BIR Concerns

[rstranger]

Need some enlightenment on different terms on corporate taxes - input tax, output tax, creditable tax withheld.

 

tsaka, bakit minsan pag binigyan ka ng invoice at humingi ka ng OR, sasabihin ng vendor na pwede na yung invoice. Its like they are giving me an option pag gusto mo OR ala invoice, or pag may invoice naman ala OR.

[Op3r]

I was just wondering kung kelangan pang i declare ang mga kinikita ko online? take for example ang kinikita ko na 720 usd a per day by being a member of a certain site. do I have to declare pa yun?

[in_style]

this might sound a clueless if not stupid question...

really wanna know and be clear about this.

thanks.

 

 

 

what the comp*tation/formula of computing cost if let's say the

net amount is P 100.00. how much is vat? how much is evat?

 

thanks.

[lanchiaw]

help need advice:

 

 

i just learn that my accountant , didn't close my BIR , the business had been close for 7-10 years now maybe more lost count , as in bankrupt like to know what will happen , penalize me personally or what ? any compromise ? :sick:

[lanchiaw]

my accountant is a freelancer & now can't be found now , once i catch him tru celfone , his advice is just leave it & not to use the same TIN # , i said how can that be , any person have 1 assigned TIN ! , still he insist no problem as long as not to use the # , huhuhu , i want to be clear & not to have blacklist.

[chosenone]

gud day mga sirs

 

pls help. We are operating this small electrical services company for about 2 years na. it was found out last month ng isang staff namin na may discrepancy sa vat reg no. sa resibo (OR) na pina print namin 2 years ago ( with BIR stamp) sa actual registration number na nasa cert. This is an honest to goodness mistake kasi di naman namin alam na mali pala ang pagkaka print. Ano gagawin namin? mga 2 booklets pa lang naman nai issue namin. tnx

[oliverjohnholmes]

The right to credit input tax as against the output tax is clearly a privilege created by law, a privilege that also the law can limit.  It should be stressed that a person has no vested right in statutory privileges.

 

Lahom vs. Sibulo, G.R. No. 143989, July 14, 2003, 406 SCRA 135.

 

<{POST_SNAPBACK}>

i understand the concept of privielege granted by law which is always subject to limitation by government, maybe because of its police power or in this case power to tax...

 

but my question is of practical application...wouldn't the forward crediting lead to a point wherein a) the basis of quarterly input VAT is of differing basis that the forward crediting would lead to an absurd conclusion that one cannot credit anymore because all of the forward credit has eaten up the 100% vat credit?

 

foir example for Q1, since the input exceeds the output tax by let's say 40%, then the allowed creditable would be 70%, hence the forward credit would be 70% of the previous, which effectively eats up the allowable 100% creditable VAT in Q2...

 

thanks shadowfang for the case...

[iron_man]

i understand the concept of privielege granted by law which is always subject to limitation by government, maybe because of its police power or in this case power to tax...

 

but my question is of practical application...wouldn't the forward crediting lead to a point wherein a) the basis of quarterly input VAT is of differing basis that the forward crediting would lead to an absurd conclusion that one cannot credit anymore because all of the forward credit has eaten up the 100% vat credit?

 

foir example for Q1, since the input exceeds the output tax by let's say 40%, then the allowed creditable would be 70%, hence the forward credit would be 70% of the previous, which effectively eats up the allowable 100% creditable VAT in Q2...

 

thanks shadowfang for the case...

<{POST_SNAPBACK}>

 

Question lang po ... is there a way that I can file for a lower deduction on my taxes. At present I'm being deducted 15% from my salary, similar to what is being deducted to those earning professional fees eg. doctors - movie stars

[adriane888]

Need some enlightenment on different terms on corporate taxes - input tax, output tax, creditable tax withheld.

 

tsaka, bakit minsan pag binigyan ka ng invoice at humingi ka ng OR, sasabihin ng vendor na pwede na yung invoice. Its like they are giving me an option pag gusto mo OR ala invoice, or pag may invoice naman ala OR.

<{POST_SNAPBACK}>

Mate for VAT purposes it is important that you know what supporting documents you need to claim the VAT that you paid... If you acquire sale of services the supporting documents is the OR, and if sales of goods the supporting documents is the invoice...

[adriane888]

gud day mga sirs

 

pls help. We are operating this small electrical services company for about 2 years na. it was found out last month ng isang staff namin na may discrepancy sa vat reg no. sa resibo (OR) na pina print namin 2 years ago ( with BIR stamp) sa actual registration number na nasa cert. This is an honest to goodness mistake kasi di naman namin alam na mali pala ang pagkaka print. Ano gagawin namin? mga 2 booklets pa lang naman nai issue namin. tnx

<{POST_SNAPBACK}>

Pa-print ka na lang ulet ng OR mo.. Just make sure the following

 

1. Secure an Authority to Print (ATP) with the printing company (this is a BIR form)

2. VAT should be shown a as separate item.

3. If sales is exempt or zero-rated, the term VAT exempt sale or zero rated sale shall be written or printed prominently on the invoice or receipt.

4. If sales involve VAT, zero rated, exempt, there should be a breakdown of such in the invoice or rceipt or issue separte invoice or receipts.

[oliverjohnholmes]

Question lang po ... is there a way that I can file for a lower deduction on my taxes. At present I'm being deducted 15% from my salary, similar to what is being deducted to those earning professional fees eg. doctors - movie stars

<{POST_SNAPBACK}>

firstly what is your occupation? that in itself determines what tax bracket you fall under...

 

secondly, what are your expenses in the pursuit of your occupation? this determines what are considered tax deductible items and as such would help lower the tax base subject to the 15% tax rate as you have said...

