It's gonna be my first time to pay GCASH using BIR payments. Yes, same as you, I am very hesitant to use online payment platforms especially when related to government dues -- first, because of security concern -- I do not know if I am transacting to a legit platform or a hackers engine; second is on the back of my mind I have this thought that BIR will not acknowledge my payment because the receipt is not from their accredited banks. If you are fully aware of preparing and paying for taxes in the past, you will have an idea with what I am saying -- each RDO has their own accredited banks so if you have clients in Quezon City, Malabon, Valenzuela and Manila -- you need to go to each of the accredited banks of those cities. Crazy right? Someone actually told me in passing, the Bureau have a centralized payment office way back, wherein you can pay the taxes of your clients in one office (or bank). Maybe the agency can again adapt that as best practice? Anyway, as we are in the new no...
Corporations who are subject to regular income tax is covered by Minimum Corporate Income Tax (MCIT) . It is not an additional tax, MCIT is compared to the regular income tax of the corporation (RICT) in the income tax return form, wherein whichever amount is higher will be the final tax due to be paid by the corporation. MCIT is computed as 2% of the gross income. Gross income is clearly defined on the next paragraph. Gross income is gross sales less sales returns, discounts and cost of goods sold. Passive income do not form part of gross income for purposes of computing the MCIT. Cost of goods sold includes all business expenses directly incurred to produce the merchandise to bring them to their present location and use. For trading or merchandising concern , cost of goods sold means the invoice cost of goods sold, plus import duties, freight in transporting the goods to the place where the goods are actually sold, including insurance while the goods are in transit. F...
Post-pandemic, the country's economy is struggling to get back on its feet. Almost all businesses even the big companies are adjusting to the new normal as it seems this coronavirus will not be going away anytime soon. The small and medium businesses who are gravely affected by the closure of establishments and its operations due to the widespread of the virus has taken a big toll on SME owners. For two months, the business did not earn any income at all; and another month or so, the business will not be earning any income still. What's painstaking is that the fixed income that the business owners are obliged to pay even without having any money coming in. This would logically mean that the business should have included on their budget the contingency money to pay up for the fixed costs such as rental and salaries add to that the support that you may need to provide your employees until everything is normalized. But what if the business do not have an account for these expen...
Comments
Post a Comment