BIR Concerns

[skipper6983]

I was issued a business license 5 years ago but did not use it in anyway, am i liable for tax payments knowing di ko naman ginamit ni minsan?

Edited January 20, 2006 by skipper6983

[adriane888]

I was issued a business license 5 years ago but did not use it in anyway, am i liable for tax payments knowing di ko naman ginamit ni minsan?

<{POST_SNAPBACK}>

You will be penalized for deficiency tax payment if you have operation and generating income as well. HOwever, you did not operate during that years, you will be liable for basic surcharges because the local government requires you to inform them that you did not operate or you have stop operating...

[jackl]

Business licenses are issued by the local government unit and is a requirement for BIR registration. Non use of license could mean no operations and therefore no income. Most likely you did not go as far as registering with BIR. If this is the case, in another year without any business, nor business location chances of you getting caught is almost nil, even if you are indeed cited for violation, you may raised the 5 year statute of limitations as defense. Just an opinion.

[blackwolf]

the question therefore determinative to the conclusion is whether or not you went as far as registering with the BIR your business license. If yes, then you are liable for tax deficiency. If not then you could raise prescription as a defense.

[m8kufilgud]

nasan na po yung thread ng LTO?? tnx

[madikngay]

could anyone show how to compute income taxes? just curious....

[jackl]

LTO website is www.lto.gov.ph

 

Income Tax Comp*tation

 

Gross Revenues

Less: Cost of Goods/Services

= Gross Income

Less: Deductible Expenses

= Taxable Income

Less: Tax Credit

=Tax payable

 

You can also check the BIR website which is at www.bir.gov.ph

[play_boi]

i have a qustion po. yun bro ko po may business, bali po yun business nya nag start po ng year 2000 w/ 4 other incorporators. from that day ala naman silan nakuhang so they are filing non operation until now. the problem is from 2001 they made another company or a corporation because new incorporators came in who gave clients and at the same time generate income from the business. so yun ibang incorporators nag back out then made a new name pero hindi nila kno close pa yun unang company. pano po ba i cclose yun isang company?

 

thanks

[jackl]

Upto what extend did the 2000 corporation pursue its registration. Hanggang SEC lang ba, o hanggang City Hall at BIR? Filing of affidavit of non-operation, kasi, is required by SEC, City Hall and BIR. Sa BIR even with such affidavit, kailangan pa rin na mag file ng mga returns.

 

Paano isara ang isang company? Sa SEC - you have to amend the articles of incorporation shortening the corporate life; sa City Hall and BIR - notice of termination will do but you can expect an assessment or investigation before clearance is issued.

[play_boi]

thank you po! what do you mean they will investigate? they will go to the office?

 

naku thats the problem we used the same address of the 2000 company and the existing company.

[goddessofperpetualdeliciousness]

is lotto tax exempt? What about 500k-1m jackpot in local game shows?

 

thank you. :hypocritesmiley:

[James Richard]

Regarding w/tax.... kasama ba ang night differential pay as taxable income ? o depende sa management....

 

:mtc:

[play_boi]

approved na po ba yun wala ng tax ang mga minimum wage earner?

[adriane888]

approved na po ba yun wala ng tax ang mga minimum wage earner?

<{POST_SNAPBACK}>

Actually misleading yung press release ng government na exempt na sa tax ang mga minimum wage earner eh.. the truth is... they are only exempt from withholding tax... meaning.. every month or every payday ng mag minimum wage earner are not subject to withholding tax.. however, at the end of the year.. or on or before April 15, they are required to file and pay the income tax..

 

They are only exempt from withholding tax but still required to pay their income taxes on or before April 15 the following year..

[adriane888]

Hindi na siguro pag-aaksayahin pa ng Bureau na i-assess iyan sakaling may deficiency...

 

Masyadong maliit ang inflow, pero ang collection costs ay napakalaki...

<{POST_SNAPBACK}>

Actually the BIR assessment is not that really a concern, ang issue dyan eh, whenever that particular taxpayer needs to present his ITR as a requirement by any agencies or bank for whatever purposes yan ang magiging issue... you will never never know we will you be needing the presentation of such..

Edited February 17, 2006 by adriane888