The Asian Consulting Group taught taxpayers the right way to save on taxes at its monthly Tax Hub Talks. Held on Tuesday, May 28, ACG Founding Chairman Mon Abrea led a discussion on the tax amnesty and tax options.
The Tax Hub Talks is a monthly seminar about a variety of topics organized under ACG’s Tax Whiz Academy. Previous discussions have covered personal finance, starting a business, and various tax-related topics. The seminars are held in partnership with the Center for Strategic Reforms of the Philippines.
During the first part of the discussion, the Philippine Tax Whiz presented an analysis of the tax amnesty. He then discussed the situations where the taxpayer could benefit from the tax amnesty and where they would not.
The tax expert also discussed the other ways to settle their tax liabilities such as through compromise settlements or abatements.
“Know first how much you’ll have to pay before availing the tax amnesty,” reminded the Philippine Tax Whiz. According to Abrea, being prepared beforehand can go a long way in getting an easier application for the tax amnesty.
The second part of the Tax Hub Talks focused on the different tax schedule options available to businesses. The discussion included a comparison of the new 8% Flat Income Tax Rate and the Graduated Income Tax Rates. The Philippine Tax Whiz also compared the two modes of deductions and situations when each would be beneficial.
Lastly, he discussed the Barangay Micro Business Enterprises and who can register as such. Registering as a BMBE can allow businesses to save more on taxes by being exempt on income tax.
As the Philippines’ first Tax Hub for SMEs in the Asia-Pacific, ACG will be extending the Tax Hub Talks at its soon-to-open satellite offices. ACG will be launching satellite offices in Vigan (June 14-15), Palawan (June 21-23), Laguna (July 9), Albay (July 10-11), and Bacolod (July 19-20).
If you have problems with your taxes, be tax managed by the Philippine Tax Whiz. Contact us at [email protected] or (02) 622-7720.