BIR Concerns

[in_style]

go to www.bir.gov.ph - go to forms and download 1701. you attach the 4 2307 forms there. deadline is april 16, 2007.

 

just want to thank you for answering the queries on this thread.

big help, bro!

 

:cool:

[tio_pot]

Gud PM!

 

I have an inquiry here... My wife gave birth last september and finile ko na sya sa BIR nung pumasok na ako. Dineclare ko na ako ang head of the family and sa akin yung dependent. Napansin ko na same pa rin yung dinededuct sa akin ng employer ko. Mairerefund pa ba sa akin yung binayad ko na tax na sobra? If ever na sabihin ng employer ko na di na yun marefund, kanino ako dapat magreklamo?

 

Salamat!

[tio_pot]

Did you fill-up a form in your HR to update your personal exemption? Aren't you married? Married with x number of dependent/s ka po dapat if you're married. Mas malaki ang exemption nun.

 

Ganun po, mag-file ka ng update sa employer mo using form W4 (of course attach the birth cert of your child). Pag-file mo ng ITR (on or before April 16 - since Sunday nagfall ang April 15) lalabas na may overpayment ka. Dapat kse nag-update ka kagad with your employer para sila sana ang nag-refund sa yo. Mahirap mag-refund ng direct from BIR kse. Aabutin ng centuries yata yan.

 

nag-update na ako matagal na.... yung accounting lang ang dipa nagrerefund sa akin.... so, ang sisingilin ko ay yung accounting namin... kapag di nila nirefund yun, sa BIR ko na sya irerefund? or pwede kong ireklamo ang employer ko?

 

thanks again!

[Pussyboy]

nag-update na ako matagal na.... yung accounting lang ang dipa nagrerefund sa akin.... so, ang sisingilin ko ay yung accounting namin... kapag di nila nirefund yun, sa BIR ko na sya irerefund? or pwede kong ireklamo ang employer ko?

 

thanks again!

 

if your wife gave birth september, and you filed an update with your accounting last year also, the refund you are talking about should have been given to you on your last payroll for 2006. if not, it should have been paid january 2007.

 

you will know if you have been computed properly upon receipt of your BIR form 2316. this is the tax certificate that the company gives you as proof that you have been deducted of your taxes. it should show your new exemption status and that you dont have any tax overpayments.

 

should you have overpayments, then you go after BIR. gud luck on this as BIR doesnt give out refunds anymore to individuals.

[shamrock12345]

if your wife gave birth september, and you filed an update with your accounting last year also, the refund you are talking about should have been given to you on your last payroll for 2006. if not, it should have been paid january 2007.

 

you will know if you have been computed properly upon receipt of your BIR form 2316. this is the tax certificate that the company gives you as proof that you have been deducted of your taxes. it should show your new exemption status and that you dont have any tax overpayments.

 

should you have overpayments, then you go after BIR. gud luck on this as BIR doesnt give out refunds anymore to individuals.

 

PRE SINO ANG PUEDE MAG PA LOAN WITH MINIMUM INTEREST LANG PLANO KO KASI DAGDAGAN CONMPUTER SHOP KO.. HELP ME NAMAN,,,,

[Guest FL]

1. Income tax - if it's sole proprietorship, then compute the net income first then deduct personal and additional exemption (if there's any), then compute the tax based on the tax table. Tax table is also found at the BIR link posted by stiffmike. Teka, income tax yan ng company ha.

2. May tax table po. 35% ng net income pag Corporation but you also have to compute MCIT (Minimum Creditable Income Tax), pay whichever is higher. Yes, any form of income is taxable.

3. Cause you already earned. As I've indicated in number 2, any form of income is taxable, regardless if your present your TIN or not.

 

ok, thanks.

[Pussyboy]

PRE SINO ANG PUEDE MAG PA LOAN WITH MINIMUM INTEREST LANG PLANO KO KASI DAGDAGAN CONMPUTER SHOP KO.. HELP ME NAMAN,,,,

 

your business should be 3 years or more in operation. then you should have diligently filed your ITR. if your answer to both is yes, then banks can lend to you. try plantersbank, they are aggressive in giving out entrepreneural loans. but for your biz, its difficult to get with other banks, unless you have a land for collateral. for planters, kahit kotse pwede ata as collateral.

[jackbrng]

Gud PM!

 

I have an inquiry here... My wife gave birth last september and finile ko na sya sa BIR nung pumasok na ako. Dineclare ko na ako ang head of the family and sa akin yung dependent. Napansin ko na same pa rin yung dinededuct sa akin ng employer ko. Mairerefund pa ba sa akin yung binayad ko na tax na sobra? If ever na sabihin ng employer ko na di na yun marefund, kanino ako dapat magreklamo?

