Author: Mark Virgil Lofranco

As a newly registered business in the Philippines, it’s essential to be prepared for a Bureau of Internal Revenue (BIR) audit. BIR audits are routine checks to ensure your business complies with tax laws and regulations. While the thought of an audit can be intimidating, proper preparation and understanding of the process can help you…

Withholding tax is an essential component of the Philippine tax system. It is a method by which taxes are collected from income at the source. For businesses, registering for withholding tax is not only a regulatory requirement but also a responsibility that helps ensure proper tax collection. This guide provides a step-by-step process to register…

Invoices and receipts are more than just documents for recording transactions—they are vital tools for tax compliance in the Philippines. Under the rules of the Bureau of Internal Revenue (BIR), businesses are required to issue official invoices or receipts for every sale of goods or services. Failure to comply with these regulations can result in…

Starting a business in the Philippines comes with many responsibilities, and one of the most crucial is tax compliance. Filing taxes for a newly registered business can be daunting, especially for first-time entrepreneurs. However, understanding the tax filing process and requirements will help you stay compliant and avoid penalties. This guide provides a step-by-step approach…

Running a business in the Philippines requires more than just registering it; you must also ensure that it remains compliant with local and national regulations. One crucial aspect of compliance is the annual renewal process for business permits and licenses. Failure to renew your business permits on time can lead to penalties, fines, or even…

In the Philippines, a Tax Identification Number (TIN) is essential for all businesses, regardless of size or type. Issued by the Bureau of Internal Revenue (BIR), the TIN serves as your unique identifier for tax purposes, enabling you to comply with the country’s tax regulations. Without a TIN, you cannot legally operate, file taxes, or…

Audited Financial Statements (AFS) play a crucial role in the registration, compliance, and overall governance of corporations in the Philippines. Beyond being a requirement for tax and regulatory submissions, the AFS serves as a vital tool for assessing a company’s financial health, transparency, and credibility. This blog explores the significance of AFS in corporate registration…

Registering for local business taxes and fees is a critical step in legitimizing your business in the Philippines. Local government units (LGUs), such as cities and municipalities, impose these taxes and fees to fund public services and infrastructure. Proper registration ensures your business complies with local regulations and avoids penalties or disruptions in operations. This…

Registering your business in the Philippines is a significant milestone, but it also brings with it various tax obligations. Properly understanding these tax implications ensures compliance with government regulations, avoids penalties, and sets your business up for sustainable growth. This blog will guide you through the tax responsibilities associated with business registration, helping you navigate…

When registering your business with the Bureau of Internal Revenue (BIR) in the Philippines, one of the critical decisions is whether to register as a VAT (Value-Added Tax) or Non-VAT taxpayer. This classification affects how you will report and pay taxes and is determined by your business’s annual gross sales or receipts. This blog provides…