Header Ads Widget



Trade Forex with Exness Broker. Trade with the world’s largest retail broker and benefit from better-than-market conditions. Free Virtual Private Server (VPS) is offered especially for those using AI Forex Trading Robots. Create Your Account Free!

Basic Tax Compliance

BIR Form 2303

Basic tax compliance starts with your registration. When you register with the BIR, you are issued with a Certificate of Registration (COR) or the BIR Form 2303. You can find in your COR the TAX TYPES of your business. These are the basic taxes you are required to file and pay regularly. Each tax type has a specific deadline and a specific form to be accomplished and filed and submitted on or before the deadline.


Other Mandatory Filings

Apart from the tax types on the COR, there are other filings you need to accomplish regularly. Examples are the submission of the inventory lists, summary alphalist of payees and withholding taxes, lessee information sheet, etc. It is your responsibility as a taxpayer to know and determine the other required filings needed for your business.


Open Cases (CMS)

Failure to file and pay mandatory taxes and other filings will result to penalties. It is your responsibility as a taxpayer to file and pay these returns on or before the deadline. It is good to regularly check the health of your account (TIN) through case monitoring system (CMS) to determine if you have missed filing returns and paying taxes called "open cases".


Tax Mapping Concerns

Once you are registered with the BIR, you are required to display your BIR Form 2303, Annual Registration Fee, and "Ask for Receipt" Signage in the conspicuous places in your place of business. You also need to have your Books of Accounts and Invoices readily available when an examiner required it from you. You also have to show the registration of your POS/CRM machines used in your business.


Caution

Always file a hardcopy and softcopies of the taxes that you had filed and paid for future reference. This is very helpful.


Renewal of Registration

You need to renew the registration (of business permit, etc.) of your business every year.


Closure of Business

When you decided to close the operation of your business, you also need to close the registration of your business with the BIR as well as the permits of your business with the DTI and city or municipality. If you failed to close your registration, you may accumulate "open cases" or failed returns filed with the BIR and will result to penalties.


Remember, a well-informed taxpayer is a compliant taxpayer.

Post a Comment

0 Comments


Great Products from
Shopee Philippines





Trade Forex with Exness Broker. Available in the Philippines. You can now transact through GCash and Online Bank accounts. Low spread, higher profits. Click Here to Register Free!