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question po regarding withholding tax ng employee na hindi niremit ng employer for a year...

san po puede idulog toh ng anonymity?? kasi i just found out na etong punyetang kumpanya kong pinagtatrabahuan eh hindi niremit yung witholding tax namin last year pero kinakaltas samin yun every payday, eto pa ang masaklap, yung accountant namin na nagresign last june eh sinabi samin na nag file daw etong mga gunggong kong boss ng stop operation, PUEDE ba YUN!! :grr: :grr:

help naman po kung san pwede isumbong to pero anonymity lang ang source... baka kasi matanggal ako pag nalaman eh... :hypocritesmiley: :hypocritesmiley:

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kalboako - you can earn a few bucks by squealing on your tax evading employer by collecting enough documents as evidence and attachment to an affidavit to be filed with BIR Law Division, National Office. If your anonymous report (BIR is legally bound to protect your identity) results into a tax collection (possibly with criminal conviction) BIR will give you 15% of the collection or P 1 million whichever is lower.

 

in style - bir.gov.ph can be a good start to learn tax laws and issuances.

VAT applies to all sales of goods and services in the the regular course of business except those expressly exempted under Sec 109 of the Tax Code.

 

As to the comp*tation of VAT under the new law, the BIR people are as confused as most taxpayers. They came up with an implementing rules but before even implementing is now ready with another one correcting the the first.

 

Malabo talaga ang tax system sa Pilipinas, kaya iilan lang ang nagbabayad ng tamang tax at sila pa malimit ang iniibestigahan. Sabi nga ng World Bank tayo na ang may isa sa pinakamabigat na tax burden (mga 47%) ngunit tayo rin ang may pinakamababang tax effort (tax collection as a percentage of GDP).

 

Dapat talaga ibaba at pasimplehan ang sistema ng sa gayon ay maging madali, hassle free, maliwanag at sigurado ang babayaran mong tax. Maganda ito para sa taxpayers (di na makikipagtalo sa BIR) at gobyerno (mas murang cost of collection at madaling mahuli ang tax evaders)

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After liquidation of a corporation, would the real property distributed to its shareholders as their share in the assets of the corporation be considered as capital assets of the shareholders if the shareholders getting the real property sell it right away?

 

Mostly likely yes, since liquidating dividends whether in the form of personal or real property since this is just a conversion of one form of capital asset (shares of stocks) to another. However, even if it is recorded as capital asset in the receiving shareholder's book if it the shareholder immediately dispose of the same there is no guarantee that any gain derived from it will be subjected to capital gains tax on sale of real property. BIR will consider the following in determining what tax will apply: 1. type of taxpayer, business of taxpayer and whether or not the real property is being leased.

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i have  one house which i want to rent it out. Do I need to get business permit and print official receipt or a contract of lease will  suffice?

 

thanks

 

jj

 

As mentioned in today's papers a WB report said that RP is one of the least business friendly countries in Asia with so many steps and documents you need before finally being allowed to operate. This explains why we have such a huge underground or informal economy.

 

However, to start as even a simple business of renting a single unit residential property you must first start with the Barangay for the clearance - there you will be required to submit proof of ownership and authorization if you will be represented. Then armed with the Barangay clearance you will need to get Mayor's/business permit - this will be issued only after getting a Community Tax Certificate, payment of numerous inspection fees, fire department inspection and fees, insurance, among others. Then you go to the BIR to get your TIN, if you have none yet, register by paying P 500, you have to know if you'll be VAT or exempt (depends on the amount of rent). You or your printer will have to file an application for print official receipts. If you are going to use computer, there is an application for permit to use computerized accounting system.

 

And when you have a tenant alreay, you should pay documentary stamp tax on the lease contract. Then you need to pay and file monthly, quarterly and annual returns for income, withholding, percentage or VAT. You may even be required to hire an accountant depending on the amount of revenue you will generate. Of course, you should record and keep track of all your expense related to the business. Make sure these are ordinary and necessary and with proper BIR approved receipts.

 

This is just to rent out a single unit house.

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sorry for being makulit but i really want to

understand/appreciate/be educated how tax

is computed. i'm thinking perhaps we can set

an example or a specific problem. for example...

 

a person who's suppose to earn P 20,000 a month

without taxes. how much of that amount will

go to tax? what kind of tax is that adoptable?

 

hope the tax experts can help. thanks.