 

Salamat!

 

submit to your HR the form you filled up with the BIR regarding your Status Update, you refer to your partner as "wife" meaning you are married, so dapat status mo ay Married with dependent which is you child or children. dont worry kung di pa rin nagbabago withholding tax mo kasi at the end of the year, may year end adjustment na ginagawa, doon i-reconcile ang tax due mo base on your new status saka yung total withholding tax mo sa buong taon and definitely may tax refund ka! tax refund usually released by employer at last payroll of current year or january of the following year. kung wala kang tax refund na nakuha, reklamo mo sa bir at bir ang mag-audit sa kanila.

[sonyhpsony]

Need some advcie. I am thinking of going into one of 2 businesses. The first is rental of apartment units and second is buy and sell. What taxes are involved here? I appreciate all the help. Thanks!

[jackbrng]

Need some advcie. I am thinking of going into one of 2 businesses. The first is rental of apartment units and second is buy and sell. What taxes are involved here? I appreciate all the help. Thanks!

 

in regard to rental, tanong ko kung anong uri apartment mo, residential ba o commercial, yung rental fee mo ba ay lalagpas ng 10,000.00 monthly?

 

Kaya ko natanong, kasi kung residential ang unit mo, karamihan ay di na niririhestro ito at wala ng tax, ganun lang ka-simple,

 

pero kung commercial, may income tax kang babayaran, percentage tax or VAT, business license from local government unit that has jurisdiction on your place of business, annual registration fee sa bir na P500.00. and one more thing, yung tenant mo ay babawasan ang rental fee na ibabayad sa yo ng 5% as withholding tax. Yung tenant mo na ang mag-remit nito sa authorized agent bank ng bir. itong withholding tax naman ay ibabawas sa income tax due mo kung meron, kung wala kang income tax due, i-carry over to sa next quarter.

 

Sa buy and sell business naman, parehas din ang taxes sa mga binanggit ko sa itaas, except for withholding tax on rental. Unless magkaroon ka ng client for example large company that belong to top 10,000 corporation, nagkakaltas din ito ng withholding tax sa payment nila, i think mga 2% ata ng payment.

[jackbrng]

Need some advcie. I am thinking of going into one of 2 businesses. The first is rental of apartment units and second is buy and sell. What taxes are involved here? I appreciate all the help. Thanks!

 

in regard to rental, tanong ko kung anong uri apartment mo, residential ba o commercial, yung rental fee mo ba ay lalagpas ng 10,000.00 monthly?

 

Kaya ko natanong, kasi kung residential ang unit mo, karamihan ay di na niririhestro ito at wala ng tax, ganun lang ka-simple,

 

pero kung commercial, may income tax kang babayaran, percentage tax or VAT, business license from local government unit that has jurisdiction on your place of business, annual registration fee sa bir na P500.00. and one more thing, yung tenant mo ay babawasan ang rental fee na ibabayad sa yo ng 5% as withholding tax. Yung tenant mo na ang mag-remit nito sa authorized agent bank ng bir. itong withholding tax naman ay ibabawas sa income tax due mo kung meron, kung wala kang income tax due, i-carry over to sa next quarter.

 

Sa buy and sell business naman, parehas din ang taxes sa mga binanggit ko sa itaas, except for withholding tax on rental. Unless magkaroon ka ng client for example large company that belong to top 10,000 corporation, nagkakaltas din ito ng withholding tax sa payment nila, i think mga 2% ata ng payment.

[vader2007]

Hi there. Hope you can help. My father in law died in 1994 with 3 properties in his name. After 13 years, my brother in law discovers the land titles. If he and my wife execute an extrajudicial settlement, what kind of taxes and how much back taxes are we looking at?

 

Thanks for your help.

[G.I.]

Hi there. Hope you can help. My father in law died in 1994 with 3 properties in his name. After 13 years, my brother in law discovers the land titles. If he and my wife execute an extrajudicial settlement, what kind of taxes and how much back taxes are we looking at?

 

Thanks for your help.

 

for sure annual real estate tax plus penalties

 

it depends on the value of the property. you may check with ROD on the value of the back taxes.

[G.I.]

for sure annual real estate tax plus penalties

 

it depends on the value of the property. you may check with City Registrar on the value of the back taxes.

[Rabbit305]

for sure annual real estate tax plus penalties

 

it depends on the value of the property. you may check with ROD on the value of the back taxes.

 

You will also have to pay ESTATE TAX and medyo malaki yun because its already 13 years that your father died. Regarding real estate tax, in some municipalities or cities, they offer amnesty program and prior years taxes are sometimes waived. Check the town/city where the property was located and asked the Assessors's office or Treasurer's office if they have amnesty.