Beverly Caraecle- Tax Consultant & Virtual Bookkeeper

"So teach us to number our days, that we may apply our hearts unto wisdom." — Psalm 90:12

Attention 📣📣📣

Dear Clients & Taxpayers
Modification in VAT rules and documentation

The EOPT law provides for a standard tax base (gross sales) and documentation (VAT invoice) for all transactions, whether involving the sale of goods or services or the leasing of property, with the goal of having simpler procedures and documentation for Value-Added Tax (VAT) purposes.

With these developments, VAT is due upon issuance of the invoice, regardless of the timing of collection.

To remedy the potential cash flow issue, the EoPT law allows taxpayers to deduct the output VAT remitted on uncollected receivables from their output VAT in the next quarter after the lapse of the agreed period to pay, subject to the following conditions:
(1) the seller has fully paid the VAT on the transaction; and
(2) the VAT component of the uncollected receivables has not been claimed as an allowable deduction.

References:
BIR RR No. 3-2024
Blessed Dreams Tax & Accounting Services

Know your worth and be prepared to walk away from negotiations that undervalue your skills and expertise. Sometimes, saying no to a low-paying client opens doors to more lucrative opportunities.😍

When you buy a Property ✅👀

Step 1
Unang-una basta't dumating yung ahente (real estate agent) o kaya yung may-ari ng lupa at sinabing pinagbibili niya ang LUPA niya, ang UNANG KUKUNIN MO ay yung kopya ng TITULO.
Sapagkat dapat mag-imbestiga ka doon sa REGISTER OF DEEDS. May xerox copy ka ng titulo ng lupa, pupunta ka doon, Kasi malay mo may mga PASANIN (problema) yang lupang yan: nakaprenda/nakasanlamay nagki-CLAIM na iba Dapat makita mo yon. Dapat malinis. Sapagkat yang kopyang yan dapat eksaktong-eksakto doon sa kopya ng Register of Deeds. Hindi sila nagkakaiba. Kaya malalaman mo kung PEKE, may mga PASANIN, o kaya may mga PROBLEMA ang lupa.

Step 2
Kumuha nang Geodetic Engr para mag Sagawa nang Relocation survey sa Mga Boundaries para ma check kong ok ba ang Actual ground wala bang structure or Fence sa Kabilang lot na lumagpas.. Sa Property na iyung Bibilhin.

Step 3
Halimbawa't nakita mo na, na wala palang problema, ok ang ganda, mag-eexecute kayo ng DEED of SALE na tinatawag. Pagka nag-eexecute kayo ng DEED of SALE o "Kontrata ng Pagtitinda", pipirmahan nyong dalawa, nung nagtitinda at tsaka nung bumibili at inonotarized yon.

Step 4
Within 1 month from notarization, magbabayad ng unang bayad. Ang tawag dun, DOCUMENTARY STAMPS. Dapat bago matapos ang buwan ng pagpipirma, magbabayad ka ng DOCUMENTARY STAMPS.

Step 5
Pagkatapos nun, yung nagtinda, sya rin ang magbabayad ng tinatawag na CAPITAL GAIN TAX. Kasi kumita siya, magbabayad siya sa BIR.
At ang BIR ang mag-iissue nung CERTIFICATE OF AUTHORITY TO REGISTER, isang certification na sinasabi sa Register of Deeds na bayad na yan ng lahat ng mga taxes at pwede mo ng ilipat ang pangalan ng titulo dyan doon sa bumili.

Step 6
Basta nakita mo na yan (CERTIFICATE OF AUTHORITY TO REGISTER), dadalhin mo yan sa Register of Deeds, yun ang huling yugto. Sasabihin ng Register of Deeds, heto ang huling bayad, Transfer Fees. Pag bayad na yon, hindi masyadong mahal yon, hayan na, kukunin na ng Registry of Deeds lahat.
Isusurender na ang OWNERS' COPY ng titulo at maghihintay ka na. At yan kelangan mo ng follow-up. Dahil nga sa Register of Deeds, medyo tatagal yan. Kaya kelangan ng follow-up ng follow-up.

For more tax tips and updates, please follow our page 🎉😎😊

We process the following services:
✅ Tax Compliance and Profiling
✅ Bookkeeping (Digital Loose-Leaf)
✅ Business Registration and Closure
✅ Payroll Management
✅ Estate Tax
✅ Land Titling Services
✅ And Other Tax and Accounting Services

For more details, see contact infos:
📧 [email protected]
☎️ 09778110895 (Viber)

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Beware of the word “CLEAN TITLE”
You can only call it clean title IF:
⭕ Owners that appears in the title of the property are still ALIVE & CAN SIGN documents
⭕ NO disputes attached in the title AND “certified true copy” of the title.
Please take note of the word “AND” because not all disputes are printed in the original title itself. Thus, it is very important to request for the latest certified true copy of the title.
⭕ All real estate taxes are paid on time. Always request for latest real estate tax clearance.
⭕ If the owners are married (on or after 1987) the property is considered conjugal even if only one property owner is in the title. Both should sign sale documents. Should the property owner dies, heirs should file and pay for the estate tax of all the properties.
⭕ If the property estate taxes are not yet paid, the property cannot be called “CLEAN”.
⭕ Magkaiba po ang real estate tax na binabayaran ninyo annually at ang estate tax (BIR FORM 1801). You only pay estate tax if the owner in the title is already dead. Penalties (like big penalties) apply for late filing.

Cheers to all Hardworking Citizens!!!

We all need each other. That isn’t a sign of weakness…It’s our greatest strength.

With the deadline fast approaching, the BIR is reminding concerned taxpayers to file their Monthly Remittance Returns (Value-Added Tax and Other Percentage Taxes) and pay the tax withheld for the month of October 2023 on or before November 10, 2023.

Tax Advisory📣

Revenue Memorandum Circular (RMC) No. 75-2023, Extends the deadline for the replacement of Ask for Receipt Notice with Notice to Issue Receipt/invoice under RMO No. 43-2022

📆 New Deadline: September 30, 2023

Read RMC No. 75-2023:
https://www.bir.gov.ph/images/bir_files/internal_communications_2/RMCs/2023%20RMCs/RMC%20No.%2075-2023.pdf

📣📣📣ANNOUNCEMENT📣📣📣

Please find attached advisory on eSales System Intermittent Connectivity issued by Information Systems Group Management dated August 8, 2023. Investigation and resolution of issue is on-going.

For your information and guidance.