Companies follow a common set of accounting principles to ensure the accuracy of their financial statements and books of accounts. However, some businesses still face several challenges with their accounting processes.
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During his fourth State of the Nation Address, President Rodrigo Duterte requested the Congress to pass the “Tax Reform for Attracting Better and Higher-quality Opportunities” bill, more commonly known as TRABAHO bill.
Choosing the right accounting services to avail depends on the needs and progress of the business. Initially, small businesses avail compliance services for filing, paying, and submitting their tax returns on time.
Each year, businesses and entrepreneurs file their Income Tax Returns (ITRs) on or before the deadlines set by the Bureau of Internal Revenue (BIR) for their tax type and associated tax return. However, some taxpayers are still confused with the filing and payment process.
It has become simplier for non-residents to enjoy preferential withholding tax rates for dividends, interest, and royalty earnings from domestic sources. The Bureau of Internal Revenue has issued new procedures to claim preferential tax treaty benefits for nonresidents covered by tax treaties signed by the Philippines with other countries.