you on a voyage of discovery, where you’ll find the joy of understanding taxation and overcome […]