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Mostly likely yes, since liquidating dividends whether in the form of personal or real property since this is just a conversion of one form of capital asset (shares of stocks) to another. However, even if it is recorded as capital asset in the receiving shareholder's book if it the shareholder immediately dispose of the same there is no guarantee that any gain derived from it will be subjected to capital gains tax on sale of real property. BIR will consider the following in determining what tax will apply: 1. type of taxpayer, business of taxpayer  and whether or not the real property is being leased.

Thanks for the reply. Appreciate it.

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Shadowfang is correct informer's reward now stands at 10% of tax collected and it is now taxable. Before 1998 it was 15% tax free.

 

Many have made a career of reporting tax evaders. Kaya lang pag-natiklo ka delikado ka rin.

 

In style asked: a person who's suppose to earn P 20,000 a month

without taxes. how much of that amount will

go to tax? what kind of tax is that adoptable?

 

I'm no tax expert but just needed to learn more about taxes sometime ago. But to answer the questions we need to go down to more specifics like the ff:

 

Type of taxpayer: Individual or corporation, resident or non resident, salaried or business, trade

 

type of income: compensation, business or mixed, gross or net or passive

 

Total income for the year: over P 720,000

 

VAT or non-VAT registered

 

These are just the initial questions.

 

It's easy why very few actually pay the right tax, even if they wanted to.

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Your welcome, in-style.

 

You are right not to depend too much on your finance guy. I know of few instances where the finance guys squealed on their clients (remember Al Capone, Enron, Worldcom and most of tax informants). A friend who once worked with BIR told me that when caught red handed many of the finance people readily cooperate to cut a deal at the expense of the business owner.

 

This is one compelling reason why business people should try to understand the basics of taxation.

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  • 2 weeks later...
i need help on this:

 

anyone please!?

 

how do i compute for the monthly tax deduction for every employee?

what form should i use to file the tax?

 

advance thanks for any help...

 

 

i think there's a table that bir should provide for you to determine how much tax deduction...

 

as for the form, 1601-C

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jackl, thanks for taking time to answer my query.

it's good to read about these details.

i dont want to just depend on my finance person.

now i'm re-learning these things. 

thanks again.

 

 

Your welcome, in-style.

 

You are right not to depend too much on your finance guy. I know of few instances where the finance guys squealed on their clients (remember Al Capone, Enron, Worldcom and most of tax informants). A friend who once worked with BIR told me that when caught red handed many of the finance people readily cooperate to cut a deal at the expense of the business owner.

 

This is one compelling reason why business people should try to understand the basics of taxation.

 

 

and we should also be careful if we are paying in cash, baka mamaya gamitin ng finance guy mo yung money.

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  • 2 weeks later...

 

is there a way to soften the impact of the 70% input tax credit ceiling in the new EVAT law? I mean when you get charged 100% VAT if you are the user, but as a supplier you can only credit 70% of your input VAT. i know there is no pass of tax provision, but wouldn't that just be double taxation? or did i just read it wrong altogether?

 

just asking...

 

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3rd Quarter ITR?

60 days after ng Taxable 3rd Quarter...

If your company uses the Calendar Year, start counting on October 1. That's day 1!

 

Ang problema lang kasi dito ay HINDI KAYO MARUNONG MAGBILANG! ... the right way! :goatee:

 

Counting includes SATURDAYS, SUNDAYS AND HOLIDAYS!

Prublemahin mo na lang yung last day! :P

 

If the last day falls on a Saturday or Sunday, deadline will be on Monday. Provided that the said Monday is not a Holiday..

 

On the other hand, if the last day falls on a Holiday, deadline will be on the succeeding Business Day!

 

Ahyos?... ;)

 

 

thanks alot, dude!

i took notes.

 

:thumbsupsmiley:

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i still am to receive a formal copy of RA 9337 and the implementing guidelines. well my mistake on the terms on double taxation. i have read summaries and there is no double taxation. thanks shadowfang for pointing it out.

 

my main concern is Sec 4.110-7 of RR 16 2005.

 

if your input tax exceeds the output tax for the quarter, then the allowable credit ceiling of 70% shall apply. the difference remaining would be carried over to the next quarter. now, isn't this double taxation as a net effect (limitation of creditable amount) and the final year end VAT payable by virtue of the carrying over of the increments from previous quarters payment of a tax twice over?

 

that is why i asked if there is double taxation, the increments, by not being allowed to be credited at the time of transaction (which after all what EVAT is, a transactional tax) is a tax in itself, and the same increment difference carried over to the year's end for disposition (which by effect is payment by the large taxpayer) a form of double taxation?

 

i had just received the formal copies now, just seeking input...

 

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