TAX info and updates

[vincedin]

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BUHION NATO NI NGA THREAD BE.... @vincedin:

Salamat din428!

Remind lang pud sa tanan nga hapit na deadline sa alphalist & list of inventories, renew pud registration sa BIR.

[C.P.A.]

Billionaire Caught in His Own Real Estate Transactions

MR. MACARIO LIM GAW, JR. deliberately misclassified the sale of the 10 lots as a sale of "capital
assets" when these are undoubtedly sales of ordinary assets and paid only the 6%
Capital Gains Tax (CGT) amounting to P9,111,801.69 (2007) and P418,746,021.11
(200 to evade the payment of the 32% Income Tax and the 12% VAT due to sale
of lands classified as ordinary assets.

read full txt... ftp://ftp.bir.gov.ph/webadmin1/pdf/pr101aug2610.pdf

[C.P.A.]

BIR Files “First” Tax Evasion Charges against a Security
and Investigation Agency

Amidst mounting complaints against security agencies coming from their own security
guards for alleged tax violations particularly non-remittance of withholding taxes, the
Bureau of Internal Revenue (BIR) today filed with the Department of Justice charges against
a security and investigation agency for various acts committed in 2007, 2008 and 2009
constituting violations of the Tax Code to wit: willful attempt to evade or defeat taxes;
willful failure to supply correct and accurate information; and willful failure to file income tax
returns, VAT returns, expanded withholding tax returns, annual information return of
income taxes withheld on compensation and final withholding taxes, and annual information
return of creditable income taxes withheld on income payments exempt from withholding.
Charged under the BIR’s Run After Tax Evaders (RATE) program were ICON SECURITY AND
INVESTIGATION AGENCY, INC. (ICON) and its responsible corporate officers - Larry R.
Bayona (Chairman/President), Lorena Z. Canlas (Treasurer), and Jaison Z. Zapata
(Corporate Secretary). Icon is a domestic corporation with registered business address at
No. 77 Alabu Realty Building, Corregidor and David Sts., Quezon City, but per recent
information, it now holds office at the Ground Floor, Holiday Plaza Building, Libertad St.,
Pasay City.
Investigation conducted revealed that Icon reported a Service Fee Income of only
P270,000.00 in 2007. However, Icon indicated a Service Fee Income in 2007 of
P2,173,500.00 in its 2008 Comparative Financial Statement. The same document shows
that Icon earned Service Fee Income amounting to P26,730,220.01 in 2008. Despite the
enormous increase in its earnings, BIR records disclosed that Icon did not file any return in
the same year. Digging further, BIR investigators found out that Icon reported at least
twelve (12) clients in its 2009 and 2010 Monthly Disposition Reports filed with the PNP
SAGSD and in spite of that, it likewise failed to file any return with the BIR for the said
taxable years.
Initial assessment based on available records and third party information pegged the tax
liability of Icon at P7,824,183.84.
The case against Icon and its responsible corporate officers is the first case against a
security agency and the eighth (8th) filed under the RATE program of the BIR under the
leadership of Commissioner Kim S. Jacinto-Henares. It is likewise the first RATE case of
Revenue Region No. 7, Quezon City. (reytdlc)

[vincedin]

