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...
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