News and Blogs

RR No. 21-2020: Implementation of the VAPP

Issued on September 4, 2020, Revenue Regulations No. 21-2020 prescribes the policies, procedures and guidelines in the implementation of the Voluntary Assessment and Payment Program (VAPP) for the collection of additional tax revenues, which could otherwise be collected through audit and enforcement effort for Taxable Year 2018.

By: Pamela Ruth G. Calog, CPA

4 days ago

Filing Guidelines: Percentage Tax

Percentage tax is a business tax imposed on persons, entities, or transactions specified under Sections 116 to 127 of the National Internal Revenue Code of 1997 (also known as Tax Code), as amended, and as required under special laws.

By: Pamela Ruth G. Calog, CPA

4 days ago

CREATE: Reduction of Percentage Tax to 1%

Percentage tax is a business tax imposed on persons, entities, or transactions specified under Sections 116 to 127 of the Tax Code, as amended, and as required under special laws. Section 116 is hereby further amended by CREATE to read as follows:

By: Pamela Ruth G. Calog, CPA

4 days ago

COVID: Additional VAT Exemptions

The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law which was signed last March 26, 2021 offers temporarily additional VAT Exemptions to serve as a Coronavirus disease (COVID-19) relief measure.

By: Pamela Ruth G. Calog, CPA

4 days ago

Deductions: Optional vs Itemized from Gross Income

A taxpayer engaged in business or in the practice of profession shall choose either the itemized or optional deduction.

By: Pamela Ruth G. Calog, CPA

4 days ago

TRAIN Exemptions and Exclusions from Gross Income

In the case of PLDT vs. City of Davao G.R. No. 143867, Exemption is an immunity or privilege. It is freedom from a charge or burden to which others are subjected. Consequently, the rule that tax exemption should be applied in strictissimi juris against the taxpayer and liberally in favor of the government applies equally to tax exclusions.

By: Pamela Ruth G. Calog, CPA

4 days ago

Filing Guidelines: Income Tax for General Professional Partnership

Under the Tax Code, a General Professional Partnership (GPP) as such shall not be subject to the income tax. Persons engaging in business as partners in a general professional partnership shall be liable for income tax only in their separate and individual capacities.

By: Pamela Ruth G. Calog, CPA

4 days ago

Filing Guidelines: Quarterly Income Tax Return for Corporation and Partnership

This return is filed quarterly by every corporation, partnership, joint stock companies, joint accounts, associations (except foreign corporation not engaged in trade or business in the Philippines and joint venture or consortium formed for the purpose of undertaking construction projects or engaging in petroleum, coal, geothermal and other energy operations), government-owned or controlled corporations, agencies and instrumentalities.

By: Pamela Ruth G. Calog, CPA

4 days ago

Filing Guidelines: Quarterly Income Tax Return for Individuals

This return shall be filed in triplicate by the following individuals regardless of amount of gross income by

By: Pamela Ruth G. Calog, CPA

4 days ago

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