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 readingUnder the provisions of Revenue Regulations (RR) No. 11-2018, here are updates on frequently asked questions on BIR Form 2316.
Continue readingIt’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
Yes, filing of withholding tax returns had become quarterly but wait, amount withheld still needs to be remitted monthly using the BIR Monthly Remittance Forms, BIR Form Nos. 0619E and/or 0619F.
So we have just filed our first BIR Form No. 1601EQ. It would be hard to miss that the new expanded withholding tax rates for individuals are already reflected in the new form pursuant to Revenue Regulations No 11-2018 (RR 11-2018) and Revenue Regulations 14-2018 (RR 14-2018). Here’s a comparison between the new tax rates and the old ones.
Revenue Regulations No. 11-2018 amended several tax regulations on withholding tax to implement further the provisions in Republic Act No. 10963 (TRAIN). Here are items highlighted in Navarro Amper & Co. DTTL Tax News April 2018. Continue reading
So there’s new BIR Form 1601EQ as BIR previously announced in a tax advisory. Make sure to do things right the first time. Here’s a detailed guide.
New friends for your storage and filing cabinets, BIR Forms 1601EQ and 1601FQ.
Goodbye BIR Form 1601E – hello BIR Form 0605 – see you soon BIR Form 1601EQ? Continue reading
