Income Tax Classification of Expatriates in Philippines
By; Tax and Accounting Center Philippines For foreign investors, one consideration on foreign investments in the Philippines is the payroll tax of its expatriates employees who will man the operations in the Philippines. For income tax purposes, an expatriate employee in the Philippines may be taxed as follows: Non-resident alien/expatriate
Features of Minimum Corporate Income Tax in Philippines
By: Tax and Accounting Center Philippines Under the Tax Code of the Philippines, a minimum corporate income tax (MCIT) in the Philippines of two percent (2%) of the gross income is imposed upon any domestic or resident foreign corporation beginning the fourth (4th) taxable year immediately following the taxable year
Waiver from the Defense of Prescription in Philippines
By: Tax and Accounting Center Philippines As a matter of right under Section 203 of the Tax Code of the Philippines, as amended (Tax Code), the Bureau of Internal Revenue (BIR) has the power to examine the books of accounts and other accounting records of the taxpayers and make an
Deductible Interest Expense for Income Tax in Philippines
By: Tax and Accounting Center Philippines Interest expense is what the taxpayer pays for borrowed funds in the conduct of trade or practice of profession. It refers to the payment for the use or forbearance or detention of money, regardless of the name it is called or denominated. It includes
Deductible Depreciation Expense for Income Tax in Philippines
By: Tax and Accounting Center Philippines Depreciation expense in the Philippines refers to the reasonable allowance for the exhaustion, wear and tear (including reasonable allowance for obsolescence) of property used in the trade or business. This allowable deduction for income tax in the Philippines would allow taxpayer to recover the
Withholding Taxes of Top 20,000 Corporations in Philippines
By: Tax and Accounting Center Philippines Withholding tax of top 20,000 corporations in the Philippines notified by the Bureau of Internal Revenue (BIR or Tax Authorities) is the most misunderstood tax rule in the Philippines. As such, let us drop some lines and share our understanding of the withholding tax
Classification of Large Taxpayers in the Philippines
By: Tax and Accounting Center Philippines Large Taxpayer is a taxpayer who has been classified as such in accordance with the criteria under Revenue Regulations No. 1-1998 (RR No. 1-98), and has been duly notified by the Commissioner of Internal Revenue (BIR). This would mean that the two (2) requirements
3 Tax Deductible Expenses with Limitations in Philippines
By: Tax and Accounting Center Philippines As a rule, business expenses in the Philippines that is ordinary and necessary to the conduct of trade, business, or practice of profession in the Philippines is deductible to the extent of actual payments. In general, there is no limitation on deductible amount under
Exemptions from Documentary Stamp Tax in Philippines
By: Tax and Accounting Center Philippines Documentary stamp tax in the Philippines is imposed upon documents, instruments, loan agreements and papers, and upon acceptances, assignments, sales and transfers of the obligation, right or property incident thereto, and shall be paid by the person making, signing, issuing, accepting, or transferring the
Value Added Tax Exemptions in the Philippines
By: Tax and Accounting Center Philippines As a rule, any person who, in the course of trade or business, sells barters, exchanges, leases goods or properties, renders services, and any person who imports goods shall be subject to the value-added tax. Being an indirect tax that sellers may pass-on, prices
Fringe Benefits Tax on Motor Vehicles in the Philippines
Cars or motor vehicles is a common fringe benefit of employers to managerial and supervisory employees in the Philippines. Usual executive compensation package would provide a car plan under varying terms. For employers, motor vehicles are indispensable to its operations and it has a choice whether to keep it as
Documentary Stamp Tax on Shares of Stock in the Philippines
Documentary stamp tax in the Philippines is imposed on the issuance and transfers of shares of stock in the Philippines, whether a par value shares of stock (with minimum fixed value for issuance in the Articles of Incorporation in the Philippines) or a no par value shares of stock. Documentary
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MAY 2013
May 3-4, 2013 - Basic Business Accounting and BIR Non - VAT Compliance
May 24, 2013 - Compensation: Computations and Must Know Exemptions
May 25, 2013 - Value Added Tax: In and Out
May 31, 2013 - ITR Preparation for Sole Proprietors
JUNE 2013
June 7-8, 2013 - Basic Business Accounting and BIR VAT Compliance
June 15, 2013 - BIR Tax Assessment: Process and Defenses
June 21-22, 2013 - Basic Business Accounting and BIR Non - VAT Compliance
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