Ta-Ting Discussion

Hi!

Our client Store One Inc, is in need a rank and file Finance Assistant that will be responsible to their general accounting. Below is the job descriptions and qualificafions need to consider on applicant's CV:

JOB DESCRIPTION:
📞 Prepares monthly purchases report
📞 Prepares monthly sales report
📞 Prepares payroll report (15th and 30th payroll)
📞 Prepares importation report details
📞 Monitor and record daily transaction HO and other branches
📞 Knowledgeable in taxes
📞 Prepares monitoring report for aging payables and receivables
📞 Do some clerical works that is related to the main job mentioned above

QUALIFICATIONS:
📌 Must be graduate in any accounting related courses (specifically accountancy, financial management, and accounting technology)
📌 Willing to work in Taguig
📌 Can work under pressure
📌 Fresh graduate is welcome to apply
📌 Experience in general accounting is not required but have a good advantage

Offered Salary:
Php. 32,000.00 with the following schedule of working duty:

Monday to Friday: 08:00 am - 05:00 pm
Saturday: 08:00 am to 12:00pm

To interested applicant, you may send your updated Cv at their HR Team official email address 👇👇👇
[email protected]

Let's have a FAQ series episode 3:

Q: Is it okay to file and remit VAT in monthly?

A. Yes, but before that let me explain first the full context to make it understandable. When RMC 05-2023 released last January 13, 2023,the removal of monthly VAT filing implemented immediately. However, upon observing by BIR, some taxpayers were requesting that they be allowed to file VAT returns with corresponding VAT on a monthly basis through the use of BIR form 2550M.

On May 10, 2023, BIR released an amendment through RMC 52-2023 which granted the request of some taxpayers who were more convenient in paying VAT in a monthly basis. Even if they were allowed to file their VAT using 2550M in a monthly basis, they were still mandated to file the quarterly VAT liabilities using 2550Q.

Attached here the copy of the two (2) guidelines for the full context.

Hi mga kataxpayer!

If you are a registered self-employed and still confused what option deduction is best to business model, here is a short discussion that may help you to decide which from the three given option deduction may fit to your ITR filing.

DIFFERENCE OF OPTION DEDUCTIONS | ANO BA ANG MAS MAGANDANG OPTION PARA SA INDIVIDUAL TAXPAYER? Correction for typographical error in:❇️ Gentle ReminderHi mga kataxpayer!!Ang option deduction ay pwedeng pagpiliian ng mga individual taxpayer para makatul...

Did you know that the income tax rate for corporation is now 20% to 25%?

Last July 2020, BIR implemented a decreased on corporate tax rates for income payments in giving consideration to all taxpayers due to pandemic. This year February 27, 2025 BIR released RR 007-2025 stating the full implementation and reiteration of the tax rates for domestic and resident foreign corporations.

These regulation promulgated hereby to implement Section 27, 28 and 34 of the tax code specifically on:
1. reduce income tax rates for domestic and resident foreign corporations classified as Registered Business Enterprises (RBEs) under the Enhanced Deduction Regime (EDR) as provided in section 294(C) of the tax code.
2. additional allowable deductions from gross income under section 34(C 8) of the same code.

The income tax rates for domestic corporations:

👉Domestic corporation, in general 25% if:
➡️ net income more than 5M and total assets is more than 100M

👉Domestic corporation 20% if:
➡️net income not exceeding 5M and total assets not exceeding 100M, excluding land on which particular business entities office, plant & equipment are situated during the taxable year.

👉Domestic corporation 20% if:
➡️classified as RBEs under the EDR

The income tax rate for foreign resident corporations:

👉foreign resident corp. in general 25%
👉foreign resident corp. classified as RBE under EDR 20%

The domestic corporations and foreign resident corporation in general effectivity of the tax rate was July 01, 2020, while foreign resident corp. classified as RBE under EDR is effective only last November 28, 2024.

You may browse the attached copy of regulation for the full context.

Another day, another FAQs series episode 2:

Q: How many remaining unused invoices are there before requesting new sets of invoices to be printed?

A: The Bureau of Internal Revenue (BIR) allows taxpayers to apply for a new Authority to Print (ATP) when they have only one or two booklets of remaining unused invoices.

In applying for the renewal of ATP, BIR requires the taxpayer to provide the following documents:
1. Copy of your Certificate of Registration (COR).
2. Copy of old ATP
3. Last series of the remaining booklet. (depends to your respective RDO)
4. Special Power of Attorney (SPA) with copy of government issued ID of taxpayer and authorized representative (if representative shall process the renewal)
5. Php. 30.00 payment for doc stamp

Printing of new invoices is usually done two to three weeks depending on how fast your authorized printing press in producing the invoices.

For more FAQs series comment your questions below or send us an DM. 😉🫰

Welcome to our FAQs series here in our page. This mini segment is intended to provide quick answer in those frequent questions we received from our social media accounts. For today, here is the episode 1 of FAQs series:

Q: Can the expenses from e-commerce platforms be used as valid invoices for claiming VAT?

A: Yes, vatable online e-commerce sellers are eligible to claim the 12% input tax on expenses paid to these platforms.

The e-commerce is posting the corresponding electronic invoices for each platform deduction in the seller account portal. Make sure to download the e-invoice before claiming it in VAT relief.

For more FAQs series feel free to comment and we will post a quick discussion. 😉🫰