BIR Form 2316 is often confused as the Income Tax Return for Individuals. It is not. Although such confusion is justifiable since filing of BIR Form 2316 could be tantamount to ITR when one is qualified for substituted filing.Continue reading
It’s been 6 months now since TRAIN Law took effect. Let’s see how BIR did so far with regards to implementing the controversial law.
The Bureau of Internal Revenue (BIR) issued Revenue Memorandum Circular (RMC) No. 50-2018 clarifying certain provisions of Revenue Regulations (RR) Nos. 8-2018 and 11-2018 implementing the income tax provisions, including its consequent withholding tax, of Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Act. Continue reading
You don’t always get to choose between things when it comes to taxation, so make the right choice – 8% or regular income tax?