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Home(http://www.tripleiconsulting.com) TaxBlog(http://www.tripleiconsulting.com/category/taxblog/) TaxCompliance101

TAX COMPLIANCE 101

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Instartingabusiness(http://www.tripleiconsulting.com//businessregistrationphilippines/),itisimportant
toknowwhatthegovernmentrequirementsareandhowtocomplywiththem.Registrationofa
company(http://www.tripleiconsulting.com/businessregistrationphilippines/)isjustastart.Certainly,
everyonewantstocomplywiththesaidrequirementstoavoidanyfuturedisputesandpenalties,
specificallywiththeBureauofInternalRevenue(BIR).Hereisthelistofthethingsthatyoumay
considerbeforestartingwithyourbusinessoperationsandduringactualoperationstobecompliantwith
therequirementsoftheBIR:
 1.Registeryourbusinessestablishment(http://www.tripleiconsulting.com/businessregistrationphilippines/)andallbranchoffices
(http://www.tripleiconsulting.com/businessregistrationphilippines/branchoffice/)andfacilities.
2.Registeryourbooksofaccounts.

3.RequestforpermitsfromtheBIRsuchasAuthoritytoprint/issuereceiptsandinvoices,PermittousecashregisterandPOS
machinesandPermittouselooseleafbooksofaccountsorcomputerizedaccountingsystem.

4.PayannualregistrationfeeofP500foreveryseparateordistinctestablishmentorplaceofbusinessonorbeforeJanuary31.
5.DisplaytheBIRCertificateofRegistration,theRegistrationFeeforthecurrentyearandtheNoticetothePublic/AskforReceipt

orangesignageinaconspicuousareawithinyourofficepremises.
6.Issueregisteredinvoicesandreceiptsforsaleofgoodsandservicesasrequired.
7.Registerandmaintainbooksofaccountsinthebusinesspremisesatalltimes.

8.PreserveallbooksofaccountsfortaxexaminationbytheBIRwithin3years.
9.Withholdtaxesasrequiredbylawandremitthecorrecttaxeswithheld.

10.Filethenecessarytaxreturnsandpaythecorrespondingcorrecttaxesatthetimesrequiredbylaw.

Ifyouhavecomplicatedtaxissues,youmaywanttoaskforassistanceinareassuchastaxcompliances
(http://www.tripleiconsulting.com/accountingservicesphilippines/taxconsulting/),taxreview
(http://www.tripleiconsulting.com/accountingservicesphilippines/taxconsulting/),taxstudyandtaxplanning
(http://www.tripleiconsulting.com/accountingservicesphilippines/taxconsulting/)tohelpyoucomplywiththerequirementsofthetax
authority.

By: Atty. Marissa Yambao CPA

July10,2012
JudahZHirsch(http://www.tripleiconsulting.com/author/jhirsch/)
Nocomments(http://www.tripleiconsulting.com/taxblog/taxcompliance101/#respond)
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