DTI adjusts fees for business registration
.Thursday, 30 December 2010 00:00

[ manilatimes.net ]
BY BEN ARNOLD O. DE VERA REPORTER
THE Department of Trade and Industry (DTI) will implement a four-tiered registration fee system for business name applicants based on the geographic scope of their business. On December 15, the agency issued Department Administrative Order (DAO) 10-10, which put in place "ladderized" registration fees for every application for registration of business name (original and renewal), depending on the territorial jurisdiction covered in the application.
Under the order, business name registrants in the barangay level will pay P200; applicants for the city/municipality level, P500; regional level, P1,000; and national, P2,000.
The National Economic and Development Authority (NEDA) on December 10 approved the DTI's proposal to tweak the business name registration fee scheme. National government rules mandate prior NEDA Board approval of any adjustment of government-imposed fees.
In a telephone interview, Carmen Avendaño, chief of the consumer welfare division of the DTI's Bureau of Trade Regulation and Consumer Protection, said that prior to DAO 10-10, business name applications cost P300 per registration.
"For example, if one would register a business that is nationwide in scope, he would not have to pay for the registrations of each branch.
The new system would help entrepreneurs cut costs," Avendaño said in Filipino.
DAO 10-10 is in line with the DTI's territorial scheme of business name registration, through which applicants can indicate whether their business name would be applicable only within a particular barangay, a city or municipality, a region, or nationwide.
An enterprise will be allowed to use its business name in all the branches or outlets that would be put up within the territory where it registered.

[vincedin]

DCIR Nelson Aspe led the temporary closure last January 6 of Mang Inasal Restaurant along Taft Avenue in Pasay City.


read full txt... ftp://ftp.bir.gov.ph/webadmin1/pdf/v2n1.pdf

[maria corazon]

DID YOU KNOW THAT...

Beginning May 10, 2008 employees receiving the following benefits from their employers shall enjoy higher tax exemption thresholds:
- Rice allowance from the P1,000 per month was increased to P1,500 per month
- Uniform and clothing allowance from P3,000 per year was increased to P4,000 per year.
These allowances are classified as DE MINIMIS benefits and are exempt from the tax on compensation when given to rank and file employees and from the fringe benefits tax (FBT) when given to managerial and supervisory employees.
Another good thing about this, is that on the side of the employer, this can be claimed as expenses of the business.


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...

wow! mao ba?!

[lowel]

nice thread...
so informative...
keep this up mga masters

[luydgreat]

hi, good day
i was wondering if you could help me,
i'm planning to put up a small business(carenderia with imnanan(beer)
i'm going to rent a small space(mga 5k ang space)
hire mga 3 employees
can i ask you what to do first?do i need to register first then operate the business?
mga how much kaha ako magasto all in all?..with your help..
i already hav my sss number, pero kato paning nag work ko, do i need to change it?
pls pm me...need your help.. thanx!!!

[drwtsn32]

Based on what I have learned, see my comments on blue...

hi, good day
i was wondering if you could help me,
i'm planning to put up a small business(carenderia with imnanan(beer)
Find a place that you may think is the hotspot for your future costumer arun dili ka malogi then make a plan for monthly pakulo like shows or concerts or contest or promo - something like that that could always buried to your existing costumer's mind so your place could not be forgotten.

i'm going to rent a small space(mga 5k ang space)
small space is a good plan to start but as i have mentioned from above think of the hotspot area.

hire mga 3 employees
sounds that's a good plan to start but what's the best thing is that YOU, you should be one of them as employee of you own business so you would know what's happening to your business.

can i ask you what to do first?do i need to register first then operate the business?
Registration is the best thing, but if you are in a hurry you can start your business immediately while you are still processing your papers for your business. Just let them know ahead, ask permission, so the BIR will not going to confiscate you. Atleast you have the authorizations from them if this is possible.
Requirements:
1) BIR
2) DTI
3) Sanitary Permit
4) Major's Permit
5) since your business involves liquor so you are required to register also according to the Law.
6) ...
7) ... I forget the rest...

mga how much kaha ako magasto all in all?..with your help..
Including facilities, rental, employees, Public Utility Bills like Kuryente, ug tubig, ug sa mga renovation, mga around Php150K yet the price may vary according to the space area of that said unit.

i already hav my sss number, pero kato paning nag work ko, do i need to change it?
Yes, kay mahimo naman kang Employer and you are not ang employee anymore if you are planning to put up a business.

pls pm me...need your help.. thanx!!!

Hope that could help you!

[vincedin]

@drwtsn32, salamat kaayo sa pagtubag sa mga pangutana...