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Abrea flies to US, Jose Magsaysay, Jr. to be interim operations chief

Asian Consulting Group Founding Chairman Mon Abrea brings his advocacy of tax education to Overseas Filipino Workers. Starting Monday, September 9, the Philippine Tax Whiz will be in the United States, holding seminars under the Center for Strategic Reforms of the Philippines’ Balik Ka, Kabayan program. The Balik Ka, Kabayan will be held in New […]

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ACG Founding Chairman Reappointed as EODB Taskforce Co-Chair

ACG Founding Chairman Mon Abrea continues his stint as the Co-Chair for the Ease of Doing Business Taskforce – Paying Taxes. The Philippine Tax Whiz was re-appointed after his service in the same role last year. The Department of Trade and Industry established the Ease of Doing Business Taskforce to combat the Philippines’ dropping rank […]

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Corporation or Sole Proprietorship_A Tax Perspective - Cover

Corporation or Sole Proprietorship? A Tax Perspective

In planning to start a business, deciding between a corporation and a sole proprietorship is one of the first considerations. The differences used to be clear-cut — corporations for large businesses, sole proprietorships for smaller ones. For the most part, that remains true. But the recent amendment to the Corporation Code, allowing the establishment of […]

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Reviving the No Audit Program

Reviving the No Audit Program

Voluntary tax compliance is enhanced when compliant taxpayers are protected against undue audits. Or so goes the preamble of a 14-year-old executive order. That EO is, of course, long dead. But the why—the rationale—behind the EO remains true. The no audit program (originally issued as EO No. 399) operated under the assumption that tax collection […]

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Best Tax Options for Small Businesses

The deadline for paying the income tax for 2018 has passed, and so time again to prepare for next year’s filing. It is a chore, but one that does not exempt working Filipinos, including the self-employed and professionals (SEPs). All SEPs are required to file their returns, even those who are exempt. One thing to […]

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How to File Income Tax Returns Properly

It’s a confusing time for taxpayers, especially with all these new ITR forms. Even after you know which forms were updated, you need to find out if it should be the one you will use. Then, you also have to figure out how to file these new returns and pay your taxes. But just because […]

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What's New on April 15?

What’s New on April 15?

April 15 is the deadline for the most important type of tax payment — the annual filing of income tax returns (ITRs). Almost all registered taxpayers are required to pay this tax, with only a few exceptions. For the government, the income tax is where the bulk of the Bureau of Internal Revenue’s (BIR) collections […]

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Comprehensive Tax Reform Program Revisited

Comprehensive Tax Reform Program Revisited

The Philippines’ inefficient tax system has resulted in high taxes and low compliance among taxpayers. The government’s solution to this nagging problem is the Comprehensive Tax Reform Program (CTRP), which seeks to create a simpler, fairer, and more efficient tax system. The CTRP’s first package was passed in December 2017 and imposed progressive rates on […]

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'Tis the Season of Taxes: How to Do Your Tax Compliance Right?

‘Tis The Season of Taxes: Here’s a Step-By-Step Guide on How to Do Your Tax Compliance Right

First comes the Christmas Season, then comes the New Year Season. And then there’s the tax season. Celebration, celebration, and then suddenly, obligation. Unlike the first two jovial seasons, tax season can be quite stressful. Even with prior research, the complex tax system ensures at least some confusion on the part of the taxpayer. What […]

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TRAIN Law: How was it implemented?

Knowing the law is not the same as knowing how it will be implemented. New laws require rules and regulations on how these changes will be applied. These implementing rules and regulations are issued soon after the law is enacted. In the case of the Tax Reform for Acceleration and Inclusion (TRAIN) Act, the issuance […]

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