BIR Concerns

[manager63]

Well it is like your registering a corporation to SEc. You need to secure permit to operate to the SEC.. There are some requirements such as certificate of bank deposit and remittance, i think the minimum remittance from is about USD25k or USD50K. Go to SEC and get the necessary requirements..

 

FYI.. Representative office is considered resident foreign corporation..

 

Additional questions, adriane888. Do we have to secure also mayor's permit from where we will rent an office? Do we need to retain an accountant to take care of our sales invoices, books, salesmen allowances and commissions, taxes to be paid, SSS, etc? As a resident foreign company, should we use local invoices or still use the invoices issued from our home country (Cyprus)?

 

Thanks for your advice. I appreciate it. I would visit SEC and inquire further. More power to you!

[hitomi]

hi tax experts!

 

can a minor get a TIN? my bro needs it for a driver's license application.

i read in the BIR website that there's a provision for people to obtain a TIN so they can transact with the government.

 

but i've been hearing that people going to the BIR to get a TIN for their license application get turned down.

according to the people there "di ka puwede kumuha ng TIN kung pang lisensiya lang"

 

i don't get it

[adriane888]

Additional questions, adriane888. Do we have to secure also mayor's permit from where we will rent an office? Do we need to retain an accountant to take care of our sales invoices, books, salesmen allowances and commissions, taxes to be paid, SSS, etc? As a resident foreign company, should we use local invoices or still use the invoices issued from our home country (Cyprus)?

 

Thanks for your advice. I appreciate it. I would visit SEC and inquire further. More power to you!

Yes.. it is like you are regular company that doing business in the pHIlippines, it is just your capability to do business is limited but the government requirements for regular company is the same..

 

Well, yes, normally you accountant but nor a requirement.. and as far as i know you don't need to issue invoice since your transaction is limited to marketing and other things but not to sell here..

 

You should use invoices by your home company since as i told ealier your transaction is limiteed only to marketing..

 

Let me know it you need further clarifications..

[manager63]

Yes.. it is like you are regular company that doing business in the pHIlippines, it is just your capability to do business is limited but the government requirements for regular company is the same..

 

Well, yes, normally you accountant but nor a requirement.. and as far as i know you don't need to issue invoice since your transaction is limited to marketing and other things but not to sell here..

 

You should use invoices by your home company since as i told ealier your transaction is limiteed only to marketing..

 

Let me know it you need further clarifications..

 

Thanks for your advice, adriane888.

 

It looks like, from your advice, the rep office is not what my boss intends it to do. His intentions to establish the rep office is to sell our machines locally. If we are limited to sell as a rep office, then maybe I should suggest to him that we establish a corporation or branch office. Is this correct? What do you suggest if we plan to sell our machines locally, not just marketing?

[adriane888]

Thanks for your advice, adriane888.

 

It looks like, from your advice, the rep office is not what my boss intends it to do. His intentions to establish the rep office is to sell our machines locally. If we are limited to sell as a rep office, then maybe I should suggest to him that we establish a corporation or branch office. Is this correct? What do you suggest if we plan to sell our machines locally, not just marketing?

Its either you register a domestic corporation or branch i think that will do.

[manager63]

Its either you register a domestic corporation or branch i think that will do.

 

 

Thanks, again, adriane888. Hope I can still consult you if I have more questions.

[LYCHEE]

mr. adrianne888...question po: what is the effect of deferring the payment of an estate tax on real property even after the deceased parent has died already for years? updated naman ang property taxes.

[jackbrng]

mr. adrianne888...question po: what is the effect of deferring the payment of an estate tax on real property even after the deceased parent has died already for years? updated naman ang property taxes.

 

penalties o maaring kunin ng BIR ang mga properties.

 

insignificant sa situation na ito ang property tax dahil sa local government ito binabayaran at hindi sa BIR.

[LYCHEE]

penalties o maaring kunin ng BIR ang mga properties.

 

insignificant sa situation na ito ang property tax dahil sa local government ito binabayaran at hindi sa BIR.

 

that was helpful...thanks, bro. mabuti na lang at na extend ang deadline ng tax amnesty sa May 2008.

 

would you know the sanctions/penalties? any links would help...salamas. :thumbsupsmiley:

[lestat41]

mga sirs/ma'ams!

inquiry po..for the employees.have you received your form 2316 for last year? ung parang ITR po...this was supposed to be issued at the start of the year right??hanggang ngayon di pa po binibigay ng HR toh...need it to apply for a credit card..

 

Thanx!

[jackbrng]

mga sirs/ma'ams!

inquiry po..for the employees.have you received your form 2316 for last year? ung parang ITR po...this was supposed to be issued at the start of the year right??hanggang ngayon di pa po binibigay ng HR toh...need it to apply for a credit card..

 

Thanx!

 

di naman pag start ng year release ang 2316, basta wag lang lalampas ng April 15 which is the filing of ITR. Parang ITR? maari, kung ang withholding tax mo sa loob ng isang taon ay equal sa income tax due mo, yung 2316 ay pupwede ng maging ITR, ang tawag dito ay substituted filing, kung hindi naman equal ang withholding tax at income tax due, kailangan mo pa ring mag-file ng ITR.

[Schnyder1980]

Ano po ba ang requirements para makakuha ng TIN?

[jackbrng]

Ano po ba ang requirements para makakuha ng TIN?

 

kung empleyado ka, birth certificate. Kung married ka, marriage certificate. Kung may dependent ka birth certificate ng dependent mo.

 

kung nasa business ka, DTI (kung single proprietor), SEC (kung corporation), Mayors Permit, Contract of Lease (kung nangungupahan), Real Property tax (o amilyar, kung sarili mo yung lugar ng business).

 

sa empleyado, walang bayad. Sa business, may registration fee na P500.00 plus register ka ng books of accounts plus pa-print ka resibo.

[wizard23]

i'm a professional given the nature of my job (insurance, real estate) so i'm filing my VAT monthly and quarterly. even if there are lean months, i have to file. my question is, if i quit this profession, what should i do so that i won't have to file anymore? tnx

[azayco]

i'm a professional given the nature of my job (insurance, real estate) so i'm filing my VAT monthly and quarterly. even if there are lean months, i have to file. my question is, if i quit this profession, what should i do so that i won't have to file anymore? tnx

 

Hi wizard23

 

It is more prudent if you file an application for cessation of or retirement from business using BIR Form 1905. If you have substantial input tax credits, you can then ask for a refund or tax credit certificate (TCC) from the BIR. Refunds or TCCs though take a long time. Most likely, you will have to go to the Court of Tax Appeals before you can get one.

 

Good luck.