 

just my two cents (walang VAT yan ha!)

[Cloie316]

tanong ko lang po kung papano kumuha ng TIN id? pwede po pm niyo ko? thanks!

[iron_man]

firstly what is your occupation? that in itself determines what tax bracket you fall under...

 

secondly, what are your expenses in the pursuit of your occupation? this determines what are considered tax deductible items and as such would help lower the tax base subject to the 15% tax rate as you have said...

 

just my two cents (walang VAT yan ha!)

<{POST_SNAPBACK}>

 

Freelance Graphic Artist po ...

[oliverjohnholmes]

Freelance Graphic Artist po ...

<{POST_SNAPBACK}>

firstly, do you sign agreements for each project you enter into? now, do the people that hire you an each project impose a witholding tax on your contract price? make sure that you are provided a copy of the voucher where the witholding tax is indicated...come april, ask for a witholding tax certification from the companies you had worked with, this shall form part of your income tax return...since you already have credits earned as per income tax, determine if your gross income tax (taken from the table of the income tax return) is equal or less than the certified tax witheld...if less or equal then there is no need for you to pay any more tax...

 

now, since you are on a project basis, if your expenses are all within the project proposal then there is nothing more you can deduct...still unsure if the expenses during the lean months can be deductible as an operating expense...it's a way but you still have to check that with an accountant for sure...

 

[iron_man]

Thank you po very much ... Another question na lang po ... Nagkaroon ako ng baby last April ... at yung tax exemption status upto today is still ME or married lang ... kung mag-file ba ako ng bagong change of status may makukuha ba po akong rebate dun sa taxes ko ...

[adriane888]

Thank you po very much ... Another question na lang po ... Nagkaroon ako ng baby last April ... at yung tax exemption status upto today is still ME or married lang ... kung mag-file ba ako ng bagong change of status may makukuha ba po akong rebate dun sa taxes ko ...

<{POST_SNAPBACK}>

Yes you can enjoy the benefit of special deduction of P8,000 per dependent. Under the Tax Code, effectivity of said deduction will be at the start of the year even you had a baby only in April. Just make sure that you update your registration/status... I forgot the BIR Form... parang 1903 or 1904 you form, just check na lang sa accounting or HR department nyo..

 

Hope this helps...

[Cloie316]

QUESTION!!!

 

How can i get my TIN id?

[iron_man]

I inquired about my tax exemption and the possible refund ... but here in our office apparently they don't honor rebates or refunds ... what they would be doing is to offset my my succeeding tax deductions ... is this right ???

[adriane888]

I inquired about my tax exemption and the possible refund ... but here in our office apparently they don't honor rebates or refunds ... what they would be doing is to offset my my succeeding tax deductions ... is this right ???

<{POST_SNAPBACK}>

I think that is okay as long as they deduct to your tax payment what should be your tax refund..

[Cloie316]

Punta ka BIR Par', may fi-fill up ka na form...

May Taxpayer Aassistance Section dun in case na maligaw ka.. :goatee:

<{POST_SNAPBACK}>

 

 

thanks bro. i appreciate your help.

[council]

I inquired about my tax exemption and the possible refund ... but here in our office apparently they don't honor rebates or refunds ... what they would be doing is to offset my my succeeding tax deductions ... is this right ???

<{POST_SNAPBACK}>

 

that is correct. they will recompute your annual income tax and exemptions, and in effect the succeeding months will see a drop in your withholding tax.

 

something called a "tax adjustment"

[iron_man]

that is correct. they will recompute your annual income tax and exemptions, and in effect the succeeding months will see a drop in your withholding tax.

 

something called a "tax adjustment"

<{POST_SNAPBACK}>

 

Thank you po ... usually kasi before they gave out refunds ... I just wondered why biglang offsetting na lang yung ginawa nila ....

[jefoy]

Gud pm, just wanna asked kung every end of the year lang pde kumuha ng ITR kasi ng request me sa HR namin ang sabi nila every end of the year lang daw ngbibigsy eh 4 months palang ako sa comapny ko pano ako nabigyan ng ITR ng previous employer ko nung JUly? pde bang ako mismo ang humingi ng ITR sa BIR office?

[adriane888]

Gud pm, just wanna asked kung every end of the year lang pde kumuha ng ITR kasi ng request me sa HR namin ang sabi nila every end of the year lang daw ngbibigsy eh 4 months palang ako sa comapny ko pano ako nabigyan ng  ITR ng previous employer ko nung JUly? pde bang ako mismo ang humingi ng ITR sa BIR office?

<{POST_SNAPBACK}>

Please note mate that ang ITR po ay hindi hinihingi, eto po ay pina-file. However, the BIR is requiring all employees that earning pure compensation and has only one employer for taxable year should not file their ITR and instead secure a certificate of withholding tax from their employer. Said certifiacte will serve as as your ITR and will be recognized by any thrid party that will require you to provide them your ITR.

[council]

Gud pm, just wanna asked kung every end of the year lang pde kumuha ng ITR kasi ng request me sa HR namin ang sabi nila every end of the year lang daw ngbibigsy eh 4 months palang ako sa comapny ko pano ako nabigyan ng  ITR ng previous employer ko nung JUly? pde bang ako mismo ang humingi ng ITR sa BIR office?

<{POST_SNAPBACK}>

 

assuming you have completed the clearance process from your previous employer last july, they are obliged to give you a copy of the certificate of income tax withheld (BIR form 2316). That is what you present to your new employer for purposes of computing your annual income tax that you need to file (using BIR form 1700 or 1701).